A change in Spain’s residency laws is anticipated to come into action this month, which will enable high net worth individuals from outside the EU to invest in some of Spain’s most prestigious luxury properties, as well as enjoying a visa for permanent residency in the country.
The Golden Visa
Through efforts to revitalise and give Spain’s flagging property sector a much needed boost, residents from outside the EU, most notably, India, China the Americans and the Middle East will be entitled to what has been nicknamed, ‘the Golden Visa’, allowing those who invest high amounts in Spanish property to stay indefinitely within the country. The added advantage of this to potential investors in Spain is that it also allows them to stay across the entire Schengen Area – the agreed grouping of 16 countries across the EU, which also includes France, Germany, Italy and Switzerland, amongst others. With unrestricted travel across much of Europe alongside an unlimited stay in Spain, this promises to be a highly attractive opportunity for non EU visitors to the country.
To be eligible for the Spanish residency visa, visitors to the country must fulfil certain key criteria. The most important of them is the required investment in a Spanish property of at least 500,000 Euros. This investment cannot be funded through a mortgage, placing the emphasis on high net worth individuals only. The visa is also highly flexible, and does not impose any minimum stay on visa holders, as well as entitling them to renew the visa for up to five years. After this period, visa holders will be eligible to apply for permanent residency in Spain. Following this, they will have the ability to live and work across Europe without restriction, as a European citizen.
The “Golden Visa” also offers advantages to family members of visa holders, and will allow them to include spouses and dependant children within the visa application. Though applicants must be able to demonstrate having sufficient funds to live and stay in Spain, there is no minimum stay requirement imposed as part of the visa criteria.
With a wide range of both personal and economic benefits, this change in Spain’s residency laws is anticipated to attract a high level of entrepreneurial travellers to the country, once the scheme has been put into action.