The Spanish government is trying to stimulate its property market by introducing the Golden Visa Programme. The Golden Visa for Spain is a residence visa issued to a non-EU or third party national that intends to make a significant investment towards the Spanish economy. One of the great advantages this visa offers is the holder and their immediate family visa free access to not only Spain, but to all other 26 countries in the Schengen Zone.
There are three main ways of obtaining a Golden Visa, the most common being the purchase real estate in Spain worth at least €500,000. The real estate can be one single unit or several, with an overall worth of no less than €500,000.
This includes residential, commercial property and even land. The initial investment must be paid in full from your own funds. However, if the purchase of the property has a value exceeding €500,000, then you can use financing, mortgages or loans to pay off the excess amount.
Immediate family: spouses and children below 18 years are entitled to become residents in Spain under the Golden Visa scheme. (Adult children over 18 years of age and parents of the main applicant also qualify as long as they can also prove financial independence.)
In addition to the investment, the following requirements must be fulfilled:- You must be of legal age (+18 years old).
– You must have no history of criminal records.
– You must not have been refused a Schengen Visa in the past.
– You must have valid private health insurance in Spain.
The Golden Visa that you initially receive will be valid for one year. During this time you have to enter Spain and exchange your visa for a Spainish residence permit, which will be valid for two years. When this two year permit has been granted, you obtain the right to work as an entrepreneur or as an employee.
After 5 years, it is then possible to apply for the permanent visa. This permanent Visa entitles you to do more than initial visa as you are no longer obligated to keep the initial investment that you made. However the residence permit could also be renewed indefinitely, as long as you maintain your investment within Spain.
There has never been such a good time to invest in your dream home abroad while gaining a lucrative visa, enabling much more freedom and access to your property and also other countries. Our talented and experienced team at Viking Real Estate will be able to assist you every step of the way in your property purchase and Golden Visa questions.