Last week we published an article on our blog about the changes in the Golden Visa Portugal, because the Portuguese government has restricted the golden visa for investment (minimum € 500,000) in the cities of Porto and Lisbon and their respective metropolitan areas. This change in the law will come into effect from 2021 and aims to promote the promotion of investments in areas of low population density and the poorest, as well as encourage urban requalification in cultural heritage or activities of high environmental and social value.

From the beginning of the Golden Visa Portugal until the end of 2017, 71% of the total golden visas were granted in the metropolitan area of ​​Lisbon and in the Algarve area and only 1% in Porto. As we can see, the bulk of the investment was for the capital, although in recent years investments in Porto have increased due to the high prices of Lisbon.

The measure, that was approved last week by the Portuguese executive, will not be applied immediately. According to the government itself it will be from 2021, so as not to alter the investments that are already underway. Most likely, this announcement will increase investments in Porto and Lisbon pending the entry into force within a year.

Oriol Molas, CEO Orience International

The European Union has received in the past years more than 6.000 new citizens and 100.000 new residents, most of them attracted because of the Golden Visa programme. This investment method, available in several European countries, gives access to European Union residence.

In the next post, we will focus on the Golden visa programme in Spain, Greece and Portugal, although it is also available in other countries such as Malta or Cyprus.

Features of the three programs 

Before going further into de subject, we will review the main characteristics of each program. In the case of the Golden Visa Spain, one of the main requirements to apply is make an investment of 500.000 euros in real estate assets. The inverstor’s spouse and children will also be provided with a residence permit, which will last for two years with a possible extension.

In Spain, the gold visa is part of the ‘Law 14/2013 of support for entrepreneurs and their internationalization’ which also includes the residence for those who made other type of investments, like the acquisition of government bonds for more than two million euros or the investment in shares of a company for more than one million euros, among others.

In the case of Greece, the Golden Visa program was launched in 2013 and, unlike Spain, the initial investment was 250.000 euros. This figure is the second lowest in the European Union and the fifth cheapest in the world. As in the Spanish case, the couple and children under the age of 21 may also benefit from the program.

Finally, regarding the Portuguese program, we can confirm that it has become one of the most popular options. The investment to obtain the residence is 500.000 euros and, as in Spain, extends to the entire family of the investor.

It is important to remember that, in order to maintain the residence permit, the investor must retain the real estate property that he acquired at the time.

Relevant figures on different programs 

Since the implementation of 2014’s law in Spain, the granting of residence authorizations has been increasing, achieving its peak in 2018 (the last year with data), with a total of 19.328 authorizations. If we compare this figure with 2017 (16.118), we can see an increase of 19%.

It is quite interesting to note that 2.273 of the authorizations granted went to investors, while a total of 4.349 went to highly qualified professionals whose also registered the largest increase (19,4%) compared to 2017.

If we focus on the nationalities, the ones that arrive the most by the investment route are the Chinese and the Russians, with 791 and 580 authorizations. With regard to those who arrive by the way of highly qualified professionals, we find Venezuelans with 513 authorizations and the Indians, with 353.

For more information of the Golden Visa in Spain, please refer to this document from the Ministry of Labour, Migration and Social Security

If we move to Greece, the number of investment visas has been growing since 2013 and a total of 6.304 permits had been granted in December 2019. It is interesting to note that Greece is the country where the most visas have been given, as long as taking as reference investment visas, since no other type of visas are granted as happens in Spain, with highly qualified professionals.

If we take a look at nationalities, the Chinese are by far the nationality that invests the most in Greece. According to data from the Greek Ministry of Citizenship, in 2019 4.371 visas were given just to Chinese citizens, followed by Turks (487) and Russians (382). In fourth place we find the Lebanese, closely followed by the Egyptians.

Finally, in the case of Portugal, 2018 has been a very positive year for the Portuguese gold visa. We cannot overlook that it has been the most popular program during this year: in total 7.738 visas have been granted for investment. Regarding the nationalities, Chinese are the ones who arrive the most thanks to the investment. According to Portugal’s Border and Foreign Service, they represent a total of 68%, followed by Brazilians, Russians, Turks and South Africans.

In conclusion, we can say that the Spanish gold visa has been very effective during 2019, especially for the attraction of highly qualified professionals, unlike Greece and Portugal who do not grant this type of visa. For investors, the figure has also been significant, although it has been more so in Portugal and Greece.

