If you are considering buying a property in Spain, this is probably one of the best times to do so and obtain a Golden Visa by investment in real estate. After a few years of economic recovery, the effects of the COVID are starting to be felt in the real estate market. As a result, they are probably at their lowest value or even rebounding slightly, so a good portion of the properties that are on the market can be bought for a fraction of their real value.

For Indian investors, the purchase of a property in Spain in which they invest an amount of at least 500,000 euros will allow them to apply for the Golden Visa Spain or special residence permit for investors.

However, before buying a real estate property in Spain we advise you to spend some time researching and informing yourself on what to do and what to avoid in order to stay away from the problems and difficulties that others have experienced in the past. Here is some useful information and advice to help you plan your purchase for the Golden Visa by investment in real estate.

 1.- Choosing the property, paying the deposit and signing the reservation document

Our first advice is to put yourself in the hands of a reputable real estate agent who will help you find and choose the perfect property that meets your needs and expectations. The intervention of an agent will usually save you time, money and surprises. Their fees are always paid by the sellers, so there is no cost to your pocket. A solvent agent with a long experience in the area knows the properties perfectly well, the locations that may interest you most according to your expectations, the best locations within each complex or development, the nearby facilities, the distance to health or leisure centers or the security of the area, and it is a fact that, besides the price, it is important to take into account all these factors when choosing a property. In Orience, we usually work with Colibree, a real estate agency implemented throughout the territory and consisting of highly professional agents.

Once you have chosen the property, it is advisable to pay a deposit and signing a reservation document. The deposit is usually a small amount (between 3,000 and 6,000 euros) that is held by the real estate agency or the seller’s lawyer and serves to secure the purchase and remove the property from the market, as well as to freeze the price. It is important to emphasize that, should the buyer decide not to complete the transaction, he/she will not be able to recover the deposit.

 2.- Appoint a local lawyer to advise you on the purchase

Your local lawyer has the tools, contacts, knowledge and experience to verify the legal capacity of sellers, developers and other intermediaries; to draft or review every document to be signed that may compromise your interests; to ensure that all legal requirements are met; and to make sure that the property is free of debts, liens or encumbrances.

A local lawyer not only knows the applicable legislation, but also the area and the potential problems or advantages of one or the other option, so his or her knowledge will be very useful to you.

At Orience we have a team of lawyers with extensive experience in the Golden Visa by investment in real estate sector. In addition, we can carry out most of the procedures by power of attorney, which will allow you to make your purchase without the need to travel constantly to Spain.

 3.- Open a bank account

You will need a bank account in Spain to pay for the property and all the expenses associated with it, such as the community fees and the bills for the utilities of the property (water, electricity, etc.). You can use any bank in Spain, but it is advisable to open the account in a bank that has a branch located near your property.

Before opening the account it is advisable to prepare all the personal documentation, as you will have to go through a strict compliance process

 4.- Obtaining the NIE

The Foreigners’ Identification Number (known by its Spanish acronym NIE) is a unique, personal and invariable number used to identify foreign taxpayers. All foreigners with economic, professional or social interests in Spain are obliged to apply for the NIE before the competent body of the Ministry of the Interior. You can obtain the NIE at the Spanish Consulate or Embassy in your country of residence or at the Police Station of the Spanish city where you live, work or intend to buy a property. The problem of doing it in person is usually the time needed, the queues to be done, etc. Orience offers its clients a fast and hassle-free NIE service.

 5.- Study of the property and signing the purchase contract

Once the deposit has been paid and the reservation document has been signed, the owner or his representative must provide the purchaser with the documentation of the property that will allow him to study the viability of the operation from a legal, urbanistic and fiscal point of view. Normally it is somewhat complicated for a private individual who does not have basic knowledge of the Spanish legal system to carry out these checks personally, so it is always advisable that they place themselves in the hands of a professional. At Orience we carry out exhaustive checks in property registries, town halls, communities of owners, supply companies and other organizations.

