You may well know about the Golden Visa for Spanish Residency approved in late 2013 whereby non EU residents can get a residency visa for living in Spain simply by investing over 500,000 Euros in Spanish property (Or more in government bonds or investing in a company) If you don’t then go to our Spanish Residency project here to read more.
In the past few weeks the government has amended the law making it even more beneficial to make the investment as now it includes the ability to have a work permit, it previously didn’t, and also to bring the family. The issue of not having a work permit to go along with the visa was a big downside in the original legislation in our opinion.
The details are as follows.
- Firstly you now can have a work permit.
- You can now bring over a partner even if you are not married.
- Children over 18 years old now get the benefit of your residency too whereas previously it was just for young children.
- Dependent family members can also be brought over now too giving rise to the possibility of extended families coming over as well.
- The visa is now given to those who have started the process of buying even if they have not yet completed their purchase as long as they can prove the deposit has been paid through an official contract.
- The application process can now be started within Spain rather than through the Spanish embassy in their home country so those who come over as tourists and find a place they want to buy can now start the process in Spain itself which despite its reputation for red tape will make it a lot quicker than applying through the country people are living in (Spanish embassies are slow).
The visa is granted initially for two years and as long as the investment is maintained then it is automatically renewed up to the tenth year at which point if required the applicant can become a Spanish Citizen.
Remember though you do not have to buy just one property to get the Golden Visa. You can buy yourself a portfolio too. So one property for you to live in and a range of others for your portfolio that you can rent out giving you the income too. Now you can have a work permit this means you can register with the social security for healthcare too and the family would also be covered.
After an initial slow uptake of the Golden Visa in the first six months after the law passed, approvals have shot up by around 400% over the last twelve months and those numbers look set to continue to rise with the latest changes. We are seeing lots of interest especially from countries with problems politically and socially (Egypt, Saudi Arabia, South Africa, Venezuela and even the United States are common sources of enquiries about the Golden Visa.)
If you want to know more contact us on the form below and we will not only give you more information about the Golden Visa programme but also put you in touch with a specialist lawyer so you can start the process of getting your Golden Visa. Also below the contact form feel free to sign up to our newsletter or simply contact us on email@example.com.