On our sister site Spanish Residency we have plenty of information about the Spanish Golden visa, how to get it, the process, the various methods possible of investing and a lot more. Since the law passed we have helped many clients get their Spanish Golden Visa by investing over 500,000 Euros in Spanish Property. This has been done in a single property in just one case, in Barcelona, and over many properties in Valencia in a couple of cases and over the whole country in others. Today we are going to talk about a little trick for getting it without spending any money, or at least without spending 500k. However to do it you need assets in another country.
This post is aimed at people from countries where, for whatever reason, people want to get out although it can also be useful for people from non EU countries wanting the Spanish Golden Visa too. Some of the countries we have had clients from recently include South Africa, Egypt, Syria, Ukraine, Russia and even the United States and Liberia. Many of our clients from those countries are high net worth individuals who for whatever reason want to get their money, resources and most importantly their families out.
So how do you get the Spanish Golden Visa without actually having the odd 500k or so sitting in a bank account waiting to buy a property? As you read this you may be sitting in the answer.
One of our clients realised that he had to get his family out of the rather dangerous situation that they found themselves in as the country disintegrated around them. He realised that selling up was not an option but also realised that he had a lot of assets with no debt on them, i.e, mortgages. Despite what was happening in his country he was able to raise capital against the property and with that money he was able to transfer the money out of the country and into Spain.
He went through the process of getting a NIE number for purchase in Spain, opening a bank account in a Spanish bank to receive the funds and choosing the properties that would make up his portfolio here to allow a main residence and several income producing cheaper rental properties and then he bought them all using the transferred funds. Once done he was granted the Spanish Golden Visa automatically and he was able to get his family out.
Obviously there is a cost, it was not free. He had to pay for the study of the mortgage in his own country, costs for setting up the mortgage, finalising costs and a cost to send the money over to Spain (more than it would normally be as he used a money transfer service from his country to do it as limitations on foreign capital transfers were in place) But there were a few very large advantages that offset this. Firstly, the properties he mortgaged in his home country could well be worthless in the future as the problems were spreading. Secondly, he has managed to get his family out of a potentially disastrous situation and thirdly he can now actually run his international business and bring the funds into Spain rather than putting them into a country where it is already getting more difficult to take money out of banks as there is a run on them (So limitations are being set up through new legislation going through the parliament on daily, monthly and yearly withdrawals.)
Some of you might be thinking at this point that he shouldn’t be running away and should be trying to do something to make the situation better in his home country. If so you would be missing the point. That country (Which will remain nameless) is beyond individual help now. We all want to do what’s best for our family of course and when the family is threatened that is a powerful force for action. Also, where better to come and bring up a family than Spain with its quality of life, especially family life, good international school system throughout the country, excellent infrastructure for moving around and in and out of the country and superb climate?
If you want to know more get in touch through the Tell Us More form below. Settling in Spain is not for everyone but it can be a great place to live and it can feel like home very quickly.