In 2013, Spain introduced a law that provides residence permits for non-EU nationals. The condition for obtaining it is to invest in the local real estate the amount of € 500,000 or above. Such a method of obtaining a visa has been widely named as the “Golden Visa”
In July, 2015. Spanish parliament has introduced a number of amendments to the system in order to streamline bureaucratic process. Currently, the law allows non-EU citizens to obtain a residence permit and at a later stage, if the appropriate conditions are met, for long-term residence in Spain.
The purpose of the Act is to attract entrepreneurs to Spain. Stimulating foreign investment in real estate indirectly will affect it to reduce public debt and the creation of new jobs.
What offers visa:
- This residency is the ability to travel freely in the Schengen area (90 days per period of 180). At current prices, this creates a great investment opportunity for entrepreneurs from outside the Uni
- The investor does not need to buy one property for € 500,000. Maybe buy some cheaper, so that the total amount exceeded the limit.
- Very important it is also a provision which says that residency now also includes the right to work in Spain
- The visa is for all family members. Children under the age of 18, children aged 18 years or above, who are dependent on the financial statements of the applicant.
- Recent amendments in the law allows to get the visa to unmarried couples living together. The condition for this is registration in the Spanish registry office. This provision also applies to same-sex couples.
- As part of the previous Act, investing in real estate were made legally obliged to purchase individually. Today, investors will be able to purchase their properties in Spain, either directly or indirectly through a company registered firmę-, if they have the majority of shares of such a company and address of the Company is not in a tax haven. This is a very nice facility for people who are professionally involved in investing in real estate.