To sum up, as for nationalities we can see the same pattern in the three countries with the Russians and the Chinese, while in Portugal there is an ancestry of the Brazilians and Africans. However, Greece has been able to attract investors from the Middle East effectively.

Oriol Molas, CEO Orience International

The Portuguese PS Socialist decision to limit the scope of the programme to “areas of the Interior, Madeira and the Azores” was initially taken to mean that parts of the Algarve would still qualify for golden visa investment.

But on Tuesday in parliament, it appeared that no area of the Algarve, being a “coastal region”, would qualify for Golden Visa via property investment because every municipality is part of what is termed a CIM Litoral (coastal intermunicipal community) – and these too have been taken out of the regime.

According to Ana Catarina Mendes, leader of the socialist bench “it was time to address the galloping property speculation that golden visas have generated in areas of the capital and Porto, as well as to try and dynamise ‘poorer regions’ where people could do with increased job opportunities”

Read the full article in published by the digital newspaper Portugal Resident.

The 22 @, within the district of Sant Martí, is the technological neighborhood par excellence of Barcelona due to the number of corporate offices, companies and start-ups that we find.

Anyway, this could change in the coming months, as the Barcelona City Council plans to enact a license suspension with the aim of reformulating residential uses and raising more protected housing.

On the one hand, neighbors and associations are satisfied with the news, while the economic sector remains in expectation and understands that a successful model recognized by experts from around the world is being put in check.

The City Council initiative proposes to triple the percentage of roof planned for housing, which would go from a reserve of 10% to 30%, which would mean between 5,000 and 6,000 new floors, and guarantee the mix of uses.

On the other hand, the economic sector of the city is restless before a possible suspension of licenses that consider it would create more legal uncertainty. At this time, the City Council has decreed six license suspensions that affect specific streets of the city, neighborhoods or, in the case of activities such as gas stations or betting houses, all districts.

And we can not forget that the 22@ is, in the eyes of investors, the area par excellence of the city where to host offices and new corporate buildings are built.

 

Likewise, the document for a new 22 @ also intends to review the special Industrial Heritage plan of Poblenou. This rereading wants to preserve the industrial historical heritage seen as a whole of the Poblenou neighborhood, not as isolated and decontextualized pieces. Moreover, a program of historical memory of the neighborhood has been claimed to help disseminate heritage values ​​and lost identity due to the 22 @ construction process.

Barcelona has registered its second best year in 15 years with the hiring of 399.000 square meters of offices in 2019, which represents 4.4% more than the previous year. These numbers were surpassed only in 2015, when the Generalitat carried out a rental operation of 50.000 square meters. With all of this, the offices contract in Barcelona can’t stop growing every year.

It looks like the forecasts for 2020 remain favourable for the Spanish real estate market. The hiring of offices in Barcelona is driven by the arrival of international companies and by the growth of those that are already located in Barcelona. With all of this, the Catalan capital is becoming one of the most attractive cities to invest in.

An optimistic scenario for the offices contract in Barcelona

Barcelona is currently shortening distances with Madrid, that closed 2019 with 2.5 billion. It should be borne in mind that the offices stock in Madrid doubles the Barcelona ones so the growth of office contracting in Barcelona during the last year has been very relevant.

This market situation allows an optimistic scenario, while in the last three months of 2019 two Ocado Technology pre-rental operations were materialized, the hiring levels are expected to remain high during the first quarter of 2020.

The boom of flex and coworking offices 

Real estate investment of flexible areas grew in Barcelona by 47% this 2019. At the end of the first half of 2019, the hiring of flexible spaces already accounted for 22% of the total contracting of offices in Barcelona. In fact, large global operators, such as WeWork o Impact Hub, have already opened their flex projects in the Catalan capital.

Within the three major types of flexible space operators, we find coworkings, a booming working model. These spaces are no longer just places for freelancers o entrepreneurs, but have come to seduce even the small and medium-sized companies.

The coworking phenomenon continues to expand in Spain in such a way that almost the 30% of the total office market by 2030 is expected to become coworking spaces.

Low availability 

With all of this, we must take into account that Barcelona has an availability rate that doesn’t stop falling to 4.29%. In districts such as the 22@, the offer reduces to 1.6% of the total in this area, levels that are similar to the city center ones, where we can hardly find availability anymore.

On the other hand, the NBA area (new business areas) has taken 48% of the total absorption of 2019. Faced with this alarming shortage of space, the periphery is an alternative for companies due to the fact that concentrates a 10.9% of availability rate.

