What is a Golden Visa?
This is a mechanism which several European countries have devised to attract foreign investors from non-EU countries, by offering fast-tracked, fully valid residency permits in Europe in return for certain investment requirements.
The benefits of the Spanish Golden Visa for Property Investors
Finally approved in October 2013, the long-awaited legislation for the Spanish Golden Visa provides for one of the most attractive offerings to non-EU foreigners looking to invest in property in the European Union.
- It requires a minimum property investment of €500,000
- One of the benefits of the Spanish Golden Visa is that investors may buy more than one property to make up the €500,000 limit.
- The visa is granted to all immediate family members, is valid for one year with re-application every 2 years - after 5 years permanent residency may be applied for.
- The government will also issue visas within 10 days.
- Renewals will be granted providing the investor has travelled to Spain at least once in the first year, has kept the Golden Visa requirements and has complied with all his or her tax and social security obligations.
- Spain is by far the largest economy in Europe offering residency visas for investment. Its GDP is twice the amount of Portugal, Ireland, Cyprus and Greece all combined.
- The visa is very flexible.
- There is no minimum stay so investors can live in Spain or elsewhere with freedom of travel throughout the European Schengen visa zone. Hence investors can structure their tax residency accordingly.
- For a family seeking permanent residence Spain, and more particularly Catalonia, offers an excellent infrastructure, including that for education and more particularly an abundance of English speaking international schools that can help entry to UK and other European universities.
- Spain is also geographically close to the centre of Europe with excellent local and international travel connections.
- Spain is the only "core" European country to offer an investor residency visa.
- Spanish Golden Visas will also be awarded for investments of either 2 million Euros in Spanish public debt; or 1 million Euros in shares of a private Spanish company or in a bank deposit in a Spanish financial entity.
- The authorities will also consider offering the Golden Visa to a foreigner starting a business project in Spain which would be considered "of general interest", implying: creation of employment; socio-economic impact on the geographical area in which the activity will be performed; or a relevant contribution to scientific and/or technological innovation.
- There are general requirements and provisos which are usual with the granting of visas and specific requirements depending on the investment - we will be happy to provide these if interested.