The visa is one of the most affordable and flexible in Europe. There is no minimum stay requirement in Spain and the visa can be renewed up to five years. Holders of the Spanish golden visa are free to travel throughout the Schengen visa countries in Europe.
After five years those who have invested in Spanish property (and immediate family members) may apply for permanent residency although that will require a minimum residence period of 183 days. Citizenship and a Spanish passport can be applied for after a period of permanent residence in Spain. This then grants the right to live and work anywhere in Europe as a European citizen.
Applicants must be able to prove source of funds, have no criminal record and must never have been refused entry previously to a European country. They will also need to demonstrate private medical insurance and sufficient funds to support living in Spain. However as there is no minimum stay requirement, actual residence is not necessary.
Property investors will be able to own and run a business in Spain but are not free to work until permanent residency is granted.
Everything you need to know about the so-called Spanish ‘Golden Visa’ law offering qualified Spanish residency in return for investing in Spanish real estate, and how to get Spanish residency as a non-EU national by investing in property.
Spain has introduced a new law that offers residency permits to non-EU nationals in return for an investment of €500,000 or more in Spanish property.
The objective of the law is to attract entrepreneurs to Spain, and stimulate foreign investment in Spanish real estate, public debt, and job creation.
This law enables non-EU nationals to get qualified residency permits in return for investing in Spanish real estate (and other assets), leading to long-term residency in Spain if certain conditions are fulfilled. The key points of the draft law are summarised in this section.
Spanish residency, and the ability to travel freely in the European Schengen area (for 90 out of every 180 days), will be a major attraction for many non-EU investors. Added to which, Spanish property prices have crashed into bargain territory, creating some excellent investment opportunities. It’s an attractive combination of residency and bargain prices for investors from outside the EU.
But foreign investors should not let the residency permit distract them from the most important consideration, which is to invest wisely.
The residency permit is now just a formality for investors who satisfy the criteria, so investors should focus first and foremost on identifying the best investment opportunities.
Investors should also look to invest through professionals with good reputations and a proven ability to deliver a full service that takes care of all the investors needs over the lifetime of the investment. Otherwise the investment could turn out to be a big headache.
It is a safe bet that residency permits will be used to market some toxic, overpriced real estate investments over the next few months and years. Many “Golden Visa” residency investors will be hoodwinked into overpaying for property because of the residency permits. Non-EU nationals interested in residency should be on their guard.
Written on Wednesday 17th of September, 2014