If you are thinking about investing in a Spanish property and looking for advice, don’t hesitate to contact us:

GET IN TOUCH!

One of the easiest and fastest ways to get residency permit in Spain is through the Golden Visa. If you make a 500.000 euros investment or more, you can get this visa that gives you the right to reside and work in Spain. That means that this formula allows access to the benefits of residence permit in exchange for an economic investment.

The Golden Visa was created with the aim of incentivizing real estate demand. Approved in Spain back to 2013, it’s already in force in many other European Union countries such as Malta, Portugal or Greece.

The gold visa was part of Law 24/2013 on support for entrepreneurs and their internalization which also included residency for those who made other types of investments like the acquisition of government bonds of more than two million euros, or the investment in shares of a company for more than one million euros, among others.

What do you need to apply for the Golden Visa? 

Those who want to invest in Spain will need to submit previous documents in order to guarantee compliance with the general requirements established by the Ministry of Foreign Affairs.

The main requirements for applying for a gold visa are:

  • Investment of 500.000 euros in real estate assets.
  • Be 18 years old.
  • The applicant has to have a minimum of financial resources, not only for him but for his family members, to be able to cover the expenses during their time of residence.
  • Have public or private insurance with an authorized insurer.
  • Give the criminal record certificate.
  • Pay the visa fee.

Golden Visa benefits

As we have said, with these visas you can get a fast-track residence permit for both the first immediate concession of one year, and for the processing of renewals every two years. Therefore, the visa allows the investor to reside for at least one year in Spain, extendable for up to two years, and also grants residency tot the applicant’s family.

Among the most prominent advantages are the free movement through the Schengen Area, in which 26 European nations recognized the abolition of their borders with other member nations for unrestricted free movement. This freedom of movement is one of the main reasons for the processing of visas.

It’s also worth noting that, with the Golden Visa, it’s only necessary to visit Spain once, in order to maintain the permit, so the investor doesn’t have to stay for a long time. In addition, he obtains the right to work as an employer or employee once the visa has been granted.

Spain, one of the best countries to invest

Spain offers a wide variety of business investment projects and that’s why the Golden Visa Spain is one of the most attractive options for foreign investors. With the consolidation of the industrial, technological and service sector, Spain is positioned as one of the greatest destinations for investors.

The key factors that make Spain one of the best countries to invest are, among others, visa’s low price, as well as the good quality of life of the country and Spanish monetary policy.

Still not knowing if it’s worth it to invest in Spain? At Orience International we analyse each case and offer advice to get the most out of the Golden Visa.

CONTACT US!

 

Currently, it’s possible to obtain Spanish residency through an investment. Within the real estate investment residence law that has been made in Spain, we find the Golden Visa which allows you to live and work in Spain if you invest a minimum of 500.000 euros in real estate.

The Golden Visa is also an excellent immigration route for those foreigners who need to stay in their countries or don’t want to live in Spain since obtaining the visa doesn’t imply that the investor has to reside in the country, but can visit it once a year.

This visa has already been extended in many European countries; however, Spain offers one of the most tempting visas in terms of conditions and advantages. Getting Spanish residence by buying housing in Spain allows the applicant access to the Schengen territory, co-ownership and rights of their partners and children and non-stay in the country, among many other factors.

The use of gold visas in Spain is getting more popular every year. In fact, Spain broke the record number of visas in 2018 for the fifth consecutive year. Approximately 45% of luxury homes purchased by non-EU was used to obtain a residence permit. What’s more, more than four in ten buysales of homes above 500.000 euros also ended with the grant of a Golden Visa.

Best way to get the Golden Visa 

As we’ve been saying, the first requirement is to invest a minimum of 500.000 euros in a property for residential or commercial use. The majority of investors obtain the visa in this way, but there are also other actions inside the real estate investment residence law:

  • Acquire an amount of 1 million euros or more in equity or shares in national companies.
  • Maintain bank deposits that reach the amount of 1 million euros.
  • Make investments in order to buy Spanish public debt of 2 million euros or more.
  • Make an investment for the establishment of companies oriented to scientific and technological innovation whenever they have an economic interest for Spain and create employment.

Garanteed legality 

The Golden Visa was born withing the framework of the Law to Support Entrepreneurs and their Internationalization. With the intention of promoting and incentivizing foreign investment in Spain, Law 14/2013 of 27 September was enacted; a real estate investment residence law.