The signing of the private purchase contract takes place between two weeks and one month after the delivery of the deposit and is usually accompanied by the payment of 10% of the purchase price. There are different types of purchase contracts, but the most commonly used is the Deposit Contract, which provides that if the buyer withdraws from the purchase, he/she will lose the amounts paid. If, on the other hand, it is the seller who withdraws, he must return double the amount received.

 6.- Signing of the deed of sale and delivery of possession

The purchase process ends with the signing of the public deed of sale by the buyer and seller. At that moment the seller grants title to the property to the buyer and the buyer delivers the rest of the agreed price. The signing of the deed of sale is formalized before a notary public. The notary is a public servant and, therefore, independent of the parties, who gives public faith that these have agreed the transaction and that they have done it according to the law.

Prior to the signing of the deed you will have to transfer to your Spanish bank account the funds to cover the price, taxes and expenses that will be incurred. Due to the investment control policies and the obligation to certify the payment methods and the origin of the funds, it is convenient to prepare the transaction in advance.

As soon as the deed is signed at the notary’s office, your title deed is already reflected in the Land Registry as a result of the notary’s own telematic presentation. However, further processing is required, which consists of withdrawing the original document from the notary’s office, settling and paying the corresponding taxes and, finally, presenting the deeds at the Land Registry for full registration.

If the property is not registered in your name in the Land Registry, you will be able to own it privately, but you will not enjoy the guarantee that the registration in the Land Registry offers you against third parties. The registration process is usually completed within one month.

 7.- Apply for the Golden Visa

Once you have completed all the procedures detailed here, you will be able to apply for the Golden Visa by investment in real estate. The investors coming from India, must carry out this process in the consulate of their city of residence. Orience guides its clients through the entire process and, if necessary, contacts the corresponding consular office.

 

The Italy Golden Visa is for international investors that are planning to reside and work in the 2nd largest manufacturing economy in Europe, and one of the most important manufacturing centers in the world. Its strategic position, at the crossroads between Europe, Northern Africa and the Middle East, makes Italy one of the countries with the biggest markets in the EU; perfect for startup entrepreneurs that want to widen their opportunities, and for families that are looking forward to invest in real estate in the country while living in the home of artisanal pasta, historical art and Mediterranean landscapes.

For international entrepreneurs that are planning to live and work in Italy, there are different options for them to acquire a residency permit through investment or the Italy Golden Visa. To be eligible to apply, the minimum amount that an individual must invest in order to benefit from this visa is €500,000, whose origin of funds must be backed by evidence that they were obtained legally. In order to apply for the Italy Golden Visa, international citizens must obtain a no impediment certificate (nulla osta) before starting the procedure which typically takes 6 months before entering Italy. In addition, legal documents, such as a valid passport, the bank statement of the investment, and a health certificate must be submitted.

The investment can be done by buying real estate or setting up a company in Italy, which will lead the investor and his family to be beneficiaries of the advantages that the visa provides. This would include access to excellent higher education, successful business-related activities, and the possibility of traveling to the countries that are in the Schengen Area, including France, Switzerland and Spain without the need of an additional visa or permit. Moreover, obtaining a second citizenship in the 3rd most powerful European country will provide you with flat tax rates and 0% rate for residing individuals that are retiring in Italy.

One of the visas that Italy offers is for innovative companies that are just starting up. There are two choices under this visa:

  1. The StartUp Visa Scheme, which is for foreign entrepreneurs that are seeking to obtain citizenship by setting up a company in the country.
  2. The StartUp Hub, which follows the same scheme but is addressed to non-EU citizens that are already holding an Italian residence permit.

The application for these visas may be done online and the certificate of no impediment is issued in just 30 days.

On the other hand, there are other options from the Italy Golden Visa that are more suited for international entrepreneurs that want to invest in real estate. The first option is the Long Term Schengen Tourist Visa, wherein for a period of 5 years, the investor will acquire a permit which will provide a multi-entry tourist visa where the stay in the country should not exceed 90 days every 6 months. The investor should submit the same requirements as those needed to obtain a normal tourist entry visa, along with the proof of having completed the purchase of real estate property in Italy. As an Italy Golden Visa holder, the beneficiary will be allowed to travel to all the countries in the Schengen area.

