The Spanish “GOLDEN VISA” – Your way into Europe in a post Brexit world!
An often overlooked method, considering for many it was never needed before, is the Golden Visa route into Spain, and furthermore all of Europe and the Schengen bloc. Bypassing all other requirements (within reason) the Golden Visa can speed up your application to live and work legally in Spain, or just have to right to move freely through Europe without any “Non-EU” headaches. Initially brought in to attract non EU investors when the property market was suffering, Brexit issues have shone a new light on this route to Spanish Sun. With about 25,000 Visas granted since Inception, it is a well-used and viable route into Europe.
HOW TO GET A GOLDEN VISA:
While it’s not going to be found in a Wonka Bar, it’s much simpler than the task that befell poor Charlie and Grandpa Joe! The easiest (and cheapest) way of getting a Golden Visa, since its introduction in 2013 is to have property holdings of € 500,000 or more. A common misconception is that you have to buy a property worth € 500,000 or more but it allows all property holdings to be combined. A mortgage can be counted only when it supplements the previously named figure, ie – You can buy a € 600,000 property with a mortgage of less than € 100,000 once you meet the magic figure from your own funds.
Alternatively, you can buy a number of lesser properties, as long as their joint value passes the figure of € 500,000, and apply for the Golden Visa. As there are no specific requirements to living in the property you buy, you can legally rent out any and all properties you purchase for the Golden Visa as well.
WHAT IS MY RESIDENCY STATUS WITH A GOLDEN VISA:
The Golden Visa does not automatically grant you lifetime rights to live in Spain which must be noted.
Applying for, and receiving the Golden Visa grants you a Residence Permit for 2 years. As long as you still have your property, or property portfolio over the required € 500,000 mark, your residency can be renewed for 5 years. This 5 year residency permit can then be renewed every 5 years indefinitely.
The beauty of this is that you don’t actually have to be residing in the country to benefit from the advantages of a European Citizen. The only current way your residency would not be renewed would be if your property holdings fell below the € 500,000 mark, if you are not resident.
This allows you the choice of either remaining in your home country but being allowed travel or work throughout Europe as a resident would, or live in Spain or any other European Country as long as you visit Spain once every 5 years to renew your residency permit.
Family members can allow benefit from the Golden Visa as they can be assigned to your application, including spouse, children under 18 (over 18 with specific conditions) and dependant parents.
BENEFITS OF A GOLDEN VISA:
- The Golden Visa brings with it a wealth of benefits for the possessor depending on what you wish to have it for –
- A way to get into Spain, Europe or the Schengen Bloc legally and easily with all the benefits of European travel.
- No need to actually live in the country you are buying in, but free travel and residency allowed.
- No need to become fiscal resident in the country you are buying so no need for a tax return in Spain.
- Helps cut Red Tape in regards to obtaining residency should that be your goal.
- Allows rental income on properties purchased.
- 20 working day timeframe to obtain once all requirements are satisfied.
REQUIREMENTS FOR A GOLDEN VISA:
- Obviously, as with anything, there are requirements to obtaining what you want and a golden visa is no exception, but not overly complicated. A lawyer can help you with everything you need quite easily but
- some of the basic requirements are –
- Spanish NIE number in order to buy a property must be obtained
- No Criminal Record
- Have a Health Insurance Policy that covers Spain
- Payment of the fees relative to applying for the Visa
- Property Portfolio over € 500,000 bought from own fund