On May 24th 2013 the Spanish Government has approved a bill creating a new kind of visa and residence permit for investors. This new type of visa and residence permit for investors known as the Golden Visa.
The investment has to be made in any of the capital investment.
ACQUISITION OF RAL ESTATE ASSETS
*Golden Visa Schema
In 2013 Spain passed a law that gives residency permits to non-EU citizens in exchange for a property investment of 500,000€ or more which calls Golden Visa (or “Property Visa“).
The minimum investment must be at € 500,000. On top of the amount of investment you need to add 11 – 12%, which goes to the purchase cost, including tax, stamp duty, VAT, notary and lawyer.
The property can be of any type: residential like house and apartment, commercial, touristic, land, industrial, parking space or a combination of different properties. It also can be rural land, developed land, buildings under construction, or decrepit buildings. Any number of properties can combine to make up the €500,000 minimum investment. Joint buyers can combine investments into one property. The property can be mortgaged for any investment exceeding the minimum.
Applicants pursuing investor visas / permits need to comply with the following general requirements:
– Non-EU national
– The investor applicant must be of legal age (18-years-old or over)
– The investor must not hold a criminal record whether in Spain or in the previous five years where he has resided.
– Not be already in Spain irregularly or entered irregularly.
– Have access to medical insurance whether private or public
– Have sufficient financial means to support both himself and his family whilst in Spain. This should definitely not be an issue for those who have the socioeconomic profile to qualify for a Golden visa in the first place; it goes without saying.
– Pay the relevant application fee
Process of Buying Property
It is possible to purchase real estate property with a power of attorney without the personal visit. However, SkyBarcino advices you to come and see what you are going to buy.
After purchasing, the attorney applies for the first one-year investor visa on your behalf. With this visa, you can travel freely inside the EU’s Schengen zone. The authorities issue this visa in Spanish Embassies and Consular Offices. This process takes a minimum of 10 to 15 days.
After the first year, you can apply for the renewable residency permit for two years. This visa is renewable in each two years until you maintain the qualifying investment. It takes five years to became a permanent resident and more five years until the application for the Spanish citizenship.
*Does it worth to invest in Spain?
Although Spanish house prices increased 3.6% during the year to January 2018 (3% inflation-adjusted) to €1,410 per square meter (sq. m), a sharp improvement from a meager growth of 0.96% (-1.92% inflation-adjusted) during the same period last year.
Real estate acquisition continues to be the most important, accounting for 93.9% of total investment transactions with 1,993 home purchases, while in amount, its weight falls to 77.6% being valued at 1,326 million euros. And with respect to the end of 2015, those 1,326 million represent an increase of 45.5%.
However you should consider the total number of tourists visited Spain in 2016 exceeded 70 million. Spain is the most affordable and secure tourist destination now with the most profitable property investment projects. The Golden Visa Program of Spain is becoming more attractive.
*How SkyBarcino helps me with Buying Property?
If you want to buy a property we offer you Golden Tour. These tours are a combination of touristic & purchasing tour. We are here to arrange your trip to any city of Spain and help you to find your proper property. This unique Golden Tour Package is designed specifically by SkyBarcino.
This Golden Tour Package is different and has specific characteristics. With this tour package you can visit the city as a tourist and enjoy yourself and at the same time visit several properties and find the best one for purchasing. SkyBarcino takes you (with no additional cost) to visit some properties in 2 days of your free days.
Visit these particular Golden Tours here.
HAVE YOU EVER SEEN SUCH A GOLDEN OFFER SOMEWHERE ELSE?
Of Course we will be delighted to help you find your new property and guide you afterwards and within the Golden Visa Residency process. The only thing you need to do is to contact us and ask your questions.