For international investors that are aiming to obtain a residence visa instead of a tourist visa, the Elective Residence Visa is the best choice. This Italy Golden Visa targets financially self-sufficient international individuals that want to enjoy settlement rights in the country without having to make a significant capital investment. For this visa, applicants should provide a proof of having a stable, passive source of income of at least €31,160 annually. This Italy Golden Visa will lead to a permanent residency in Italy after living for an uninterrupted period of 5 years.

Are you interested in the Italy Golden Visa?

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The Golden Visa Canada allows entrepreneurs to invest in the Top 1 country for Quality Life in 2020 by becoming permanent residents with the opportunity to enjoy the same benefits as Canadians, which includes free public education and universal healthcare.

As the world’s second-largest country, Canada is a G7 country with one of the world’s best-performing economies, with a diverse business environment that welcomes international investors to relocate their business for a successful outcome. The residency will also be granted to the family members of the investors, as well as the benefits that come with the permit, which include access to an excellent education system with numerous respected private schools and elite universities that will ensure the best performance of their students. As a matter of fact, in the country, there are five of the world’s top 100 business schools.

Canada is known for its high standard of living, ensuring a safe environment due to its low crime rate, and its political and economic stability that backs up its title of the world’s best country to live in given by the UN. In addition, this huge country has an unspoiled environment with strict environmental controls that ensures preserving the variety of natural resources with delightful landscapes of well-reserved forests, mountains, and oceanic coastlines, being the world’s second-largest oil reserves and fourth-largest supply of freshwater.

The Quebec Immigrant Investor, also known as the Golden Visa Canada, will allow you to become a resident of the number one country in quality life by choosing an investment option:

  • Full investment of CAD $1.2 million in a government-guaranteed bond held for a period of five years
  • Financed investment of CAD $350,000 paid to a financial intermediary who purchases the government bonds on behalf of the client.

At the end of the full investment, the money invested will be returned to the investor without any accrued interest (0%). On the other hand, the money invested in fees and interest as a financed investment is non-recoverable as it will cover the full $1.2 million bond purchase.

Aside from choosing from the two options for investment, the investor must demonstrate knowledge and business experience and provide the documents that support the source and origin of the funds. The investors (along with their families, if applicable) should have lived in Canada for at least 3 years preceding the application to be qualified for citizenship. The Golden Visa Canada can lead investors to Canadian Citizenship, which grants visa-free access to 171 countries from around the globe; the whole family will be eligible to visit majestic beaches from the Mediterranean to Latin America, have a taste of international traditional delicacies, and experience multiple cultures with the Canadian passport. After 3 to 4 years the investor and his family can apply for Canadian citizenship, as long as they also possess a good level of English and/or French, have no criminal record, and have acquired knowledge about the right and responsibilities of citizenship, as well as an understanding of Canada’s history, values, institutions, and symbols; this will ensure that the international investors and their families adapt to the strong sense of community that Canadians have, as according to OECD, Canadians trust their fellowmen.

After you have compared and chosen from the different options with the help of professionals that will guide you to the most suitable option for you and your family, here are the expected government fees for the application for your residency:

  • Government application Fees – CAD $15,235 for the principal applicant and family members
  • Federal Government Fees – the permanent resident application processing fees will cost more or less $1,750 depending on the number of children ($150 each); the right of permanent residence fee will cost $980 for the applicant and spouse; children are exempted from this fee.

As you become a citizen of the country through the Golden Visa Canada, you will now be part of one of the safest countries to live in. This life-long investment will benefit the investor and his family with business opportunities in the number 1 country for the best quality of life.

Are you interested on the Golden Visa Canada? Contact us

 

If you were planning to buy a beach house on a dreamy Balearic Island or invest to live a more metropolitan life in Barcelona, the capital of Catalonia, professionals affirm that the year 2021 is the best year for investors to buy real estate in Spain.

State of the real estate market

Among the effects of the coronavirus pandemic, the real estate market in Spain has experienced a total paralyzation of movement along with other sectors that involve foreign ties, such as tourism and hospitality. Professionals and experts expect investors and potential buyers to resume activity and raise their interest to buy real estate as 2021 nears, as they expect demand for Spanish housing to lower and therefore, decrease in price.

According to S&P Global Rating analysts, a decrease of 3.5% in 2020 will favor possible buyers; while Professor Gonzalo Bernardos from the Department of Economic Theory at the University of Barcelona predicts a shocking 13% decrease for this year. For that, experts advise that it is better to buy real estate than to sell, which is good news for international investors that are wise enough to grab the opportunity of investing in the third largest investment country in the EU, where the low cost of living, good weather, good educational system and exceptional food are guaranteed.

Also, after the Brexit, UK Nationals are evening the opportunity to migrate to another Europe country and one of the most demanded is being Spain.

Steps to buy real estate in Spain

Investors from Philippines that decide to buy real estate in Spain must obtain a NIE (Numero de Indetificacion del extranjero) beforehand, for it must appear on all documents that are signed or are issued in Spain. Also, opening a bank account in the country (if you do not have one yet) will make transactions less complicated, although it is not compulsory. For Philippines buyers that are not residing in Spain, a tax representative will be needed once you officially own real estate in the country.

Deciding on how much to spend in the purchase of a real estate in the country should be the first step, whereas real estate agents and lawyers would advise to ensure the best choice for you.

Since February of 2020, the price of a house in Spain has decreased by 0.3%, more significant in Castilla y Leon (-1.3%), Catalonia (-0.7%) and Galicia (-0.4%); whereas the Balearic Islands, Valencian Community and Madrid have mostly maintained their pre 2020 pricing. The average price range to buy real estate in most provinces of Spain is between €900 and €1,250 if you are looking forward to living in places like Barcelona, Mallorca or San Sebastian; but in provinces such as Ciudad Real, Lugo or Toledo, the prices of housing do not reach the €660 per square meter, which it is a more convenient and economical alternative where buyers can still enjoy the benefits of living in the Peninsula. From most expensive to least, the Balearics is the most high-priced region with a €3,060 per square meter average, followed by the capital of Spain, Madrid (€2,796) and Euskadi (€2,567). For the cities, San Sebastian, with a current property price of €4,545 is the most expensive, followed by the capital of Catalonia, Barcelona (€4,104). If you want to know the best neighborhoods to invest in Barcelona read the following post.

After deciding where you want to buy real estate in Spain, whether it is a house in the city or a property in the northside of the country, and discussing with your experienced team of lawyers and real estate agents, you will be directed to sign a pre-purchase contract. The document includes the terms and conditions of the transaction, the deadline for the purchase and the signature of both buyer and seller. In addition, investors usually pay 10% of the total agreed upon price.

Golden Visa by buy real estate

For overseas entrepreneurs that want to buy real estate in Spain, a minimum investment of €500,000 in real estate will allow you to apply for the Golden Visa, which allows you and your family to enjoy its advantages, which includes the possibility to live, work and study in the country, and to travel to other European countries such as Germany and France.

Contact us, our team will help you.

The Portugal Golden Visa is for international entrepreneurs that are thinking of investing and widening their opportunities towards Southwestern Europe. With different investment options available for a minimum of €280,000, the Golden residence Portugal allows families to work and reside in Portugal with the added benefit to visit other European countries such as Finland, Germany, and France. This permit will not only benefit you financially in the long-term, but will also give your family the opportunity to experience the Mediterranean lifestyle.

Portugal also offers access to 2 of the 10 best European universities that ensure quality international education. This may be among the many reasons there have been over 7,885 primary applicants and 13,364 dependents since the start of the program, composed of the investor and its entire family (spouse and children under the age of 18), for the Golden residence Portugal. According to SEF, only in the month of August of 2019, €553 million was invested through this program.

