Leading Spanish home builder Taylor Wimpey España has reported a surge in enquiries from British families seeking Spanish residency through the country’s Golden Visa scheme. The firm believes that both Brexit and the pandemic are playing a role in the rise. “A Spanish Golden Visa provides not just residency in Spain but also access to the rest of the Schengen Zone. It’s something that Britons haven’t had to worry about previously, but Brexit has driven a notable rise in enquiries from families seeking to use a residential property purchase to maintain access to the Eurozone. The fact that working from home on a terrace in Spain has become infinitely more desirable due to the pandemic is also likely to be pushing some families down the Golden Visa route.” Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España |
The Golden Visa scheme allows an individual investing €500,000 or more in either residential or commercial property to obtain a one-year resident visa in order to purchase a home in Spain. They must travel to Spain at least once during that year. Next, they can apply for an investor’s residence authorisation, which is granted for two years and can be renewed for a further five. After five years, the buyer can apply for a residency permit. The buyer must maintain the property investment throughout this period/process and comply with a number of other requirements. These range from a lack of criminal record to having health insurance that can be used in Spain. They also need to have enough funds to cover the person applying and their family for the term of the residency. |
Family members included in the Golden Visa scheme include the property buyer’s spouse, any children under the age of 18, any adult children classed as dependents for physical or mental health reasons and any dependent elderly parents. “The breadth of the definition of ‘family’ under the Golden Visa is particularly generous. This is another reason why so many property buyers are keen to find out more about whether they are eligible and how they can access the scheme.” Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España |
Sterling’s rise in value against the euro is playing into the situation as well, with buyers at the time of writing able to get significantly more for their money than they could at the start of 2021. One interesting element of the Spanish Golden Visa is that the investor can split their purchase across multiple properties. They could, for example, purchase a home for themselves and one to use as a source of income. Key-ready homes at Sun Valley, for example, at the Costa del Sol’s hugely popular La Cala Golf Resort, are available from €251,000 plus VAT. This means that a buyer purchasing two of the apartments, which come with panoramic golf and sea views, spacious terraces and use of a lovely communal pool, would be eligible for the Golden Visa scheme. |
The same is true for buyers of more than one property at Pier 2, in Cadiz. Taylor Wimpey España’s Marc Pritchard reports multiple buyers at the development purchasing two homes, in order to transform them into one giant apartment, with flexible space that can be used for anything from home offices to guest rooms. Key-ready homes at Pier are available from €342,000. The properties enjoy superb views of Sotogrande’s marina, while the private, gated community also provides pools and garden areas. Golden Visas in Spain were launched in 2013 and more than 24,500 were granted between then and early 2020, including over 8,000 in 2019 alone – a 22.6% increase on the year before. “The Golden Visa scheme was conceived as a means of attracting non-EU foreign investment into Spain. It’s interesting to see that it is now serving the additional purpose of providing a route into the Eurozone for British families. This is certainly a key consideration for a rising number of our clients from the UK.” Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España For more information please contact Taylor Wimpey España today on 08000 121 020 or visit https://www.taylorwimpeyspain.com/. If you reside outside of the UK you will need to call 00 34 971 706 972. |
