New bill on residence permit in Spain.
The Spanish government has passed a law on the issuance of a residence permit (with certain restrictions) to foreigners who are not EU citizens who buy property worth from 500,000 euros.
The new law on residence.
At the end of September 2013, the Spanish government passed a law on the issuance of a residence permit (with certain restrictions) to foreigners who are not EU citizens buying property worth 500,000 euros.
The long-awaited legislation has opened the doors to thousands of potential investors who want to benefit from fantastic life benefits and the lowest real estate prices in recent decades in Spain.
Acquisition of real estate or land with a total net investment contribution above & euro; 500 000. Taxes are not included in the investment threshold. For example, buying property for & euro; 460000 plus 10% of the tax is & euro; 506000, but the applicable VAT (& euro; 46000) will not be counted for overcoming the threshold & euro; 500,000. Multiple investments are allowed.
Gold visa has a period of 1 year and can be converted into a residence permit (residence permit). The residence permit has an initial duration of 2 years and is renewed every 5 years, with the maintenance of the investment.
Receiving a gold visa / residence permits will allow you to travel unlimitedly to all countries of the Schengen area. The holder of the Golden Visa / residence permit has the right to stay in Spain for an unlimited period and in the rest of the Schengen area for 3 months continuously every half year, while the Golden Visa / residence permit is valid.
FAMILY AND EMPLOYMENT.
The investor’s spouse (or a person with such a link), children under the age of 18 (and over 18 years of age in case of economic dependence) and other dependent relatives can also obtain a Golden Visa / residence permit. The investor and all members of the family have the right to permanent employment in Spain.
MINIMUM PERIOD OF STAY.
The minimum period of stay in Spain is not required during the first year (the Golden Visa) or for the next two and five years (residence permit). The investor does not need to stay in Spain, passing through a trusted person. However, after obtaining a residence permit, the investor must obtain a Spanish ID, which will require the personal presence of the investor.
Application for a Gold Visa can be filed at the Spanish Consulate in the country of residence of the investor. The investor can apply directly to Spain for a residence permit, being in the country legally, for any visa (for example, as a tourist).
INVESTMENTS RECEIVED BY A LEGAL PERSON.
Investments can be made through a legal entity provided that:
A legal person is not located in a tax haven. The applicant has the right to a decisive vote in the company and has sufficient privileges to appoint and dismiss the main part of the company’s directors.
Couples buying real estate together do not need to individually approach the minimum investment of 500 000 euros. Unmarried couples, including same-sex couples, can also take advantage of this scheme while they register their internal partnership with the Spanish Civil Register.
There are no restrictions on the use of property by the investor. If the property is resold, the investor and family members lose their right to reside.
TAX RESIDENCE OF THE INVESTOR.
Since the investor does not need to stay in Spain for a minimum period, his / her tax domicile will not be affected. A foreigner who is not a citizen of Spain becomes a tax resident in Spain if he resides in Spain for more than 183 days within one calendar year.
ACQUISITION OF SPANISH CITIZENSHIP.
A permit for a Golden Visa / residence permit does not automatically give Spanish citizenship to a Spanish citizen, but he can obtain either a permanent residence (regardless of investment) or citizenship if he / she proves his or her actual residence, a legal period of more than 183 days a year, 5 years for permanent residence and 10 years for citizenship.
Applications for a Gold visa are processed by the Consulates and are provided within 10 days from the date of application. Applications for a residence permit are processed electronically and are provided for a maximum period of 20 days after the application is filed.
The applicant must meet the following requirements:
x & gt; Do not have in the history of cases of illegal entry or stay on Spanish territory.
x & gt; Be an adult (18 years of age or older) and not have a criminal record in Spain or in the countries where the applicant lived in the previous 5 years.
x & gt; Do not have refusals to obtain visas in any of the 26 Schengen countries.
x & gt; Have a public or private health insurance, valid in Spain.
x & gt; Have enough financial resources to cover personal and family expenses (� 26,000 for the applicant and � 7,000 for each family member)
x & gt; Provide evidence of ownership of one or more immovable properties in Spain, totaling more than 500,000 euros. Financing is available for the purchase of real estate worth more than 500.000 euros.
x & gt; The proof of the investment should serve as a certificate from the Real Estate Register, indicating the right of ownership. If the property has not been registered, as a proof, you can provide a copy of the purchase and sale document and a document certifying the filing of the document with the Register.
x & gt; To have public or private medical insurance from an authorized person in Spain, which will ensure full coverage of medical expenses for a minimum period of 1 year.
For more information and advice on obtaining a permanent residence visa in Spain, we invite you to contact our Residency in Spain office at +34 933 562 989 or email [email protected]
CONTACT WITH ONE OF OUR CONSULTANTS FOR OBTAINING ADDITIONAL INFORMATION.
Our team of professionals will provide you with up-to-date information on the law on the issuance of a Spanish residence permit and help you find real estate for purchase.
Call us on the number +34 933 562 989, or send a request by filling out the contact form.
+34 935 952 626.
Residency in Spain monitors all news updates about the law on the issuance of a Spanish residence permit and provides the latest information to foreign investors. Contact us, and our team of consultants will gladly answer your questions.