Residency Visa For Acquisition Of Real Estate (Golden visa)
The fast way to a residence permit in Spain is to purchase a property. The main condition is to invest from € 500 thousand in housing or commercial premises, in the primary or secondary market, in any region of the country. The amount is rather big, but - what is important - it is refundable. You do not donate money to the state, but collect a package of liquid real estate, which brings you a profit or becomes a family residence in Spain.
Benefits of the program
- € 500 thousand minimum investment
- Returnable investments real estate can be rented out
- 2 months fast term for obtaining a residence permit
- For the whole family including adult children and parents
- Visa-free Schengen zone free traveling within the EU
- Moving to Spain optional, no obligations
- The right to work for all family members
- Citizenship the prospect of getting passports
The official website of the program
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About the program
In 2013, Spain issued a landmark law "On the support of entrepreneurs and their internationalization" under number 14/2013, which legalized "golden visas" - residence permits for investors who invest significant capital in the economy. The authorities offer various investment options for foreigners: government bonds, company shares, bank deposits and, including real estate.
The law was conceived as a supportive measure for the economy hit by the crisis. And today we can say with confidence: the law has completed the task. More than 5.5 thousand investors (excluding family members) have obtained Spanish "golden visas" and brought the country over € 2.8 billion. And the program participants themselves have received the right to live and work in Spain, the ability to bring their families over, to travel around Europe without visas and other bonuses. According to statistics, most often, investment residence permits are issued to immigrants from China and Russia.
Spain has set the highest bar among similar programs in the European Union - here you need to invest at least half a million euros in real estate. But there are also significant advantages! Applicants are not limited in the choice of objects, the investor residence permit applies to the whole family and gives everyone the right to work, and this status is also eligible for immigration, i.e. can be converted into citizenship (this option is not available everywhere!).
The first "golden visa" is issued for two years, then it is extended for five years an unlimited number of times, as long as the property remains in ownership.
Investments Options
- Purchase of real estate worth €500 thousand
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Purchase of one or more properties, in the primary or secondary market, residential or commercial real estate with a total value of € 500 thousand. The minimum amount must be invested from the applicant's personal funds without involving a loan and without taking into account additional transaction costs.
Real estate can be bought by a legal entity, provided that the company is not registered in a tax offshore, and the applicant is its main owner and has a decisive voting right.
Under the terms of the program, the purchased properties must remain in ownership for at least five years. At the same time, real estate can be used for personal and commercial purposes, i.e. lease for long-term or daily rent.
After five years of living in Spain, you can apply for permanent residence (permanent residence permit) - after receiving it, the investment can be returned. And after 10 years of living in Spain, a foreigner has the right to apply for a passport. But keep in mind that dual citizenship is prohibited in Spain, this means that the first one will have to be abandoned.
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Residence permit for family members
Who receives a residence permit with the investor:
A spouse
Spouses who are legal or living in a common-law marriage.Children
Minor and economically dependent adult children, i.e. unmarried, university students.Parents
Direct dependent parents.
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Requirements to investors
- Be a citizen of a "third country", i.e. non-EU states
- Not to have bans on entry to Spain and other states of the Schengen area, to stay in the country legally.
- To be over 18 years old (for the main investor).
- To have no criminal record in Spain or another country of residence for.
- To have a health insurance policy, as well as a certificate of the absence of dangerous infectious diseases
- To have sufficient financial resources for yourself and your family members while living in Spain
- To pay state fees for obtaining an investor visa and residence permit
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Doucments
All documents are provided in Spanish. For papers issued in another country, an apostille translation is required.
Personal documents
- 2 applications
- Four pictures
- Passports of the applicant and all family members
- Public or private insurance policy valid in Spain
- Certificate of no criminal recordCertificates of birth, marriage, birth of children
- Confirmation of sufficient funds in the account to live in Spain
- Receipt of payment of the state duty for registration of a residence permit
Investment confirmation
- Certificate from the real estate register (if the object has not yet been registered, an agreement is provided, certified by a notary)
- Real estate purchase and sale agreement
- Statement confirming the payment of taxes on the purchase of real estate
Expenses
- State fees for a residence permit
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€70 per applicant
- Legal expenses
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€1,000 - 15,000 for the main applicant, depending on the rates of a particular law firm. If spouses, children and parents are included in the application, additional payments are possible. Some real estate agencies and developers provide these services for their clients free of charge.
- Real estate purchase
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About 10-15% of the property value. This price includes: notary fees, realtor's commission, tax when buying property in the primary or secondary market, state fees for registering real estate.
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Rights and Obligations
- To live in Spain without time limitations
- To travel without a visa to all EU countries and live in other countries for up to 90 days in half a year
- To receive health care with insurance
- To work for hire throughout Spain
- To educate children for free in schools and universities
- To change of tax residency (not required)
- To keep investments in property until permanent residence is issued
- To visit Spain at least once a year to extend the residence permit
- To apply for permanent residence after 5 years, for citizenship - after 10 years of residence in Spain
The procedure for obtaining a residence permit
