Spanish residency and visa-free travel in Europe for non-EU nationals
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.
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.
Spain launched its golden visa programme in 2013. An investment of €500,000 in real estate will gain family residency. The Spanish investor visa can be renewed every two years and after five years it is possible to gain permanent residency and after ten years’ citizenship. It is not necessary to live in Spain in order to retain and renew the investor residency visa.
Residency in Spain under the golden investor visa program allows a real estate investor and his or her immediate family to live in Spain. The legislation has no minimum period of residence. Hence an investor can buy a property in Spain, travel freely to Spain at any point and his or her family can do the same. The family can live in Spain permanently, with access to schools both state and private following the English curriculum. Eventually citizenship can grant access to study elsewhere at universities in Europe including the UK.
Obtaining a long-term residence that allows ease of travel in EU Schengen countries is a key factor for these non EU Citizens. Investors from these non EU countries also understand that now is an opportune time to invest in real estate in Spain. The permit is issued to the head member of the family which covers a spouse and children up to the age of 18 unless they are still dependents for example in full time study. In addition, one is required to have private health care and also deposit a cash sum in a Spanish bank account to demonstrate that they are able to fully fund themselves.
Initially the permit is issued for one year and needs to be renewed every two years. Holders of the permit must travel at least once to Spain during the period of issue. With Spain being a member of the Schengen Area, which enables free travel between 26 European countries, this is a small price for to pay for such freedom for high net worth individuals from non EU Citizens.
Please contact our team at Prime Realty Marbella for our exclusive list of properties selected for the Golden Visa Scheme in Spain.
ESSENTIAL RULES OF SPANISH GOLDEN VISA:
- The minimum investment must be at least € 500,000.
- Investments may be spread over several properties for a total purchase price of at least € 500,000.
- You can do your investment via a foreign company if you can prove that you own the majority of this company.
- Spanish residence visas may be issued to the immediate family, including spouse or non married partners.
- Spanish residence visas may be issued to children up to 18 years, economically dependent adult children and economically dependent parents. Also includes children over 18 years old who, due to health issues, are not objectively capable of looking after themselves.
- The Spanish visa does not need to be renewed within five years.
- As there is no law on minimum stay is not necessary to be tax resident.
- The visa allows access to unlimited travel throughout the EU Schengen visa countries
- The first card is issued for two years but the next 5 years if the investment is held.
- You and your family which are covered under the Golden Visa will have the right to work in Spain from the first day.
- Refusal of Spanish investment visa will usually only be justified by an unclean criminal record.
- The applicant must be able to prove that he/she has traveled to Spain at least once in the first two years, and once more in the three subsequent years.
- A recommended lawyer will take care of the application for residence, and the full Golden Visa program, residence for the family, etc. The totally cost for this is € 1,500 + 21% VAT.
THE APPLICANT MUST MEET THE FOLLOWING REQUIREMENTS:
- Not to have entered or stayed illegally in Spanish territory.
- Have to be 18 years or over.
- Not to have been refused entry in any of the Schengen countries.
- Have public or private health insurance authorized to operate in Spain.
- Have sufficient economic means to cover personal and family living expenses.
- Proof of the investment must be made through a Registry of Property certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry.