“Gateway to Spain”
Property Investment and Spanish Residency Law “Golden Visa” or “Investor Visa law”.
Property Investment and Spanish Residency Law
The new law enables non-EU nationals to get qualified Spanish residency in return for investing in Spanish real estate, also known as the “Golden Visa” or “Investor Visa law”.
According to EU rules on visas and the Schengen Implementing Convention Agreement, the entry and residence in Spain of non-EU citizens shall be authorised for economic reasons.
The spouse and children under 18, (or older disabled children) may also apply for permits at the same time or after the principal applicant.
However, if you don’t have time to come to Spain, and you have found a property that you are prepared to buy without visiting, you can organise a power of attorney from your home country (this is not possible from all countries) giving our lawyer power to act on your behalf in the conveyancing and residency process. Our lawyer can then buy the property on your behalf, so you don’t even have to come to Spain at this stage.
One you have bought a property that meets the investment criteria (more than €500,000 on the deeds), you need to apply for a one-year investor visa. Our lawyer can get this for you.
- Spain has introduced legislation that awards a residency visa for any international investor spending €500,000 or more on a property or portfolio of properties in Spain.
- This visa grants residency in Spain, can be renewed until five years until it then becomes permanent at which point citizenship and a Spanish passport can be applied for.
KEY POINTS FOR SPANISH INVESTMENT VISA
- Minimimum investment of €500,000
- Investment can be in several properties
- Spanish residency visa granted to immediate family members(spouse and children up to 18 years)
- No minimum stay requirement to renew visa (ie optional to live in Spain)
- Renewable for first five years
- No minimum stay means no necessity to be tax resident
- Permanent residency can be applied for after five years
- Property investment can be sold once permanent residency obtained
- Visa allows unlimited travel throughout EU Schengen visa zone
- Application takes a maximum 20 days
- Investment must be made before application
- Positive acceptance (usually only a criminal record will prevent acceptance)
- Citizenship in Spain can be granted after five further years permanent residency
- With Spanish citizenship comes automatic EU citizenship.
- At that point (10 years) family can live, work and study anywhere within Europe.
- Add tax and stamp duty in Spain to any property purchase. Typically an additional 10%.
We are often asked about Spanish citizenship and immigration through the investor visa scheme.
It is important to point out the difference between residency and citizenship.
The new visa scheme allows residency for anyone investing over 500,000 Euros in a property in Spain. That grants the right to reside in Spain and travel in Europe but not work or gain benefits that the Spanish state offers.
The investor does not need to reside in Spain although his or her immediate family can reside in Spain and go to school and university. Citizenship grants a person the same rights as any Spanish national. Typically through the investor immigration scheme residency can be renewed after one year and again after three years if the investment is retained. Then residency becomes permanent.
Then the investor may apply for citizenship which allows the issuing of a Spanish passport.It is important to make this distinction as many real estate agents are advertising citizenship with the new golden visa investor programme in Spain. It is residency and not citizenship that is offered. Our lawyers will be glad to advise individual cases.
Please contact our legal department for further details.
INVEST FOR RESIDENCY
The Spanish government has approved the Law to Support the Entrepreneur and Internationalization. This new regulation on residency offer the interesting possibility of a Spanish residence permit for a period of five years to foreign investors who purchase real estate or create business projects in Spain that fulfill certain requirements.
Spain State, has extensive experience in advising foreign clients on investment projects and acquisition of real estate in Spain. From our office we can assist our clients through every step to obtain a residence permit through investment; from beginning the investment to obtaining the residency, providing all necessary legal and tax services for this purpose.
Moreover, we have a network of associates trained to assist our clients in finding and selecting the best investment opportunity in order to obtain residence in Spain. Our objective at Spain State is to be able to handle all phases of the operation, to make the referral process as simple as possible for foreigners intending to obtain a residence permit in Spain.
Whether you are considering acquiring a property for personal or business use, Spain State will ensure a safe and quick procedure for your transaction. Our team of expert lawyers provide legal advice in the following areas, among others:
Purchase Legal Representation
NIE Number(s) Arrangement
Rights of third parties over the property
Legal assistance at the signing of any document before a Public Notary
Inscription in the Property Register
Construction Law and property development law
Licences and town-planning contracts
Negotiations with the competent public body and representing clients in town-planning procedure
Administrative and After-sales services: utilities connection, etc.
Legal and tax audits
Do not hesitate to contact Spain State for any other question regarding your buying a property transaction in Spain.
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