For British and non EU applicants the Golden Visa offers the possibility of acquiring a Spanish residency visa. The Law 14/2013 is designed to encourage investment in Spain and rewards property investors as well as entrepreneurs. The law states that a capital investment in property in Spain of 500,000€ or more must be made by each applicant for a residency permit.
To demonstrate to the Spanish authorities that this investment has been made, with the purchase of a property, the visa applicant must apply to the Land Registry for a confirmation certificate. This certificate proving the property purchase must have been issued within a period not exceeding ninety days prior to the date of the application and the 500.000€ investment (not including expenses and taxes related to the purchase) must be free of any liens or encumbrances, however it is possible to have a mortgage to finance the rest of the investment if this is higher than 500.000€.
Once granted the investment residence visa, the applicant may reside in Spain for at least one year and may apply for a further two years. Their spouse and children under 18, may accompany the investor but must apply jointly and simultaneously or successively for the visa and together with the investor, must comply with the following conditions.
Golden visa applicants must be at least 18 years old, have no criminal record, have medical insurance recognised in Spain, have economic resources for themselves and their family members during their period of residence in Spain, comply with Spanish social security and applicable tax laws, and pay the processing fee for the visa.
The initial golden visa will have a duration of one year and the residence permit will have a duration of two years. In the event that investors are interested in residing in Spain for longer they may request renewal of the residence permit for a further five years.
The visa allows investors to work in Spain and the big advantage of this residency permit is that it is possible to stay in Spain for less than six months yearly which makes a big difference as the other residency permits normally imply tax residency in Spain. It will allow the applicants to travel to any of the countries within the “Schengen” area of mainland Europe.
De Cotta Law with its wealth of experience in international law, property law and conveyancing can process your Golden Visa and assist you with all aspects of buying property and settling in Spain. We also provide comprehensive tax advice.