The Spanish Golden Visa Program – A new law supporting Entrepreneurs and their Internationalization

An attractive opportunity for investors opens up in Spain

Near the end of September 2013, a new Immigration Law entered into force stating that the acquisition of a property for a value of €500,000 or more gives the buyer the opportunity to apply for a residence Visa in Spain. This residence gives to the applicant unlimited transit among the countries that belong to the European Union. Moreover, after following certain requirements, the Spanish citizenship might be issued as well.

This “Golden Visa” or “Investors Visa” is offered not only to people who are interested in buying a property in Spain, but also to their immediate family members, that is to say, the spouse and minor children. Plus, by extension, they will also enjoy the same benefits of the new landlord concerning to the unlimited transit both inside the country and outside of it, among the rest of the members states of the Schengen agreement. They will also have the same opportunity of issuing the citizenship once fulfilled several conditions in the future.

A clever goal behind a reasonable offer

The Spanish Real Estate Market is currently offering dreamy luxurious properties, preferably located in centric parts of the city, where the buyer will find different facilities next to them, such as supermarkets, restaurants, nightclubs, cafes, gyms, bars, schools or universities and stores. Therefore, Spain is becoming a very attractive source of investment for entrepreneurs. For instance, there are touristic, well-known municipalities like Marbella or Estepona closed to famous beaches; or more private and luxurious municipalities like Benahavís or Nueva Andalucía which are well-known for a more relaxed lifestyle, along with extraordinary dwellings that have beautiful natural environments too.

Despite the fact that in other EU’s countries it is more difficult to get the European residence because of its stratospheric price (even €10,000,000 for a property in order to be eligible to apply for it), Spain is intending to catch the attention of wealthy middle-class investors from all over the world, especially from countries with a growing economy like Colombia, Chile, Argentina and Brazil to mention some of them in Latin America, as well as Russia and the Arabs countries. It’s an open invitation to make business in Spain and reside on it. The asked amount? Just €500,000.

Requirements to get the Investment Visa

Besides the minimum price established to invest in one or more properties, which is €500,000, for fitting in this kind of residence Visa, there are other things that must be considered as:

  • The physical presence in Spain is optional, not mandatory. The buyer has to be only once in Spain per year and shall submit the proper documentation in relation to it. This request shall be fulfilled within the first 12 months of getting the residence.

  • The property bought can be sold after the landlord has already been granted the permanent residency.

  • The acquisition of the property must be done and be fully registered before the corresponding authorities before starting the application.

  • A criminal background from all the places where the applicant has lived will be requested as well when applying.

  • Once the holder of this type of residency has lived for a period over 5 – 10 consecutive years within Spanish territory, the same can start the application for the Spanish citizenship and issue the European passport. The family members of the applicant can issue the permanent residency and citizenship given that they comply with the same length of time of legal residency in Spain. If you need further guidance contact us.

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