Although the Golden Visa scheme, included in the Spanish Entrepreneur’s Law of September 2013, is aimed at obtaining foreign investments, it also works the other way around
A whole fifteen months have passed since the Spanish government put forth a new law which gives a residency visa to foreigners who buy real state in Spain. The crisis has left the country with more property than it can naturally absorb, so it has become a very competitive market, with all sorts of property products at all-time low prices. If there was ever a time to invest in Spanish real state, it definitely has to be now.
However, aside from the price, there are other very good reasons for investing in Spain; the warm climate, its culture of hospitality, the political stability and its nearness to Europe make of this country a unique place to be. Whether as holiday destination or to set up a business, Spain holds important positive traits that must be taken into account.
Similar schemes have been set up by several other European countries like Portugal, UK or Greece, but Spain has the most competitive conditions. Amongst other reasons, because you only need to invest in real state for worth 500.000 euros to obtain this residence visa, and contract with a legal firm to sort out the residency rights linked to this real state property. In turn, this property can be used as holiday residence, or it can be let to a specialized real state agency, to take care of the amortization of the investment, including tenant management.
Although the original idea of the scheme was to obtain new real state investments in Spain, this visa also works the other way around. So, if you already have property, with the adequate support and legal advice, you can obtain a residency visa which will allow you to visit Spain for as long as needed, and enter the entire Schengen area. With this permit you will be able to travel from Spain as far as Germany, Belgium or Norway, requiring no additional paperwork.
So, if there was ever a moment to investigate new market possibilities in Spain, and you have a property there, sorting out your residency is just bureaucracy that specialized legal firms can take care of.
These new visas, also known as “express visas”, do not require beneficiaries to live in Spain; they must, however, visit the country at least once a year, to keep their residency rights. In turn, these rights must be renewed every two years, however it is a something that your legal firm should take care of easily.
Also, the visa does not come with a work permit, or include family members or spouses, although these may apply separately.
If you think you may be eligible for a Spanish Golden Visa, or would like further information, do not hesitate to contact us at: