The long awaited law granting a residency visa for international investors buying property in Spain has finally been passed. Investors spending a minimum 500,000 Euros on residential real estate or a portfolio of properties making up this limit will gain a residence visa often referred to as the “Spanish Golden Visa” or “Spanish Entrepreneur Visa”.
The visa is one of the most affordable and flexible in Europe. There is no minimum stay requirement in Spain and the visa can be renewed up to five years. Holders of the Spanish golden visa are free to travel throughout the Schengen visa countries in Europe.
After five years those who have invested in Spanish property (and immediate family members) may apply for permanent residency although that will require a minimum residence period of 183 days. Citizenship and a Spanish passport can be applied for after a period of permanent residence in Spain. This then grants the right to live and work anywhere in Europe as a European citizen.
The key points of the Spanish residency visa are:
- Minimum investment of 500,000 Euros
Investment cannot be mortgage funded
Spouse and dependent children included in the visa
No minimum stay period
Renewable up to five years
Travel throughout the EU Schengen visa zone
Applicants must be able to prove source of funds, have no criminal record and must never have been refused entry previously to a European country. They will also need to demonstrate private medical insurance and sufficient funds to support living in Spain. However as there is no minimum stay requirement, actual residence is not necessary.
Property investors will be able to own and run a business in Spain but are not free to work until permanent residency is granted.
La Vida Spain (“the life” Spain) specialises in Spanish property for international investors with offices in Spain and the UK. Since the proposed legislation was first announced back in November 2012 La Vida Spain has received over one thousand enquiries from potential real estate investors. The main interest has come from China, Russia, India and from many countries throughout the Middle East.
