Obtain Spanish Residency with a Golden Visa
On 27th September 2013 the Spanish government approved a new law called La Ley de Emprendedores, or also known as The Entrepreneur Law. Often referred to as a Gold Visa Program the core of this law was the possibility of obtaining a residence visa for Spain through investing money in Spanish real estate or Spanish business.
Since the Golden Visa law was introduced there has been a significant response from international buyers. The Spanish press has followed these developments closely with some interesting highlights. The main point of news is that Barcelona is the top destination for investors seeking the Spanish Golden Visa.
Golden Visa for Real Estate Investment in Spain
As our focus here is on real estate we will not touch on the aspects of the law that involve investment in Spanish bonds or setting up Spanish companies. We are more interested in the real estate aspect.
The Ley de Emprendedores is simple in this respect. To begin the process of obtaining a Golden Visa for residence in Spain the first requirement is the purchase of a property to a value of 500,000 Euros or more. It is important to underline that to qualify for the Golden Visa in Spain process the actual money invested must be equal to or exceed 500,000 Euros. Buying a property that costs 500,000 Euros and paying half of it with a mortgage, even a Spanish mortgage does not qualify.
Similarly it is not enough for a Spanish Golden Visa to buy a 500,000 Euro property in Spain with an investment partner where each of you put in a different amount. The level of investment in a property in Spain needs to be 500,000 Euros or more in your name.
This 500,000 Euros is the minimum with regards to the total capital investment, it can not include the taxes or any of the costs associated with the purchase. The ITP or the VAT taxes must always be on top of the 500,000 Euros.
Spanish Residency for Property Investors
Once we have understood that the basic and most important condition for obtaining a Spanish Golden Visa for property investment is the 500,000 Euro minimum investment we can then check off the other more straightforward, and perhaps obvious, requirements. The investor must be of legal age, so 18 years old or more. They can have no outstanding legal or criminal problems in Spain or be in the country without the correct paperwork. They must obtain medical insurance and have sufficient means to support themselves.
Once these requirements are met then the the ideal way to proceed is to contact a law office who can manage the application for a Golden Visa for you.
It is important to take into account that for the Golden Visa for Property Investors in Spain, the level of investment must always be maintained. There can not be a reduction in the amount invested via selling or mortgaging the property further along in time. The Spanish authorities reserve the right to check on the level of investment at any time.
With regards to members of the investors family. The law accepts that direct dependents of the main investor can also be included in the Golden Visa. This means that the investment requirement is the same for married couples.
Spanish Golden Visa – Advantages Outside Spain
Once you have obtained the Golden Visa in Spain for property investment you will be able to travel without restriction throughout the Schengen area of Europe.