The capital of Catalonia is a major economic center in Spain, with a range of business opportunities, entrepreneurial culture and desire to thrive.  That’s why now it’s the best time for internationals investors to buy luxury real estate in Barcelona, one of the most beautiful cities of Europe.

During the past years, the real estate sector in Spain has recovered, reaching sales figures significantly higher than in 2017. This boom has happened because of the strong international investment in the Spanish real estate market caused due the advantages of the Golden Visa program. In fact, the real estate sector has reaffirmed its recovery in Spain with the luxury homes sales, that have risen by 27% last year.

With all of this, what was believed to fall quickly just four years ago, has now become a stabilization of prices that are gradually increasing. While the rise of shopping flats it’s not exaggerated, the revitalization of the sector and the bubble of rental prices, especially in Barcelona, make it more interesting to buy real estate as an investment.

Protagonism of Barcelona

Nowadays, there is a huge number of international investors that want to buy luxury real estate in Barcelona which means a sharp increase in the average selling price, that soared by 19% in the first half of 2018.

According to the data of the Ministry of Development, luxury real estate transactions (carried out for an amount of more than 900.000 euros) increased by 34% during 2017.

Favourable scenario 

The expansive situation in which the Spanish economy is right now comes with a lower unemployment and access to credit, which is starting to be provided a little more. Indeed, the number of unemployed decreased by 458,900 people in 2018, a decrease of unemployment by 10,79%. In fact, the unemployment rate was 16,4% in 2018 and 14,2% in 2019.

The areas where luxury home sales rose the most were the main Spanish cities, such as Barcelona and Madrid, and holiday destinations, which recorded an all-time record in the number of prime residential property transactions.

About the future

As for the evolution prospects for the luxury real estate market it is believed that will increase steadily in Spain, since it’s been going that way for the past six years. In this way, the expansion phase of the real estate sector, leaded until last year by large cities, is gradually giving way to medium-sized capitals on the premium market of coastal areas.

These are more focused on the second residence in which there is a growing interest in high-end housing so right now it’s definitely the best time to buy luxury real estate in the most touristic cities in Spain like Madrid, Barcelona or Valencia.

For Spain, Portugal and Andorra, the most sought-after areas for residential investors are currently the Costa del Sol, with the rebound of new construction in cities as Marbella, after several years of paralysis, the Costa Blanca, the Balearic Islands and the great capitals that we have been mentioning.  Precisely in Marbella, the number of luxury transactions has rebounded no less than 50% year-on-year.

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Last year’s data in terms of Golden Visa authorizations in Spain have reflected the effectiveness of this country’s programme, becoming one of the most requested European Golden Visa along with the programmes from Greece and Portugal.

Given these positive circumstances, we have consider the importance of reminding you the needed requirements in order to achieve the Golden Visa Spain and to enjoy the benefits provided by it.

Main points to keep in mind

Since in Spain the age of majority is 18, being an over 18 year old international investor would be the first requirements.

Of course, there are other compulsory requirements to get the Golden Visa Spain such as:

  • Making, at least, one investment in Spain of 000 euros
  • Having your permanent home in another non-European country
  • Proving not to have any criminal record for the last 5 years
  • Obtaining a NIE number (in Spanish, Número de Identificación de Extranjeros)
  • Proving to have the necessary resources to face the expenses during the residency in Spain
  • Getting an authorized public or private insurance
  • Paying the visa fee

By meeting these requirements, you will be closer in order to achieve the Golden Visa Spain.

Choosing your investment

To be considered an investor, the candidate will have to make at least one of the multiple ways of investment determined by the Golden Visa programme, which imply a significant amount of capital.

The first option in order to get the Golden Visa Spain is investing the minimum expenditure of 500.000 euros in real state.

Secondly, it is possible to opt for the Residence visa for capital investors (in Spanish, Visado de Residencia para Inversores de Capital or RIC) by investing 2 million euros in Spanish government bond.

In the third place, if the investment is at least 1 million euros in shares of Spanish companies or in Spanish bank deposits, the investor could get the Residence visa for the acquisition of real state (in Spanish, Visado de Residencia por Adquisición de Bienes Inmuebles or RIV):

Lastly, applicants can carry out at least one business project in Spain considered in the general interest because of its technological/scientific and economical value. This way, investors will achieve the Residence visa for entrepeneurs and business activity (in Spanish, Visado de Residencia para Emprendedores y Actividad Empresarial or REM)

It is very important to remark that the investor must prove that the minimum amount required to get the Golden Visa has been made within 60 days of applying for it.

An opportunity filled with potential

Thanks to the 2013 Entrepreneurs Law, the beneficiaries of the Golden Visa Spain can make use of different assets. The main one is being allowed with a one year residence permit without the necessity of a TIE (in Spanish, Tarjeta de Identificación de Extranjeros).

During this period, the international investor doesn’t need to stay in the country (more than 183 days) but can visit it from time to time. It can be remarked that the Golden Visa can be renewed for two years if the beneficiary wants to keep investing in Spain.

Among other benefits we find the freedom to move through the Schengen area. 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.

Furthermore, we find the co-ownership of the previous rights to the couples and children of investors benefitted from the Golden Visa.

So, since the investment to complete the request for the Golden Visa in Spain is very significant and the benefits in stake are so important, it’s necessary to count on a group of experts who guide you as an investor in order to prevent administrative and legal risks. Please, don’t hesitate to contact us!