Golden Visa: owners of real estate in Spain worth more than 500,000 euros can obtain direct residency

The Golden Visa is one of the easiest and fastest ways to obtain residence in Spain for non-EU citizens and, now also, for British citizens who, after Brexit, have ceased to have benefits of mobility and have ceased to stay within the European Union. If you are thinking of buying a property in Spain worth more than half a million euros, or if you already bought it at a date after 2014, you have the possibility to live and work in Spain, without the need to visit the country more than once a year.

Below, we will see everything you need to know about the investor visa in Spain.

 

o What is the Golden Visa?

It is a special type of residency for all non-EU citizens who wish to obtain Spanish residency and make or have made a significant investment in Spain.

 

o What are its advantages?

       - It allows you to work and live legally in Spain.

       - The applicant is only required to travel to Spain once a year.

       - It provides total freedom of movement throughout the Schengen area.

       - The main applicant (investor) can apply for the residence permit of his/her spouse and children
          simultaneously as his/her residence permit.

        - To apply for the Golden Visa, the applicant doesn't need to apply physically in Spain.

 

o What is the duration of this residence permit?

It has an initial duration of two years, renewable for five years.
After 10 years of legal residence in Spain, the investor will be able to obtain Spanish nationality.

 

o If you are a joint owner with your spouse, can you both apply for the Golden Visa?

It is a requirement that the applicant has invested more than 500,000 euros in a real estate property. If it has been acquired jointly with another person, the property's value must be divided by the percentage of ownership held by each of them. For example, if you and your spouse have bought in halves, for a value of 500,000 euros, you will not be eligible for this type of visa, since the amount invested by each of you does not reach the established minimum.

 

o What are the requirements?

       - Not to be a citizen of a member country of the European Union.
       - Be of legal age (+18 in Spain).
       - Not have criminal records, either in Spain or in the country where you have resided for the last 5 years.
        - Have health care covered in Spain.
       - To have and demonstrate the possession of sufficient economic means to maintain both the
          principal investor and his family.
       - Make the investment in question and provide the relevant documentation supporting it.

                 

o Can you buy with bank financing?

The minimum amount required (500,000 euros) must be delivered free of charges and taxes. However, to pay the amount exceeding half a million you can ask for a mortgage.

 

o Can you buy several properties totaling half a million?

The answer is yes. The main issue to consider is that the total investment, including all the assets you buy, must total 500,000 euros (at least). So, you can buy a property valued at €450,000 and complement it with a parking space or premises costing €50,000.

 

o Can you apply for the Golden Visa if you bought the property years ago?

Yes, as long as you purchased the property after 2014 (the year in which the law regulating the Golden Visa came into force), and you are still the current owner of the property.

 

 

From ILLESLEX ABOGADOS we offer you our services, and we are at your disposal, both for obtaining the Golden Visa, as well as to advise and accompany you in the process of buying a property, as experts in real estate and urban law, with over twenty years of experience in the sector.

 

 

Elisabeth Bonet Ochogavía
ILLESLEX

 

 

For additional information on the content of this document, you can contact ILLESLEX at  info@illeslex.com

 

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