- Buyers with €500k to spend can pick up residency along with their property
- Brexit pushing more Brits to consider the Golden Visa route into the Schengen Zone
- Working from home on the terrace ‘infinitely more desirable’ due to pandemic
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.