What is the Golden Visa?
The Golden Visa is a residence visa for non-EU citizens who buy a property in Spain over 500,000 euros. This allows the visa holder residency benefits in exchange for economic investment.This can be any type of property: home, commercial, land, or a combination of properties.
In recent years there has been growing demand from non-EU nationals for residency in European countries in exchange for real estate investment. European nations have responded by introducing a series of so-called “Golden Visa” schemes, offering residency in exchange for property purchases with rules and regulations varying from country to country. The Golden Visas are designed to attract foreign investment and stimulate the post-crisis property market and economy and, overall, most schemes have been deemed a success.
Benefits of a Golden Visa in Spain
- Together with the investor, his family: spouse and children under 18 years of age or dependent adults due to health reasons, can request the visa
- It is fast and comfortable to achieve without going into long and laborious processes.
- It is not necessary to reside in Spain allowing non-EU buyers to make investments in second homes.
- It is easily renewed.
- Possibility of permanent residence from 5 years.
- Possibility of citizenship from 10 years of age
- The visa holder only has to visit Spain once a year to maintain the residence.
- A new type of residence permit, which can be requested at the end of the visa, and which is valid for two years renewable for a further period of two years.
- Possibility of movement through Schengen territory up to three months within one semester. This allows the visa holder to free movement through European Union countries (Alemania, Austria, Bélgica, Dinamarca, Estonia, España, Eslovenia, Eslovaquia, Finlandia, Francia, Grecia, Hungría, Islandia, Italia, Liechtenstein, Luxemburgo, Letonia, Lituania, República Checa, Malta, Noruega, Países Bajos, Polonia, Portugal, , Suecia y Suiza)
Law 14/2013 of 27 September, supporting entrepreneurs and their internationalization speaks about the residence visa for investors, i.e. the “Golden Visa”. According to Article 63, “non-resident aliens who intend to enter Spanish territory in order to make a significant capital investment may apply for a stay visa, or, where appropriate, a residence for investors”. The aim of the Golden Visa is to facilitate foreign investments of caretakers other than the European Union, through an agile and flexible method.
Since the implementation of investments in our country has increased in consideration, reaching double in some years.
The steps to getting a golden visa in Spain?
1. You come to Spain with your travel visa and look for a property
2. 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.
3. 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.
4. After receiving your golden visa, you can keep renewing the visa, as long as the investment threshold is maintained. Five years later, it is possible to obtain permanent residency – and after ten years, the carrier is given the option to apply for Spanish citizenship.
Why is Marbella an ideal location for a good property investment?
Buying a property in Spain for residency has become an increasingly popular option since the Golden Visa scheme was founded in 2013. Each country with a Golden Visa program is different. Marbella is an attractive option due to its location, status within the European Union, and the regulations of the Golden Visa program itself. Here’s why:
- Rental yields, particularly in Marbella city centre, are high, offering investors the potential of a regular income from their investment.
- The Residency Permit allows the right to work in Spain.
- Investors can purchase their properties in Marbella either directly or indirectly through a registered company, so long as they continue to hold the majority of shares and the company’s address is not located in a tax haven.
- Marbella has excellent communication links. Thanks to excellent highways, nearby airport in Málaga and at its own prestigious yacht harbours. Marbella is easy to reach by car, plane and boat.
- Marbella is renowned for some of the best international schools in all of Europe.
- The Spanish health service is excellent. It is widely recognised that residents of Spain have access to world class medical care and the general infrastructure is considered to be well managed with a fair system of accountable government spending.
- Marbella offers huge lifestyle benefits including an enviable year-round mild climate, a fantastic outdoor lifestyle, award-winning gastronomy and architecture, superb ski slopes and beautiful beaches.
- Life expectancy at birth is the highest in Europe at 85.7
The most important aspect of applying to Spain’s Golden Visa Program is finding the right property to suit your needs. Will it be a vacation home or a permanent residence? Will it be rented out for supplementary income? Before committing any funds, one must be sure that the selected property is a solid investment. Nevado Team can assist you with every step of your application process, including the property purchase. Allow us the opportunity to guide you to a Spanish Golden Visa while simultaneously investing in a property (or properties) with great future potential. Now is the time to invest. Contact our office today!