This law establishes, among other categories, the different immigration benefits that a foreigner can obtain by making a significant capital investment in Spain. It is thought to be for investors, entrepreneurs, highly qualified personnel, R&D&I training and intra-enterprise transfer.

The implementation of the law has favoured the international mobility of professionals in Spain because it’s one of the countries with best conditions to invest and offers more facilities and benefits than other countries of the European Union.

Personalized advice with Orience International 

If you are thinking about investing in Spain, in Orience International we are specialists in showing the real estate market to foreign investors. With this sector growing more and more every year, especially in cities such as Barcelona or Madrid, it’s essential to have professionals specialized in the sector in order to be by your side every step of the investment project.

Our goal is to eradicate any risk and protect those who decide to invest in the Spanish real estate market. We know first-hand what any investor needs and we offer a transparent service that goes from the initial advice to the end of the process.

We are Golden Visa specialists, get in touch!

 

 

Spain has joined the list of European countries that offer residency for foreigners, as long as it is invested within its borders, thanks to the implementation of the Golden Visa. This resource to attract external capital from the European Union in exchange for granting a permit to reside and work in Spain, has given a boost to the real estate sector that had suffered a hard blow because of the crisis.

Those who want to get the Golden Visa Spain will have to make an investment of minimum 500.000 euros. The properties purchased may be of a domestic, industrial, residential or commercial nature. They will also be able to buy several properties as long as all the investments with lawful funds are equal or higher that the amount mentioned.

Following this procedure, Spain has attracted a lot of families, most of them from China and Russia. Of the more than 5.000 investment files per purchase of real estate applying for the Golden Visa and spent more than 3 billion euros, about half did so in Barcelona.

Spain has incorporated this opportunity into the Law on Entrepreneurs of September 2013, being improved in 2015 with the purpose of smoothing certain conditions and facilitate the obtention of the Golden Visa.

Spain, one of the favourite destinations 

Spain has been one of the most benefited countries in Europe by the application of the Golden Visa. The following factors have been crucial so foreigners prefer to invest in our country:

  • Low price: one of the main attractions of the golden visa. Along with Greece, the investment cost is one of the lowest in Europe. What’s more, the residence visa offers the chance to work in Spain legally.
  • Access to the Schengen territory: another factor to take into account is be able to access to the Schengen territory. The freedom of movement through the Schengen territory is allowed for up to three months within one semester with the obtention of the Golden Visa. Therefore, you will move freely through most countries of the European Union.
  • Good quality of life: investors can easily adapt to the country because living conditions are really good. Moreover, from an economic point of view, Spanish monetary policy is controlled by the ECB, so it has a strong currency with rather low interest rates.
  • Benefits for the family of the investor: with the Golden Visa Spain has approved the co-ownership and rights to the couples and children of investors.
  • No permanence: among the most outstanding benefits of the visa we see that it doesn’t require to stay in the country (more than 183 days) so you only have to visit the country for a few times.

Chinese and russian investors

Chinese investors, along with the Russians, lead the Golden Visa in Spain. In fact, Chinese investment in Spain has increased more than the 800% between 2014 and 2018, accumulating $15.7 billion. Most investors from China prefer to invest in Barcelona rather than Madrid.

Russian investors are the second most common nationality, although their applications are becoming lower. That’s not the case of the American investors which are slowly approaching positions, same way as the Brazilians. Indian residents are fifth, although in 2017 they grew from 653 to 916 permits. Finally, we would have Venezuela and Mexico.

The entrepreneurs law

The application of the gold visa has been possible thanks to the Entrepreneurs Law. As we have said, investors seeking to get the golden visa will have to invest at least 500.000 euros. This amount must be a net investment sold from abroad, free of charges and levies.

The residence permit for investing in Spain will be obtained as long as the investor goes to the Consulate of Spain of his country of residence to apply for a visa that will last one year. During its term, the residence and work permit may be requested as well.

If you want us to advise you on your real estate investments,

CONTACT US!

Good weather, progressive economic recovery or the long-life expectancy are just some of the factors that make Spain an attractive country to invest in real estate. What’s more, the real estate market, along with tourism and catering, is one of the country’s great economic drivers. That’s why the residence permits to invest in Spain have a simple procedure for foreign investors.

We have to keep in mind that investing real estate in Spain is way cheaper than in other countries and, if we add to this fact that since the 80s the foreign population arrives more and more intensely, we find an economy that is in constant search of new ways to provide the best accommodation for new residents.

