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Spain’s Golden Visa scheme attracts 530 applicants

11 March, 2015

A luxury home AND the right to reside in Spain? The Golden Visa is an attractive scheme for many

Since its launch 15 months ago, Spain’s Golden Visa scheme – introduced to attract wealthy non-EU investors to the country’s property market – has so far registered 530 applicants.

The Visa scheme grants automatic residence and working rights in Spain to individuals who spend more than €500,000 on property in Spain. Such an investment can be spread across a portfolio of properties, and investors can include their family, dependants and unmarried partners in the visa – an added attraction that has evidently appealed to a large handful of Chinese, Russian and Arab investors…

Indeed, data from the Ministry of Public Works shows that the majority of property purchases triggering the issuance of a Golden Visa have been made by this exclusive set of investors, while individuals from the USA have snapped up Spanish public debt – an investment that also triggers a Golden Visa if an investor pours more than €2 million into a fund or buys more than €1 million in shares of a company.

A Golden Visa grants not only non-EU members the right to claim residence in Spain, but by extension, the rest of the EU, which opens the doors to the continent’s education and healthcare systems – something that is likely to have proven attractive to Russian and Chinese buyers in particular.

During the first 13 months of the scheme, 490 non-Europeans purchased luxury property in Spain, thus receiving a Golden Visa in the process. Spain, meanwhile, has received more than €700 million in foreign investment as a result of the scheme.

The rules of entry have been loosened since launch, with would-be investors able to receive their Visas six months in advance of finalising their property purchase in a move designed to make the process easier and swifter for all involved. Previously, such schemes saw the investor forced to leave the country prior to completion, thus slowing down the transaction and, in some cases, leading to cancellations.

The typical Golden Visa can be renewed every five years, and owners of such a Visa do not have to be in Spain to renew it – another tweak that has proven popular with investors.

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The opinions and comments expressed by contributors to this Blog are theirs alone and do not necessarily reflect the views of VIVA Homes Under the Sun Ltd, any of its associated companies, or employees; nor is VIVA to be held responsible or accountable for the accuracy of any of the information supplied.

michael yauMarch 30, 2015 at 5:33 pm

Dear sir, will the golden visa resident required to pay any income tax on usa income, I would like to retire in Spain and not engaged in any Spanish business. Btw, just to be fair, I think the golden visa should stay in Spain only, I certainly do not want any resentment from any other EU country!

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Carolyn MowlemApril 2, 2015 at 3:56 pm

Hi Michael, thank you for your comment.
Regarding your question about whether or not Golden Visa residents are required to pay any income tax on USA income, we suggest your best course of action would be to contact either the US Embassy or a lawyer specialising in this field.

ryan sharifMarch 16, 2015 at 4:41 am

Hi,
I am an American citizen and I would like to ask you a question with respect to Spanish Golden Visa:
Should a person invest 500K euros to buy a property, or he can buy an apartment for less money, and leave the rest of the money in a bank account in Spain? Thanks.

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yourVIVAMarch 18, 2015 at 9:37 am

Hi,

We’ve asked the question of our experts here and understand that the 500k has to be invested in property rather than simply lodged in a bank.

I hope that helps? If you have any other questions please feel free to email [email protected] and we will do our best to answer.

ManxmonkeyMarch 15, 2015 at 2:14 am

This should not be allowed. Why should Spanish politicians have the power to inflict these people on the UK? (The ultimate destination of choice for most immigrants to the Utopia of European sweet shop). Another example of the stupidity of the whole EU farce. No wonder we wait 5 hours in casualty with a serious head injury while swarms of immigrants were occupying the attentions of all the staff with their whinging over coughs and such that should be dealt with by their GP. 500k can easily be raised within an extended family and they instantly take a million pounds worth of health care for their 14 family members, take school places and claim benefits.

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