How to invest in property?
12 July, 2019
Blog
Visa for Non EU Residents
GOLDEN VISA SPAIN
How buying a Property can get you Residency
If you’re looking to purchase a property in Spain, then you may be interested in knowing how you can also get Spanish residency at the same time.
Spain’s Golden Visa is a residence visa issued to non-EU nationals making a significant investment in Spain. One of the investment options is to purchase a property valued at €500,000 or more. Originally intended (predominantly) for affluent Russian, Chinese and Iranian nationals, post-Brexit UK nationals now have the opportunity to benefit from Spain’s property visa offer.
Buying a house to get a Golden Visa
Most investors choose the real estate option when it comes to investing for a Golden Visa Spain, find a full list of Golden Visa opportunities here.
To qualify, you must invest a minimum of €500,000 in Spanish real estate. This applies both to residential and commercial properties, or a combination of both.
The property does not have to be your primary or permanent residence. Simply prove, within three months of purchase, through a Land Registry issued certificate, that you paid at least the qualifying minimum amount for the property.
Even if the contract is not finalised, you can submit the preliminary contract and letter from a Spanish financial institution confirming availability of the required funds.
There are a few additional eligibility criteria. You must:
- Be over 18 years of age
- Not have a criminal record
- Not be on Spain’s list of undesirable people
- Not have been refused visas or entry into the Schengen zone
- Have health insurance which covers you in Spain
Benefits of a Golden Visa
For UK nationals, there’s a host of advantages, the greatest of which is freedom to travel visa-free around the Schengen area. With the Golden Visa for Spain UK nationals – no longer in possession of an EU passport – can travel the Schengen area on the same footing as EU nationals. That means no queues at passport control.
Other benefits include:
- You and your family members have access to public services
- You can bring your family members with you (spouse, dependent children/parents)
- You can live and work in Spain legally
- You don’t have to live in Spain permanently to renew the visa, but you can if you want to.
How long is the visa valid for?
The initial Golden Visa is valid for a year. During that time, you must enter Spain and exchange the visa for a residence permit. The permit is valid for one or two years.
You can renew your residence permit as often as you like. The only requirements are to maintain your investment and travel to Spain to renew.
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Can I get a loan to buy the property?
You must be able to pay at least €500,000 for the property with your own money. If the property is valued above that amount, you can take out a loan for the balance.
You also need to be the sole investor in the property. If there are multiple investors, then your share must equal €500,000 or more for you to qualify for the Golden Visa Spain.
For those looking to purchase a property in Spain, the Golden Visa is an attractive benefit. Whether the property is to be your permanent residence, your second home or an investment property to rent out, you will benefit from the Golden Visa. Spain, after all, is one of the most popular places to live and holiday in Europe.
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