Obtaining a residence visa in Spain
Obtaining a "Gold" visa in Spain
The Spanish government has now passed the law allowing non EU nationals to obtain a residence visa in exchange for investing in the country. This was finally passed on 27th September 2013 and is now law.
The objective of the law is to stimulate foreign investment in Spanish real estate, public debt, and job creation. It is also intended to stimulate demand for Spanish property.
A Spanish visa will be granted to the applicant within 20 days of their submission along with proof of their investment in Spain. This will also allow the visa holder to travel freely throughout Schengen countries for a maximum period of three months (90 days) per half-year from the date of first entry. The spouse and children under 18, (or older disabled children) may also apply for permits at the same time or after the principal applicant.
This visa will be authorised in Diplomatic Missions and Consular Spanish Offices and can be issued for one, two or multiple entries into Spain.
The basic, minimum requirement for a visa is to invest at least 500.000 Euros in one or more properties. These can be of a residential or commercial nature and also include the acquisition of rural land, developed land, buildings under construction, or decrepit buildings. You can also make the investment through a company so long as it is not based in a tax haven and you have control of the company.
Additional financing is also permitted for amounts over and above the initial half a million Euros, which must first be self funded. These funds must come from a transparent source that complies with existing legislation on money laundering. Above that threshold there is no limit to debt financing, for instance with a mortgage in Spain.
Once having purchased one or more properties, the purchaser may freely let them.
Having applied and obtained the visa, this will be in force for a temporary period of one year, thereafter reapplying for a further two years, and so on again for the final two. After five years of continuous residence, investors can apply for permanent residence in Spain as long as the property or properties have not been sold. Properties can be bought and sold during this period, so long as the investment threshold is maintained.
There is no obligation to spend a minimum amount of time in Spain, so investors can remain tax resident outside of Spain, whilst benefiting from Spanish residency and the freedom of unlimited travel and stays in the EU. However, if an applicant spends more than 183 days in any calendar year, they will be subject to Spanish income tax.
Other investments that also qualify for residency are purchasing two million Euros in Spanish government bonds or one million Euros in stocks or shares of Spanish companies, or bank deposits in Spanish banks.
To apply for residency, proof of the investment(s) must be provided with a Property Registry filing (certificate). If this certificate is not yet available, then the notarised deeds and proof that the deeds have been submitted to the Property Registry must be provided.
- Not to have entered or stayed illegally in Spain, or been refused entry into any Schengen countries
- 18 years or older
- No criminal record
- Not listed as undesirable in Spain
- Public or private health insurance valid in Spain
- Economic resources to support the applicant and dependents
- Authorisation or visa processing fee.
The law is also retrospective insofar as those non EU nationals who already own property in Spain above the threshold can also apply for a Spanish visa.
Article written by LPG (Leading Property Group) Spain – A real estate association based on the Costa del Sol of Spain.
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Costa del Sol - Spain
Málaga and the Costa del Sol
Life on the Costa del Sol
Coming to Málaga Province and Costa del Sol is seeing beautiful landscapes, tasting delicious food, and experiencing the warmth of the people. It’s also discovering a rich cultural heritage, fabulous beaches and coastal sites, and charming hinterland villages.
The Costa del Sol stretches along just over 150 kilometres of the Málaga province and is one of Spain’s most popular tourist destinations. The area’s mild climate is the root attraction that makes it possible to enjoy the beaches and a wide variety of outdoor activities year round. The eastern side of the coast stretches 54 kilometres from Málaga to Nerja, the most important urban centre on this end of the coast.
With much improved communications over recent years, access is fast and easy. Málaga is served by its International airport which is of course one of the major airports in Spain due to the number of tourist arrivals on charter flights from Northern Europe using Malaga airport as a gateway to the Costa del Sol.
Modern motorways link Málaga with the entire coastline as well as the rest of Spain. The recent addition of the new high speed train from Madrid to Málaga, the journey takes just two and a half hours (reduced from four hours and twenty minutes), the extended port of Málaga that now takes the world’s largest cruise ships together with a brand new underground Metro system, currently under construction, makes Málaga one of the leading pioneering cities in the whole of Spain in terms of access and transportation.
The Costa del Sol offers an incredible lifestyle. The activities available on the Costa del Sol are wide and varied; there is actually something for everyone. Many other areas report to offer the same but usually fall far short of the choice available on the Costa del Sol. The eastern side of the Costa del Sol offers a quieter and more relaxed version than the western side, better known for the more flamboyant style of life associated with Marbella and Puerto Banus.
Malaga & the Costa del Sol
- Málaga is the capital of the Costa del Sol.
- It combines 150 kms. of coastline.
- Attracts tourism all year round.
- Has one of the best climates in Europe.
- Is served by its International airport.
- Has high speed AVE train links across the country.
Costa del Sol
Costa del Sol
It is an ideal location to own or rent or property and take holidays enjoying the excellent and mild all year round climate. Relaxing days out at one of the many beaches are a must, enjoying some of the most beautiful, clean and safe beaches on offer, with the Blue Flag of Merit being awarded on many occasions to the beaches on the Costa del Sol.
Beach activities include waterskiing, boat, fishing trips and yacht charter, other major sports such as tennis, bowls, football and basketball are also all popular and expertly catered for. Many of the larger towns have their own sports grounds for athletic events and football matches as well as public indoor and outdoor swimming pools. Many of the Sports activities are a very popular pastime to local residents and Tourists alike, the most popular of these being Golf.
Spanish “Gold” residence visa now law in Spain - Full article
- Spanish Gold residence visa now law in Spain | LPG Property
The Spanish government has now finally approved the new law permiting non EU nationals to obtain a residence permit for making an investment above 500.000 Euros.
Guide to purchasing property in Spain
- Guide to purchasing a property on the Costa del Sol, Costa Tropical and Axarquia, Spain, | LPG Prope
A step-by-step guide to purchasing a property in Spain, including all necessary information to ensure that your property acquisition proceeds smoothly.
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