Since the UK has left the European Union, British residents can no longer live and work in Spain as they please. For tourists or short-term visitors, nothing has really changed: you can enter Spain without a visa, but you can only stay for 90 days within a 180-day period. However, those who want to spend longer than this in Spain – perhaps for retirement or a permanent move – will need a visa.
That’s where the Golden Visa comes into play. An investment in Spain is all it takes to be granted five years of residency…
Property Guides have have partnered with a trusted financial advisory specialist who can discuss your finances and help you plan for your Golden Visa investment. Get in touch today.
How does the Golden Visa work?
The Golden Visa is a flexible way to live and work in Spain. The most common way to obtain it is through property, but there are several other options:
●Make a property investment of €500,000 or more without using a mortgage or loan – this can be through one property or multiple
●Invest €2 million in Spain’s Public Debt
●Deposit €1 million in a Spanish bank account or in shares of a Spanish company
●Invest €1 million to start a business in Spain which creates employment
●You must be 18 years +
●You must not have a criminal record
●You must not have previously entered or stayed in the Schengen Zone illegally
●You must have health insurance in Spain
●You must have the funds to support yourself financially
How long does the Golden Visa last?
The Golden Visa lasts for two years, after which it can be renewed for a further two years. After five years, you can apply for permanent residence.
An Independent Financial Advisor can be an enormous help with giving impartial advice on organising your budget. We can put you in touch with a trusted partner who has plenty of experience helping UK buyers moving to Spain.
What are the benefits of getting a Golden Visa?
1. Freedom to travel around the Schengen Zone
One really attractive benefit of Spain’s Golden Visa is that you gain freedom of movement throughout the whole Schengen Zone for 90 days out of any 180.
2.There is no minimum stay requirement
The flexibility of this visa is second to none. Spain only requires you to spend one day in the country in order to renew the visa.
3.You can work in Spain
Unlike other Spanish visas – such as the non-lucrative visa – the Golden Visa allows you to legally work in Spain.
4.Your family can also enjoy the benefits
The Golden Visa benefits not only apply to the main applicant, but their family too! You can bring your spouse, children, and any dependent parents. Your family will have access to public healthcare and schooling in Spain.
5.You can sell the property once permanent residency is obtained
After five years, and once you have been granted permanent residency, you can sell your property and downsize if necessary.
How do I apply?
As Spain is keen to welcome investors, the application process for the Golden Visa is usually fast.
1.Decide on the best investment route for you and gather all the necessary documents (they will need to be translated into Spanish and can vary depending on your investment type)
2.Make your investment (or at least show you are committed to making the investment)
3.Submit your application at your nearest Spanish Embassy or Consulate. It can be a good idea to use a lawyer to ensure everything is correct.
4.Make an appointment for an interview and to submit your biometric data. You will have to travel to Spain for this
5.The Spanish Government will then review your application and approve your Golden Visa
The application process usually takes about three months.
Get legal advice and guidance on your move from our recommended Spanish lawyers.
What taxes will I have to pay?
It depends on how long you spend in Spain. If you spend less than six months a year in Spain, you will only pay taxes on your initial property purchase and the value of your assets going forward. If you plan to spend longer than six months a year in Spain, you will be classed as a resident and all your assets and income will be taxed in Spain.