Non-EU investors are the primary target of Spain’s Golden Visa. The Golden Visa once was very popular for nationals from countries such as Russia, China or the United Emirates. Now, UK nationals are also using it to move to Spain.
For UK nationals, obtaining a Spanish residency permit is a simple method to obtain unrestricted travel privileges inside the EU as well as the Schengen zone without having to spend too much time in the country.
Can you get residency in Spain if you buy property?
The Golden Visa allows foreigners to get a Spanish residence permit and live in Europe (spending at least 6 months a year in Spain) if they purchase a property in Spain with a value of at least 500,000 euros.
Obtaining the permanent residence in Spain is a phased procedure. If you intend to buy property in Spain, the first step is to get a one-year residency visa. The second stage is to apply for a two-year residency permit after you obtain the one-year permit. This can then be renewed every two years as long as you still own your property.
After that, if you spend at least 6 months in Spain each year, you can apply for a five-year permanent residency permit, and after ten years, you can even apply for Spanish nationality, although in the case of British nationals, this means having to renounce to your British citizenship.
Here are some facts about the Golden Visa that will be useful if you are planning to make an application.
Spanish Golden Visa requirements
Besides the investment of 500,000 on a property, other prerequisites must be met by the applicant. They must have a clear criminal record, medical insurance, and adequate financial resources to support any stay in Spain. In addition, applicants must not have been denied visas or admission into the Schengen zone in the past.
You can’t buy part of a property
To qualify for the Golden Visa, you can’t be one of various people investing 500,000 Euros each. Instead, you need to be the sole investor in the purchase of the property.
Married couples
If you are married, the property should be purchased in one name (the main Golden Visa applicant), who should then include their spouse/children as dependents. If your matrimonial regime is a separation of assets, your investment will need to be double the required amount, i.e. 1,000,000 euros.
You can have a mortgage
Although a requirement for the Golden Visa is for your property to be mortgage-free for the first 500,000 Euros, if the property is more expensive, you can request a mortgage for the remainder of the price.
Applying for a two-year residence permit
You can get a two-year residence permit if you apply for your Golden Visa once you are already in Spain with a short stay permit or a Non-Lucrative Visa.
Do you already have a property in Spain?
If you already own a previous residence in Spain purchased after September 2013 and you spent 500,000 euros or more, you may already qualify for the visa. Similarly, if you own a property that cost less than 500,000 euros and you now buy a second property, you might qualify for the visa if they both add up to the 500,000 euros benchmark.
Kaasa’s relocation services
At Kaasa, we work with our clients, not just to help them find the perfect property, but also to help them with the whole process of moving to Spain. Our experts can assist you in applying for your Golden Visa and find out whether you meet all the requirements.
Are you considering investing in Spanish property? Get in touch with our team of expert property finders and tell us about your plans and requirements.
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