A Complete Guide to Acquiring the Golden Visa in Spain through real estate investment
As the economy of Spain is flourishing at an exponential rate, investors from all over the world are investing in Spain now. The most sought-after visa is the Golden Visa of Spain. The Golden Visa was launched by the Spanish government in 2013. The Golden Visa comes with a lot of perks and benefits the investor and the country equally.
The professionals of AvaLanding have assisted hundreds of clients from dozens of different countries in immigration issues and is one of the most experienced firm in Spain in Golden Visas with over 300 successful cases completed.
This guide is intended to provide answers to these most common questions regarding the Golden Visa in Spain.
1. What is the Golden Visa of Spain and What are the Requirements to Obtain it?
The Spanish Golden Visa or the Investor’s Visa is a residency permit that gives the non-European holder the right to stay and work in Spain. The basic requirement is that the interested applicant makes one of the following investments:
- 500 000 euros in real estate
- 1-million-euro bank deposit in a Spanish bank
- 1-million-euro investment in a Spanish company
- 2-million-euro investment in Spanish bonds
This article concentrates on the real estate investment related Golden Visa. If you are interested on some other type of investment, please do not hesitate to contact our immigration team for more information.
2. How Much will the Golden Visa Cost me?
The minimum investment requirements are net investment amounts. In other words, in addition to the minimum euro amounts, you will need to pay transactional costs associated with the acquisition or investment.
In the case of a real estate investment, these costs consist of the following:
- Property transfer tax (“ITP”): 6% – 11%, depending on the autonomous community.
- Stamp duty (“AJD”): 0% – 2.5%, depending on the type of property and the autonomous community.
- Notaries, Registries and Banking fees, Legal fees & miscellaneous costs: In total, approximately 2-3% of the purchase price.
- Personal real estate shopper service (optional) 2-3% of the purchase price.
In all cases, a total budget of 600,000 euros/ family is enough to get the Investor’s Visa anywhere in Spain.
3. What is the Difference Between the Spanish Golden Visa and Other Spanish Residency Permits?
The Golden Visa differs radically from traditional Spanish residency permits in several aspects:
- The renewal of a Golden Visa does not require a minimum annual stay in Spain.
- The Golden Visa has an easier and faster application procedure.
- The Golden Visa includes a working permit.
- The Golden Visa allows the investor to bring along his or her immediate family from the day 1.
4. For How Long Can I Stay in Spain on my Golden Visa, and Can it be Extended Upon Expiry?
The initial investor’s residency permit is valid for two years and can be extended upon expiry for periods of five years, as long as you maintain the minimum level of investment.
5. Is There a Limit to the Number of Times that I can Extend the Spanish Golden Visa?
No, there is no limit to the number of times that the Golden Visa of Spain can be extended, but it is necessary to maintain the minimum investment at all times. A holder of a Spanish Golden Visa or Investor’s Visa in Spain, however, is allowed to switch between types of investments, for example, from one property to another or from an investment in real estate to the holding of the minimum amount in a bank deposit.
6. Can the Golden Visa be used to Become a Long-Term Resident or a Citizen?
Yes, if you live in Spain permanently with your Investor’s Visa, your status can become a long-term resident after five years. The main effect is that you do not have to maintain the investment to keep your resident status. If you live in Spain permanently, you can obtain Spanish citizenship after 10 years (or if you are from a Latin American country or Philippines, after 2 years).
The option to apply for citizenship and/or a long- term residency permit applies only to investors who reside in Spain. The investors who come to Spain only occasionally are not eligible.
7. Does the Spanish Golden Visa make it Easier to Visit Other European Countries?
Yes, the Investors’ Visa of Spain works as a tourist visa for the rest of the countries that belong to the Schengen area. This means that the holder of the Spanish Investor’s Visa has the right to remain in Spain for an unlimited period, plus in the rest of the Schengen area for 90 days within each period of 180 days.
8. If I hire AvaLanding to Organize the Golden Visa for me, What Does the Service Consist of, and What is Required from my Side?
It is quite simple. The only thing you need to do is to have the funds for the minimum investment readily available, visit Spain a few days to choose the asset you wish to invest in, meet with a Spanish bank accompanied by one of our lawyers, and sign a Power of Attorney so that we can represent you. After this visit, our professionals can handle everything else on your behalf, remotely, under your instruction.
The Golden Visa services consist of the following:
- Identifying the best possible investment opportunities for you through our Buyers’ Agent service.
- Executing the real-estate investment with legal security.
- Advising you on how to maximize the number of family members who are eligible to get the Investor’s Visa based on your investment.
- Finding alternative ways of access to residency permits for any family members excluded from the Golden Visa.
- Coordinating your real-estate investment with your residency application to make sure that the Golden Visa can be applied for at the optimum point within the investment process.
- Following up on the application process and providing any other necessary legal and practical advice until a decision has been notified to the applicant.
- Acting as your representative for notification purposes.
- Assisting you in getting the Foreigner’s Identity Card.
- Providing you with useful information on the requirements to access permanent residency or citizenship.
The post-covid real-estate market in Spain offers good investment opportunities in a country that is politically stable, safe, and famous for its culture and quality of life. Let’s get the Golden Visa for you and for your family! The AvaLanding team will be delighted to make it happen.