Is making the move to Spain right for you? Did you know even if you don’t hold a European Passport you can live, work and enjoy Spain.
SPANISH GOLDEN VISA
Legal Facts
The Golden Visa is a temporary residence permit that may be granted to individuals who are non-EU/EFTA citizens and who carry out in Spain certain types of investments, business or professional activities, or are transferred by their employer to Spain under certain circumstances.
The Golden Visa was introduced by the Spanish Government in 2013 and was amended in July 2015 with the objective of making it easier and faster to grant these permits.
- Residence permits may be granted to applicants who fulfil the required conditions (i.e. have no criminal record, have full private insurance cover, sufficient economic resources) as well as to all dependent family members, which are understood to be the applicant’s spouse or cohabitating partner, children under or above the age of 18 years who remain dependent on the applicant’s financial support and who have not formed an independent family unit, and dependent ascendants. All these individuals are eligible for reunification and may apply for their visa simultaneously with the applicant.
- The initial visa lasts for one year, renewable twice more for further two years provided the property is still retained. After these initial five years, it is possible to apply for an unlimited residency permit.
- After the period of 10 years it would also then be possible to apply for Citizenship and obtain a Spanish passport.
- There is no minimum stay requirement
- Qualified family members could reside in Spain (e.g. children could be at university) while the main financial provider is in another country.
- Multiple entry and re-entry is allowed.
- Travel is permitted throughout the European Schengen area.
Qualifying Terms
- The minimum investment set by this law is acquisition of real estate with a minimum value of €500,000.
- The relevant real estate assets shall be free of liens, at least up to the minimum value of €500,000.
- Co-ownership of real estate also qualifies, if the individual investment made by the applicant of the Golden Visa amounts to €500,000 (free and clear).
- It can be for multiple properties and these can be rented out.
- It must be in a form or readily available funds, not mortgage finance (except for any additional funds over €500,000)
- There is no required date of purchase, just that it is fairly recent.
- Property can be owned through a company provided the applicant shows control of that company.
The Spanish Property Market – Statistical Facts
The property market in Spain, boosted by the Golden Visa programme, has shown considerable growth in the 12-month period to June. We think the election if Donald Trump will result in an influx of new buyers looking to relocate to Spain.
Figures released by the National Statistics Institute of Spain for June 2016 show a 20% year on year increase in sales and the fifth consecutive month of increases.
Spain is now ninth in the league table of countries for international investors in real estate and we at Comaskey can help you. However, the added benefit of the residency visa makes it the most attractive option for many international investors.
The news of rising sales volumes on The Costa Blanca follows recent data released by developer Taylor Wimpey which revealed average starting prices rising over 20% from €284,000 in 2015 to €342,000 this year.
Property prices are set to rise by 12% in 2016 according to Barcelona University professor and real estate expert Gonzalo Bernardos. Writing in the Spanish newspaper El Mundo, Bernardos claims a combination of improved economy, bank lending and all time low prices could result in real estate price increase of as much as 50% by the end of the decade.
The Golden Investment Opportunity
There are number of ways to wisely invest and ‘Comaskey and Spanish Solutions’ can show you the path, demonstrate, fully guide and support you to achieve your goal and safeguard your future. All this is possible right now either through our Tailor-Made Property Search and Acquisition, Comaskey Franchise Business Opportunity, to become real estate entrepreneur, established Industrial and Commercial Property or indeed through our Wholesale Property Package.
We also create Package Portfolios of bank properties for international investors seeking the Golden Visa in Spain. Investor visa rules allow multiple properties within the €500,000 limit and bank owned real estate offers the most distressed and discounted prices in Spain. Investors buying for residency and / or eventual citizenship can benefit from capital gains by buying now and holding for 5 or 10 years eventually selling when permanent residency or citizenship is obtained in Spain. Many of the banks properties are discounted by 50% or more compared to their original prices back in 2007.
CALL US NOW AND LET ‘COMASKEY PROPERTY AND SPANISH SOLUTIONS’ MAKE IT HAPPEN
The best way to predict the future is to create it
Comaskey Property and Spanish Solutions
C/ Malaquita local B, 1-B
C.C. Costa Zenia Tel: (+34) 966 773 026
03189 Orihuela Costa
Alicante, SPAIN Fax: (+34) 966 773 266
