The Spanish Congress approved last year the new Law 14/2013 from the 27th of September of 2013 regarding the residence permit for non EU investors. The BOE (Spanish official state gazette) officially and legally states now that the process to apply for and get a residence permit will be made easier and faster for investors for specific cases, one of them being the acquisition of a residential property for at least 500.000 euros.
The so called golden visa in Spain came into effect already in 2014 and establishes a less complicated process for non EU investors and citizens to come to Europe and enjoy free passage in all 26 countries from the Schengen Area, just like another EU citizen. This basically represents a golden visa for Europe.
The different cases in which investors can obtain a residence permit are listed under the article number 60 of the new law.
In the case of real estate investments, the acquisition of a property in Spain is considered a meaningful equity investment when that investment is of 500.000 € or more per applicant.
A meaningful business project that is considered and proved to be of general interest. To be of general interest it needs to fulfill one of the following requirements:
The applicant makes either an initial investment of at least 2 mill. Euro in public debt securities, or an initial investment of at least 1 mill. Euro in shares or equity participation of Spanish companies, or bank deposits from Spanish finantial institutions.
The Schengen Area is a territory of 26 European countries which have abolished any form of border control in-between their common borders and has a common visa policy. The Schengen Area encourages the free movement of goods, information, money and people.
This way the process to obtain the residence permit for non EU investors has been made a lot easier and less complicates, so that the doors of Europe now are open for these investors. It is therefore now the perfect moment to make an investment in southern Spain and some areas are specially good for that, like for example the Costa del Sol and Marbella. It is a multicultural area that already has all necessary modern infrastructures and offers an unequal combination of best climate (over 300 days of sun a year), living and business conditions.
We are pleased to provide you with more specific information about the golden visa in Spain and personally advise you about the different existing possibilities. Please feel free to contact us!