Spain’s ‘Golden Visa’ law has been ratified, meaning that owning property in the country will soon be made much easier.
The new Residency Law has been given the green light by the Congress of Deputies following its approval in the Spanish senate. After this legislation has been signed off by the king, it will be published in the official state gazette and formally become law.
Under the new rules, non-EU citizens who invest at least €500,000 in residential, commercial property or land will be able to live legally in Spain. They will also be permitted to travel within the 26-country Zone.
Property owners applying for a ‘golden visa’ may have purchased multiple properties in order to meet the €500,000 criteria. Both private individuals and corporate entities are able to attain visas as long as they meet various requirements.
Properties do not have to have any specific use, meaning the visa can be gained by people renting out their houses abroad as well as those living there.
Investors wanting to take the first step towards gaining one of these visas must first apply for one that allows them to live in Spain for a year. During this period they do not have to spend a large amount of time in the country, but must simply have visited once.
After having made an investment, and before this one-year visa has expired, investors can then apply for a residence permit which allows them to live in the country for two years. This is renewable for another two years after that, as long as they have maintained the €500,000 threshold.
After five consecutive years of residency in Spain, applicants are able to apply for an unlimited residence permit, and after ten years they can apply for Spanish nationality. In this case, however, property owners must be able to prove they are resident in the country for a minimum of 183 days per year.
(Article from James Roberts from property showrooms)