Investment option for the Golden residence Portugal

Since the approval of the Golden residence Portugal in 2012, there have been some changes in the qualifying investment options to widen the possibility for more international investors. Ranging from €280,000 to €500,000, the Golden residence Portugal offers seven different options for investment, from Real Estate Rural Areas, to investment in scientific research. Here are the investment options for real estate and equity funds for this Golden Visa:

  • Real estate investment. Investment of €500,000 in a real estate property in Portugal
  • Real estate urban areas. Investment of €350,000 in real estate more than 30 years old or situated in urban regeneration areas
  • Real estate rural areas. Investment of €280,000 in real estate more than 30 years old or situated in rural regeneration areas
  • Private equity funds. Investment of at least €350,000 in a private equity fund

There are other options for investment that can be equally beneficial, these are:

  • Creating 10 Full-time Jobswithin a Portuguese business
  • Investment of €350,000 in researchby accredited institutions from a national scientific and technological system
  • Investment of €350,000 in an existingcompany registered in Portugal

To ensure that the investment is valid, the investments made under Golden residence Portugal program must be maintained for a minimum of 5 years from the date the residence permit is granted.

The process of acquisition of this permit starts with the preparation of documents which includes the proof of investment documentation. After submitting the residence application, you will be required to pay the government application fee and provide a copy of all the required documentation. Once your Golden residence Portugal Visa has been approved, the government permit issue fee must be paid.

Then you will be issued with the residence certificate which is valid for a year, and after renewing the certificate at the end of the first and third year, you will be granted permanent residency. The Golden residence Portugal can be also requested by a legal representative without the applicant having to appear in person; nevertheless, Orience International offers a professional guide which can help ease and simplify the process, with an experienced team ready to direct and assist you toward the most suitable path for you and your family.

The Portuguese Golden Visa does not require you to live in the country to pursue this program; however, international investors must stay in the country for at least 7 days during the first year, and 14 days in the two years following obtaining the permit. Upon receiving the residence certificate and following the renewal protocol, the Golden residence Portugal will grant you a permanent residency at the end of year 5, with the possibility of traveling to 185 countries with the 7th most valuable passport: The Portuguese passport. Your whole family will now be able to experience all that Europe has to offer without the need for a Visa.

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Good news arrives from Spain. Spanish Prime Minister Pedro Sánchez, and Health Minister, Salvador Illa have announced that the majority of the country will receive Pfizer vaccine by next May, ensuring that a very substantial part of the population can be vaccinated with all the guarantees in the first quarter of the year.

The process will start on January with 13.000 vaccination points and the first groups to be vaccinated will be medical professionals along with the chronically ill and high-risk individuals due to previous conditions. The Minister also underscored that the vaccine will be free of charge, distributed through the national healthcare system and will not be mandatory in any case. Spain, along with Germany, would be one of the first European countries to have a vaccination plan.

At the moment, and due to the pandemic crisis, Spain and all the countries are not given visa tourist temporarily. This means that international investor cannot travel to other countries. However, with the vaccination plans and schedule, things may change.

On the other hand, many scientists have agreed that next summer Spain will have group immunity; however, mask, distance and hands washing will last for a long time.

Last July, Timothy Harris, Saint Kitts and Nevis Prime Minister, announced that the government was going to apply a time-limited reduction on the St Kitts and Nevis citizenship programme until 31ST December. So, if you are thinking to get a Caribbean citizenship, now it is your chance to get this visa.

According to the Government, the main difference is that now the citizenship donation to Sustainable Growth Fund (SGF) has been reduced from USD 195,000 to USD 150.000 per family. Due to the coronavirus situation, politicians have decided to temporally reduce the family minimum contribution as a way to find creative ways to stabilize the economy and consolidate growth.

All you need to know about Saint Kitts and Nevis

Located in the west of Antigua and the South of Anguilla, Saint Kitts and Nevis are two stunning and paradisiacal islands which gained its independence in 1983 from the Great Britain.

St Kitts and Nevis is a dual island nation situated between the Atlantic Ocean and Caribbean Sea that offers a luxury lifestyle and tax benefits. The St Kitts and Nevis Citizenship by Investment Program offers individuals and their families the opportunity to get a St Kitts and Nevis passport in exchange for an investment of at least $150,000 that has no stay requirements and a fast-track immigration process of only two months.

St Kitts and Nevis citizenship programme

This programme offers two different ways to get the most affordable and fastest second passport in the Caribbean in only two months and allowing visa-free travel to 151 countries.

However, we are going to focus on one of the investment options, which is donation to Sustainable Growth Fund (SGF).

