Spain's 'Golden Visa' becomes law!
After approval by both Houses of the Spanish Parliament and publication in the Bank of Spain's Official Gazette the
new law allowing non-EU investors to apply for Spanish residency has become law.
From 28th September 2013 non-EU investors can apply for a Spanish Residency Visa once they have completed
one of three criteria:
- Invested €2,000,000 in Spanish Treasury Bonds.
- Invested €500,000 in Spanish real estate (per applicant). A husband/wife and children under 21 can be considered under the same application.
- Started an entrepreneurial project in Spain of public interest.
- There are two stages when it comes to applying for residency:
1. The "Visado de Residencia" which applies for a one-year term, and
2. The "Autorización de Residencia" which applies for a two-year term (and is renewable on a two year basis)
The new law's enactment comes on the back of new data suggesting the Spanish housing market is turning a
corner with sales activity increasing in the first half of 2013 when the law was under discussion.
New statistics from the Bank of Spain show foreign investment in Spain's commercial and residential property
markets increased 33% in the second quarter of 2013 compared to a year earlier.
While new data from Spain's Council of Notaries cites a 22% increase in the number of homes purchased by foreign
residents in the second quarter of 2013 compared to the same period a year earlier.
Murcia, Andalucia and Valencia – which represent Spain's main "Costas" – recorded the strongest increase in
foreign purchasers,rising by 43%, 37% and 32% respectively year-on-year.
Extract taken from Spanish Law 14/2013, of 27th September, on support for entrepreneurs and
internationalisation, published in the Official State Gazette, with regard to real estate investments
Article 63. Investor Residency Visas.
1. Non-resident overseas nationals wishing to come to Spain in order to invest significant amounts can apply for an
entry visa, or where applicable, an Investor Residency Visa.
2. Real estate investment is understood to mean a significant investment of capital in the acquisition of property in
Spain with a minimum of 500,000 euros per applicant.
3. Overseas nationals applying for this visa will also be understood to have made a significant investment where
the investor is a legal entity, domiciled in a territory not considered as a tax haven under Spanish legislation, and
where the applicant directly or indirectly holds majority voting rights and is authorised to appoint or dismiss most
of the members of the governing body of that entity.
Article 64. Accreditation of the investment.
In order for an Investor Residency Visa to be granted, the applicant must previously accredit the acquisition of the
property by way of certification of ongoing ownership and encumbrances, issued by the Property Register for the
property or properties in question. This certificate will include an electronic validation code for online consultation.
If at the time the visa application is made, the acquisition is in the process of being listed on the Property Register,
it will be sufficient to present a certificate confirming receipt of the acquisition document, together with
documentation accrediting payment of the applicable fees.
The applicant must provide evidence of an investment in property of at 500,000 euros, free of liens and
encumbrances. Any amount invested in excess of the minimum amount may be subject to liens or encumbrances.
Article 65. Effects of Investor Residency Visas.
Once granted, the investor residency visa will entitle the applicant to reside in Spain for at least one year.
Article 66. Investor Residency Permit.
1. Overseas investors wishing to reside in Spain for over a year must obtain an investor residency permit, which
will be valid for the entire country.
2. Investor Residency Permit applicants must:
a) Not be illegally resident in the Spanish national territory.
b) Be aged 18 or over.
c) Have no criminal record in Spain or other countries of residence during the previous five years for acts set forth
in Spanish Law.
d) Not be liable to refusal of entry into countries with which Spain holds an agreement to this effect.
e) Hold entitlement to public medical treatment, or hold private medical insurance cover with a company
authorised for operation in Spain.
f) Hold sufficient funds to support both the applicant and his/her family members during residency in Spain.
g) Pay the relevant application fee.
h) Hold a current investor residency visa or submit the application within ninety calendar days of expiry thereof.
i) Have travelled to Spain at least once during the period of authorisation.
j) Provide proof that the investor is the owner of the property or properties for the minimum amount required in
this article. This must be provided in the form of an ownership certificate or certificates from the Property Register
for the property or properties in question, and must be dated no more than 90 days prior to submitting the
application.
k) Comply with all tax and Social Security obligations.
Article 67. Duration of Investor Residency Permit.
1. The initial Investor Residency Permit will be valid for two years.
2. After this period, overseas investors interesting in continuing to reside in Spain must apply for renewal of their
Residency Permit for a further two year period.
To find out more about the Golden Visa: click here.
Spain's 'Golden Visa' becomes law!
The Spanish Golden Visa (or "Property Visa") grants automatic residency in Spain when you purchase property for 500,000€ or more. This can be any type of property: home, commercial, land, or a combination of properties. As opposed to the wealth Visa, the golden visa does not require you to be in Spain 183 days of the year. The steps to getting a golden visa:- You come to Spain with your travel visa and look for a property.
- Once the pre-agreement is signed and corresponding funds are deposited, you can apply for the golden visa. If needed, the authorities can grant you a permit for six months so you can complete the process of buying your property.
- If your golden visa application is accepted, you will receive a visa for one year. As opposed to other visas, the golden visa application can be presented while you are in Spain.
- After receiving your golden visa, you can keep renewing the visa, as long as you do not sell your property.
This has helped overcome the bureaucratic hurdles that characterized the prior procedure. The government has also expanded the beneficiaries to include unmarried couples and children of the buyers who are over 18. Strong Abogados offers a combined golden visa service to perform all the legal work involved in the property purchase ("conveyancing") as well as the work to obtain residency in Spain.
We have longstanding expertise in both fields: since 2003, Strong Abogados has performed the legal work for 500 property transactions and helped 350 families obtain residency. Please request our golden visa proposal and get started on your path to EU residency. For further information contact Sotogrande Promotions 0034 956 922 855