How to Get the Golden Visa in Spain. Essential Rules of Real Estate Investor Visa
Read the beginning here.
The ways to obtain the Spanish Golden Visa are:
acquisition of Spanish real estate of at least €500,000; investing at least €2,000,000 in Spanish Treasury bonds or €1,000,000 in Spanish companies’ shares; depositing €1,000,000 in Spanish bank accounts; a ‘major’ business investment which fulfils at least one of the following conditions: meaningful job creation as a direct result of the investment, significant socio-economic impact in the geographical location where the activity will be carried out, and technological or scientific impact.
It is necessary to provide:
- documented proof of the investment,
- valid foreign passport,
- NIE (Foreigner’s Identification Number); if you don’t have NIE consider getting it while applying for a visa;
- confirmation of sufficient economic means to cover personal and family living expenses,
- public or private health insurance authorized to operate in Spain;
- certificate confirming no criminal record whether in Spain or in the country of residence,
- marriage certificate, children’s birth certificate (if the family members obtain a resident visa).
Spain’s cheapest and most popular Golden Visa option is investing in real estate. Unlike some other European countries participating in the Golden Visa program, Spain allows to spread investments over several properties for a total purchase price of € 500,000 (apartment, villa, commercial property, land for construction).
N.B. Be prepared for additional expenses on top of minimum investment of € 500,000, incl. tax, stamp duty, notary, lawyer, etc.
It is also important to understand that the first half million euros must be mortgage-free, but the amount above can be financed through a mortgage loan if necessary. For example, if a house costs €700,000 euro, you can pay € 500,000 (+ taxes and accompanying expenses) and get a mortgage for the rest amount of €200,000.
If an investor loses the residence permit (e.g., sold property), all the family members lose their residence permit automatically. However, the investor has a right to sell property and to buy another one instead.
Among the best participants of Spanish business immigration program are Chinese and Russian citizens. Almost half of the properties purchased by Golden Visa applicants in 2016 were bought in Barcelona (893), followed by Malaga province (348), Madrid (306) and Alicante (151).
Last 2 years were good for Spain’s market showing increase in property transactions and offering considerable potential for capital gains and revaluation in the coming years. By purchasing Spanish property prudent investors increase the capitalization of their assets, in addition having a potential source of passive income (rent).
Drumelia offers a highly profitable investment in exclusive real estate in the top area for property investors, with the ability to obtain not only Investor Visas, but also an excellent return on investment thanks to extensive tourism and growing expatriate community on the prestigious coast of Southern Spain with political, legal and civil security.