Moving to live and work in Spain is straightforward if you come from an EU country. Thanks to freedom of movement rights in EU statutes, EU citizens are simply required to register with the local police and obtain an NIE certificate. For individuals from outside the EU, however – which, following Brexit, now includes British citizens – there is no automatic right be able to live and work in Spain.
Investing in property in may be a relatively simple way not only to be able to move to here and work without restrictions but also travel freely throughout the Schengen area. Below we answer some common questions about the Spanish Golden Visa and how it can facilitate becoming a Spanish resident.
What is the Golden Visa?
The Golden Visa is a special residency permit created by the Spanish Government to enable individuals from outside the EU to live and work in Spain. Visa holders are also able to include dependents, i.e. their immediate family.
How long does it last?
Once granted, the Golden Visa has a duration of two years, however this period can then be renewed for five years and offers visa holders the ultimate possibility of being granted permanent residency.
What criteria do I need to obtain the Golden Visa?
Applicants are required to invest in property with a total value of €500,000, excluding VAT. There are other ways of acquiring the visa via investment, however here we are going to concentrate on how to get the Golden Visa via investment in real estate.
This doesn’t have to be one property only, it can be spread over one or more, however, the property or properties must be bought without a mortgage.
The applicant must prove that once they move to Spain, they have the economic capacity to support themselves.
Applicants must have full health insurance covering the duration of their visa, travel insurance is not sufficient.
Applicants must not have a criminal record and be 18 years old or over.
As the law granting the Golden Visa was passed in 2014, this also means that property bought since this date can be used retroactively to obtain the residence permit.
For people wishing to take advantage of the enviable Marbella lifestyle without the restrictions imposed due to not being a resident of the EU, the Golden Visa can be an ideal solution.
We would always advise that our clients have professional legal assistance with matters such as the Golden Visa and are happy to provide referrals to trusted experts should it be necessary. And of course, we are experts in Marbella property and would be delighted to help you find your ideal home. Please don’t hesitate to get in touch for further information.