As we have said before, from July to 31st December the amount of money donated to de SGF it is USD 150.000 per family (applicant, spouse and two children). If you apply for the St Kitts and Nevis citizenship programme you can benefit from different advantages:

  • Visa-free travel to 151 country: access to 151 countries which include the Schengen area, Hong Kong, Singapore or the UK
  • Family:the entire family is eligible to the programme (spouse, children, parents or grandparents)
  • Good tax regime:no personal income tax and succession or inheritance tax
  • Presence:no physical residence required
  • Fats process:fastest Caribbean programme

Citizenship acquisition process 

Once you have decided which citizenship programme you want to apply, we provide all the necessary documentation and other supporting documents and we help you to complete and fulfill all the government forms.

Next step it is to submit the citizenship application. We review all the material and we presented to the competent authority, which review and check all the information. Finally, you have to pay government fees and you will finally receive the pre-approval and you can start enjoying the main advantages of the second passport.

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Despite the current situation caused by the coronavirus, all the members of our team are working to offer you a fully operational, quality and efficient service. All our teams in Spain, Greece and Portugal are active to accompany you during all the procedures, take care of your investments and heritage and solve any doubts you may have.

Moreover, if you carry on any investment now, you do not have to worry. You can invest and apply for a programme without leaving your country. Leave everything in our hands, we are highly prepared to help you from the distance, also offering you visual tours to see any properties.

Our ultimate goal is to help our clients plan where it is most beneficial to have their residence or citizenship according to their personal and familiar circumstances.

We are sure that we will get through this together.

YOUR INVESTMENT, OUR PRIORITY

The Greek government is formally inviting foreign pensioners to shift their tax residence to Greece with the introduction of a single tax rate of 7% for their entire income obtained abroadThe aim is to attract pension making the obtention of Greek residence even more appealing.  

 The 7% flat rate will apply to whatever income a person might have, be that rents or dividends as well as pensions. As soon as ainternational pensioner’s application is approved, the sum of their income obtained abroad will be taxed at a flat rate of just 7% for the next 10 years.  

 As Athina Kalyya, head of tax policy at the Greek finance ministry, has told “the logic is very simple: we want the pensioners to relocate here”. This way, the pensioners benefiting from this rate will spend more time in Greece and that is traduced in investing, renting or buying a home.  

The flat tax rate, conditions and requirements  

According to a clause included in the draft law that the Finance Ministry submitted to Parliament last week, for pensioners to qualify for this beneficial rate, they should not have been tax residents of Greece over at least five out of the six financial years before their tax relocation from a country with which Greece has a valid agreement concerning administrative cooperation on tax issues.  

 These are the other conditions to obtain the 7% flat tax rate: 

  • The pension and other income are derived from a source outside Greece. 
  • The annual amount due is paid in a lump sum every year. 
  • International pensioners who choose this route will also be exempted from the standard special solidary contributions 
  • Pensions derived from government positions may be subject to other conditions, which a professional tax consultant can examine and assess.  

It is also important to note that the final tax rate will be calculated in accordance with the double taxation conventions between Greece and the country from where the pension is derived. Usually, taxation is based on the individual’s tax residence, so transferring that to Greece is the most favorable option.  

Besides this, Greece is successfully appealing to pensioners who appreciate the good Mediterranean climatean excellent European lifestyle and those who wish to make the most of their retirement years and benefits.  

On the other hand, the Greek government continues to promote the Golden Visa programme for international investors, one of the most attractive and affordable programmes in Europe.   

The Greek Golden Visa programme, the most secure option

So, if you are thinking of investing in Greece, we have the best option for you. With an investment of 250,000 euros, you can get Greek residence for you and your family 

 These are some of the advantages of obtaining the Golden Visa Greece: 

  •  Get the approval in only 60 days 
  • Right to reside in Greece 
  • Visa-free travel through the Schengen zone 
  • No requirement to live in Greece 
  • Permission for you and your entire family 
  • High standard of schooling 
  • Good quality life 

To sum up, Greece is one of the most attractive European countries and easily one of the easiest to invest

Do not hesitate to contact us.