Since it was introduced in 2013, the Golden Visa has proved a popular option for investors in Spain and at Del Canto Chambers, our lawyers have helped dozens of clients gain residence benefits through it.
But while there’s a lot of official information about this visa type, some aspects to it only become apparent when dealing regularly with Golden Visa clients.
“Our long track record in the Golden Visa in Spain has allowed us to glean unique insights into this visa type,” said León Fernando del Canto, Head of Chambers at Del Canto Chambers. “They’ve helped us to make the process easier, quicker and in many cases, cheaper for our clients.”
In this article, we’d like to share these tips to help you in your Golden Visa application.
Did you know?
The main requisites for the Golden Visa in Spain are a minimum investment of €500,000 in real estate, at least €1 million in shares or investment funds or €2 million in Spanish public debt.
The Golden Visa in Spain isn’t just for new property purchases
If you’ve bought a property in Spain since 14 September 2013 and paid at least €500,000 for it, you may qualify for the Golden Visa.
Note, however, each case needs to be considered on an individual basis because if there is a charge on the investment such as a mortgage in Spain, it could affect the Golden Visa application.
Time is of the essence
If you’re seeking the Golden Visa through capital investment (shares or public debt, for example), you must make the acquisition one year before you apply. Property investments, on the other hand, qualify at any time as long as you bought after 14 September 2013.
Applications can be made in Spain
If you’re in Spain legally (e.g. on a short stay and don’t need a visa or have a Spanish residence permit), you can apply for the Golden Visa while you’re there. You don’t need to go to a Spanish Consulate abroad or leave Spain.
It’ll cost you less
Much less as it turns out and easier too. If you apply for your Golden Visa in Spain, you may do so electronically and pay just €73.26. Apply at a Spanish Consulate abroad and you have to attend in person and pay over £1,623 in fees!
And you get longer residence if you apply in Spain
If you apply for your Golden Visa in Spain, you’re entitled to a 2-year residence permit. If you apply from outside Spain, it’s a 1-year permit.
Golden Visas allow you to work
Regardless of where you apply for your visa, you will be allowed to work either as self-employed or as an employee in Spain.
Purchases made by a company qualify
You can buy the property through a company for your Golden Visa. There’ll be more paperwork and higher costs, but it might suit your financial situation better.
A purchase made by a couple could qualify
If you and your married partner bought the property and paid €500,000 between you, you could both qualify for the Golden Visa. Joint acquisitions are accepted in many cases.
Your nearest and dearest can come too
Being able to bring your family with you is one of the big advantages of the Golden Visa in Spain. The following family members qualify for residence in Spain on your visa:
- Your spouse or partner (civil or domestic).
- Your children under 18.
- Your adult children if they’re financially dependent on you and don’t have their own family unit.
- Your parents if they’re dependent on you.
Getting a Golden Visa in Palma de Mallorca or Marbella
Two of the most popular locations for the Golden Visa in Spain are Palma de Mallorca and Marbella, both established favourites with foreign investors. The property markets in the two regions are currently among the hottest in the country and values have seen double-digit increases over the last year.
That said, €500,000 buys you a decent property in either. For example, in Palma, you’ll find a good selection of 2-bedroom apartments (new or traditional) while in Marbella, your choice extends to townhouses and semi-detached villas. Once you up your budget, the world of property becomes your oyster and you can take full advantages of the benefits of the Golden Visa.