Q&A: Spanish Golden Residence Visa

NERJA, Spain - Oct. 14, 2013 - PRLog -- Here are some Questions and Answers based on enquiries from our clients:

Q.)   Who can qualify for a Golden residence Visa in Spain?

A.) Any non EU national who invests in Spain in accordance with the new law, recently passed by the Spanish government.

Q.)  What are the requirements?

A.)  You will obtain a Visa by fulfilling any of the following conditions:

Purchasing one or more properties to the minimum value of 500.000 Euros (http://www.leadingpropertygroupspain.com/en/2013/09/properties-over-500-000-euros-that-would-buy-you-your-spanish-golden-residents-visa/).
Investing Two million Euros in Spanish government Bonds.
Investing One million Euros in stocks or shares of Spanish companies, or bank deposits in Spanish banks.
Creation of a Business venture in Spain that creates employment or economic development.

Q.) Can I buy more than one property?

A.) Yes, you can purchase more than one property as long as the minimum threshold is above 500.000 Euros. The purchase can be of a residential, touristic, rural, commercial or industrial nature including rural land, developed land, buildings under construction, or decrepit buildings.

Q.) Can I obtain finance to purchase a property?

A.) Yes, but any finance required must be over and above the initial 500.000 Euros which you must possess.

Q.) Can I purchase in a company name?

A.) Yes, you may purchase in both a private or company name. If the company is registered abroad, it must not be in offshore havens. The process will entail the translation of company documents into Spanish. Also, a Spanish limited company can be constituted for the purpose. We can assist in these matters.

Q.) Can I sell my property?

A.) Yes, but if you sell your property at any time during the first five years, you will loose your Visa. However, you can sell your property and buy another one as long as you maintain the 500.000 Euros threshold.

Q.) Can I rent my property?

A.) Yes. There are no restrictions on property use. Investors can use the property in anyway that is legal according to planning permission, zoning laws, and so on.

Q.) How long can I stay in Spain?

A.) You may stay as long as you wish. There is no obligation to spend a minimum amount of time in Spain, so investors can remain tax resident outside of Spain, whilst benefiting from Spanish residency and the freedom of unlimited travel and stays in the EU. However, if you stay in Spain more than 183 days in any calendar year, you will be obliged to Spanish income tax.

Q.) Can my family come with me?

A.) Yes, the spouse and children under 18, (or older disabled children) may also apply for permits at the same time or after the principal applicant.

Q.) Can I work in Spain?

A.) No. The residential Visa does not allow the applicant a work permit in Spain.

Q.) How long does the Visa last?

A.) The first step for investors will be to apply for an investment Visa that allows them to live in Spain for at least one year. This Visa will be authorised in Diplomatic Missions and Consular Spanish Offices and can be issued for one, two or multiple entries into Spain.

Once an investment has been made, and after the first year, investors can apply for authorisation to live in Spain for two years, renewable for another two years after that (and so on), as long as the investment threshold of €500,000 is maintained.

After five years of continuous residence, investors can apply for permanent residence in Spain.

Q.) Can I use my Spanish Visa to travel through Europe?

A.) Yes. Applicants who qualify and obtain the Visa will be able to travel freely throughout the Schengen zone.They can transit and enjoy free movement in the Schengen area for a maximum period of three months (90 days) per half-year from the date of first entry.

The Schengen area is made of 26 European countries (http://www.leadingpropertygroupspain.com/en/2013/10/schen...). Some countries are part of the European Union, but do not belong to the Schengen area, such as the United Kingdom and Ireland. Other countries, like Norway and Iceland, are not part of the European Union, but are part of the Schengen area following a cooperation agreement signed with the Schengen States.

Q.) How do I proceed?

A.) The first step is to apply for a 90 day tourist Visa in your own country. This will enable you to visit Spain and look for possible investments.

Once having decided on your investment, an application for a one year Visa can be presented to the Spanish Consular Offices throughout Spain. Proof of ownership of a property, bonds, stocks or shares will have to be presented with your application. Applications will be responded to within 20 working days from the submission of the application. If there is no answer in this period, the application shall be considered as accepted.

Q.) Are there any particular restrictions?

A.) The applicant must fulfil the following conditions:

Not to have entered or stayed illegally in Spain, or been refused entry into any Schengen countries.
18 years or older.
No criminal record.
Not listed as undesirable in Spain.
Public or private health insurance valid in Spain.
Economic resources to support the applicant and dependents.
Authorisation or Visa processing fee.

We can help and assist you to find the property of your choice in Spain and introduce you to lawyers who are experts in handling Visa applications, company formation and document translations. Please contact us for further details (http://www.leadingpropertygroupspain.com/en/contacto/).

LPG (Leading Property Group) Spain.