The end of the Golden Visa? What other options do I have if I want to live in Spain?

Filed under : Residencia, Visas

Last Monday 8 April, the Spanish Prime Minister, Pedro Sanchez, announced that his government wishes to eliminate the Golden Visa.

The Golden Visa allows one to obtain Spanish residency by investing in Spain; the minimum investment being the purchase of a Spanish property for 500.000€ or more.

The reasons given for its proposed removal and the expected result of its removal, in our view, are respectively questionable and doubtful.

This unsettling news has meant we have received many emails and messages from those who have either obtained a Golden Visa or are looking to apply for one imminently.

The Golden Visa is set out under Spanish Law 14/2013 and to change this law, Mr Sanchez and his government will need to get parliament approval. Unfortunately, whilst anyone can speculate, the truth is that the question(s) about when / how (or indeed ´if´) the law will be changed is not a question / are not questions one can properly answer.

We have helped a number of clients obtain their Golden Visas and until the law changes we will carry on doing so. Applications can still be submitted so if you are in the position to apply, or soon will be, then please contact us for a consultation.

If the Golden Visa is indeed removed, then those who wish to move to and live in Spain will still have other options, such as the non-lucrative visa. This visa, unlike the Golden Visa doesn’t allow its holder to work in Spain but like the Golden Visa, allows its holder to remain in Spain for 365 days per year. In terms of minimum stay requirements, the Supreme Court last year declared the article which required one to remain in Spain for at least 6 months per year, to be null and void.

Everyone’s case is different and at De Cotta Law you can speak to Spanish and English qualified lawyers; please call +34 952 527 014 or email [email protected] to arrange a consultation with a specialist.

For the Canary Islands please call +34 922 719520 or email [email protected]