With the recent departure of the UK from the EU, some have been dismayed regarding the amount of time that British Citizens are allowed to spend in Spain. Similarly, other non-EU nationals are only legally allowed to spend on 90 days in any 183 days in Spain. Enter…the Golden Visa.
In 2014, the Spanish Government introduced the so-called Golden Visa, that would grant non EU nationals the right to live and work in Spain should they choose, through certain conditions, one of which being a significant investment in Spanish property.
If a non EU national chooses to invest 500,000 euros in Spanish real estate, be it one property or several totalling that amount or more, they would be eligible to apply for the Golden Visa providing they adhere to the following conditions:
- Be over 18 years of age
- No criminal record in Spain or country of residence for the last 5 years
- Have health insurance in Spain from a recognised insurance company
- Have no illness that poses a threat to public health (medical certificate needed)
- Sufficient financial resources to support themselves while residing in Spain
- Have paid the authorisation fee
The applicants' spouse, dependent children and/or dependent parents can be included in the visa application. Furthermore, the golden visa is the only residency permit that does not require a minimum stay in order to renew it (art. 6 Ley 14/2013, 27 septiembre). This means you can leave Spain for more than 6 months without losing your residency status. If you do spend less than 183 day in Spain, it also means that there is no need to become a full fiscal resident, thus no needed to pay Spanish income tax.
For an initial period of 2 years, the rights to live and work will be granted, after which this can be extended for a further 5 years provided you still hold the investment and meet the criteria.
It is worth noting that the right granted under this visa refer only to Spain, but as a result, you will be able to enjoy freedom of movement between all the nations that are part of the Schengen treaty.
As with any legal requirements, Idiliq Estates would always recommend speaking with a legal professional. If you wish to speak with one of our recommended immigration specialists, please click here.
To start you property search for real estate that would enable you to take advantage of the golden visa, click here >