Do you know the residence law “Golden Visa”?

Did you know that to attract foreign buyers, the Spanish government has facilitated residence permits?

In Spain, the acquisition of real estate does not affect the determination of the tax residence of the buyer. What matters is the time spent by the buyer in Spain, but to attract foreign buyers, the government has provided residence permits.

A foreign buyer who buys a property at a minimum price of 500,000 Euros has access to a one-year residence permit and can be extended every five years.

This residence permit is renewable and for that, it is enough:

Visit Spain at least once a year;
The owner may maintain his tax residence outside Spain but must be in excess of 183 days a year in that country;
Show that you still own a property of 500,000 Euros or more;
Pay all taxes that match and comply with all social security obligations.
Granting of residence visa.
This type of visa, Golden Visa, helps foreign buyers to settle in the Iberian Peninsula provided they make an investment of a certain size in Spain. Interested persons should, in principle, go to the Spanish consulate in the country of origin.

In accordance with Article 64 of the Residence for Real Estate Investments Act (Law 14/2013) on the granting of the residence visa to investors, the applicant must prove that he has acquired ownership of the property. to the property.

If, at the time of the visa application, the acquisition of the property is being registered in the property register, the presentation of the aforementioned certification will suffice.

Finally, the applicant must prove to have a real estate investment of 500.000 Euros, without costs or privilege. The portion of the investment that exceeds the required amount may be subject to a fee or assessment.

To obtain this visa, the foreign buyer also needs:

Foreign identification number or NIE
Have a bank account (recommended)
Passport (the person must be over 18 years old).
Criminal record.
Health insurance (public or private).
Accreditation of personal and family financial solvency for the period of residence.