We have interviewed Francesca Pienariu, a lawyer from Franke & de la Fuente Lawyers who tells us all about the Golden visa and the many benefits that come with buying a property in Spain.
What is the Golden Visa?
It is a system created for any non-EU resident who wants to move to Spain and make a significant investment in this country. This visa can be applied for directly in Spain, but it will take about 20 days after submitting all the documentation requested.
What is the Golden Visa for?
The golden visa grants the right to live and work in Spain for 2 years initially. Afterwards, with the second renewal (after 5 years) permanent residency is granted.
Benefits of the Golden Visa in Spain.
- It allows you to work and live legally in Spain. With this, we can consider the golden visa as a work permit.
- It is the only residence permit that grants the opportunity to live for 2 initial years in Spain to its holder.
- It is not necessary to reside in the Spanish territory.
- It will not be necessary to reside in the country for more than 183 days per year. The only requirement with the Golden Visa is that the applicant travels to the country once a year.
- It provides total freedom of movement throughout the Schengen zone. This zone is composed of most of the countries of the European Union and some others.
- The investor or applicant can manage at the same time his residence permit or that of his spouse and children. That is why the investor visa is a highly recommended option for those families who want to start living in Spain.
- To apply for the golden visa it is not necessary for the applicant to physically apply in Spain. He/she can simply appoint a representative to collect the relevant documentation for him/her.
How can I get the Golden Visa?
- Through the purchase of Real Estate for a value of more than €500,000. But it is important to take into account that, if several investors participate in the same real estate, the investment will be computed at an individual level. This means that if our personal contribution to the real estate in question does not reach 500,000€, we will not be able to apply for the visa.
- To own shares or participations in a Spanish company.
- To have a bank deposit in a Spanish entity with more than one million euros.
- To have possession of Spanish public debt for a value of 2 million euros or more.
- Actively participate in a business project to be developed in Spain. It is essential that the project generates employment, and promotes scientific and technological progress in the country, or that it has a minimum socioeconomic impact.
Golden visa application requirements
- Not be a citizen of a member country of the European Union.
- Be of legal age (+18 in Spain).
- Lack of criminal record, both in Spain and in any other country in the last 5 years prior to the application.
- Have covered healthcare in Spain. Public or private insurance will be equally valid. Always with an insurance company in Spain.
- Provide and demonstrate the possession of sufficient economic means for the maintenance of both the main investor and his family (if he also applied for a residence permit for them).
- Of course, to carry out the investment in question.
Brexit and the Golden Visa
After Brexit, the vast majority of British citizens are looking for the simplest alternative to obtain residency in Spain.
The Golden Visa is one of the preferred options for this citizenship, as it is one of the most straightforward if you have sufficient capital. Before Brexit, UK citizens moved to Spain under the EU regime, and that implied a really simple and fast immigration procedure.
But there is now a need among the English-speaking community to find an alternative that offers similar conditions. Having to go through the long road of requirements for a regular work permit, for example, is not a feasible alternative in many cases. This is why the investor residence permit seems to be the best route for these British foreigners.
This residency allows them to work and can be applied for directly from Spain, and normally the main requirement it has (property investment) will be fulfilled anyway, as buying a property is a fairly common activity among British expats.
Are you going to miss the opportunity to get a golden visa in Spain?
There is no doubt that the golden visa has many benefits if you are not a citizen of a European country. Buying a property in Spain opens many doors for you to take advantage of in Spain and throughout the European Union. Don´t miss this incredible opportunity, visit our properties of 500.000 euros and upwards to see many options available in exclusive Marbella Golden Mile, luxurious Puente Romano and many more enjoy the Golden visa!
Julie Cavro is the Marketing Director at Pure Living Properties. She is responsible for all multi-channel marketing actions in constant coordination with the other departments of the company with the sole objective of obtaining the best results for our clients.