Real Estate

Golden Visa Spain: 10 frequently asked questions

Golden Visa Spain

The Spanish Golden Visa is a success story.

It has become the gateway to Europe for thousands of applicants pursuing the European dream. They have collectively invested over 2 billion euros since its inception in 2013. Although Spain’s visa programme was a flop initially, as it fell well below expectations and was marred with teething issues, an ambitious overhaul in 2015 made it extremely competitive compared with similar schemes offered by fellow EU countries. So much so, that this massive tweak enabled Spain to confidently overtake Portugal in 2017, becoming Europe’s leading Golden Visa supplier. This is unsurprising, given how Spain overtook the US as the world’s second biggest tourist destination. Spain has become one of the most attractive countries in the world to live and work in.

Although this procedure was originally tailored to cater to well-off Chinese and Russian nationals, many other nationalities have taken advantage of it. British nationals should consider looking into it with renewed interest in a post-Brexit era. The reason is because this scheme would allow British nationals – that lack a EU passport – to travel across Europe skipping pesky passport controls on equal footing to EU nationals. Much like before the UK voted to break away from the Union. You really do not want to be stuck over 3 hours at Heathrow every time, trust me.

Spain’s Golden Visa programme allows affluent non-EU applicants, and their dependants, unfettered access across Europe´s Schengen Area. Travel unmolested through all of Europe.

A Golden Visa enables you, and your family, to live and work in Spain (Europe). This visa guarantees Spanish residency, which eventually leads to Spanish citizenship (optional). Live the dream, apply now!

10 frequently asked questions

  1. Can I request a mortgage on investing €500,000 in Spanish real estate?

Only on the excess above €500,000. The law only requires that the first €500,000 is unencumbered – meaning the equity threshold must be free. The excess can indeed be financed through a mortgage loan if necessary.

  1. I have read that I need to spend over six months in Spain to qualify for residency. Is this true?

No, it is unnecessary. A GV overrides this requirement. This law specifically targets affluent individuals who will normally be residing and working elsewhere. That doesn’t preclude the investor’s spouse and children from living and studying (or even working) in Spain (Europe).

  1. Can I obtain permanent residency or even Spanish citizenship through this law?

Yes eventually, assisted by lawyers specialising in residency. Larraín Nesbitt assigns you an in-house residency specialist to handhold you during the whole visa procedure.

  1. How long does it take to attain a GV application?

On average, it takes under 2 months.

  1. Can I work in Spain?

Yes. Following a change in the GV law, the main applicant may now work in Spain.

  1. Can I make use of the public healthcare system?

No. This blue-ribbon visa targets wealthy non-residents who must hire their own private insurance.

  1. Does the GV also include the investor’s family?

Yes, of course. A married couple and their children under 18 are included under the same application as a family unit. Same-sex partners qualify as a married couple. In some cases, children over 18 y.o. are also included. The term family must be understood broadly.

  1. How long does the Golden Visa last for?

Two years, and you may renew it for a further 5 years.

  1. Do holders of the so-called Golden Visa have unrestricted access to move within the European Union?

In a nutshell, yes. Holders of a Spanish Golden Visa do not require a visa to enter Europe’s Schengen Area. They can transit and enjoy free movement within the Schengen Area for a maximum period of three months (90 days) in every rolling six-month period from the date of first entry. You will have unfettered access to move within the EU.

  1. Where do I apply for a Golden Visa?

Through a law firm or with the advice of your real estate agent.

By Raymundo Laraín Nesbitt posted first in Spanishpropertyinsight.com

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