With all of this, the Law of Support for Entrepreneurs and their Internationalization came into force back to September 2013, a law of residence by real estate investment aimed at investors, entrepreneurs, highly qualified personnel and training and R&D&I with the aim of promoting the international mobility of professionals and those who invest in real estate.

The Golden Visa Spain is born in this context as one of the easiest ways to obtain Spanish residency.

What is the Golden Visa? 

The golden visa programme allows non-European citizens to get residency to invest in Spain for one year and with the possibility of renewal. Among the most important benefits of the visa we can see that it doesn’t require to stay in the country (more than 183 days) so you will have to visit the country just a few times.

In addition, thanks to the Golden Visa, you will move completely freely throughout the Schengen area, you could apply for residency for your partner and children and you will have the right to work in the country.

The Golden Visa Spain programme preserves any guarantee that is essential for the security of society and the support of public services with the aim of promoting entrepreneurial culture, creating an environment favourable to economic activities and facilitating the entrance of investment and talent.

An easy and agile process 

To obtain a visa you will have to invest a minimum of 500.000 euros in a Spanish property. In this way, you will get the visa for one year and then, if all the requirements are maintained, a residence permit valid for two years or more.

The application for the Golden Visa Spain must be submitted to the embassy or consulate of Spain corresponding to the country of residence of the investor.

Spanish residence requirements

In order to have a visa, you have to accomplish these requirements:

  • Make, at least, one investment in Spain.
  • Be over 18 years old.
  • Be a foreign investor.
  • Present the criminal record certificate.
  • Have the necessary resources to face the expenses during your residency.
  • Have public or private insurance with an authorized insurer.
  • Pay the visa fee.

Other visas

Apart from the Golden Visa, there are other types of residence visas in order to invest in Spain. For example, you can get the Residence Visa for Capital Investors or RIC which can be obtained with the initial investment of at least two million euros in Spanish government bond, the investment of one million euros in shares of Spanish companies, one million euros to investment funds or either one million euros in Spanish bank deposits.

Parallel to the requirements for the Golden Visa, you must also prove that you have made the investment in the minimum amount required within 60 days of the filing of the application.

If you are thinking about looking for residency to invest in Spain and need legal advice to facilitate all the administrative procedures, don’t hesitate to contact us!

 

When it comes to visiting, Spain is always getting the best places on amount of international visits, as well as on amount of money spent in the country by tourists, which leave it out of the question to consider if it’s worth it visiting Spain.

For investors however, the attractive a country or city is for tourists, while important, especially for investors whose income depends on visits; many other aspects come into place. And one of this variables is what city of Spain is the best to invest in.

Even with struggles, Spain has a very diversified territory, with each autonomous community representing a unique opportunity for investors. But, if one city must be chosen right now to invest in Spain, Barcelona, one of the most visited cities in the world, is also an exciting place to invest in right now.

What are the investing opportunities in Barcelona?

Barcelona is a vibrant city, that breathes life, culture and art in every corner of its fascinating streets. But what does this bohemian, cosmopolitan major city of Spain, Europe, and the world has to offer to investors?

For international investors considering Spain, one of the greatest markets in the Mediterranean country has been real estate, and now the Spain is largely out of the crisis, and real estate prices have recovered from the bubble burst; prices of real estate have becoming attractive once again.

Most people would definitely want their own secondary house in Barcelona, or to just retire in this ever living city. But what about being the one providing rental houses in Barcelona? As so many tourists want to visit the city every year, and being it an urban place, where people would want to live the actual Barcelona scene; renting a vacation house would be a very good opportunity.

Why investing in Barcelona?

The capital of Catalonia is a major economic center in Spain, and it’s a very diverse one, with a wide range of business opportunities, favored by a diverse population, with an entrepreneurial culture and desire to thrive; which makes Barcelona a main target for international investment in Spain.

As Spain has been able to get out of the tough crisis that attacked the country in 2008, many Spanish people have been to get an employ, and real estate prices have increased and are projected to continue this way. And Barcelona is one of the cities in Spain to buy real estate.

One thing is true, it’s a good time to invest in Barcelona, thanks to the mix of a beautiful city that has been attracting visitors for years, with the fact that it is a city of huge important in Spain, both, economically, and historically; as well as the prices of real estate in the Catalan capital.

Especially for investor interested in purchasing real estate in Barcelona, the business of real state in the city of Gaudí is thriving right now, making it a good time to invest in Barcelona, as the outlook is positive now, and properties can be still found at very good deals, always being aware of factors such as the location of the property.