Advantages of the European residence

Why I have to be interested in having a European residence?

Having a European residence permit offers many advantages and grants many rights. We can highlight:

  • It grants the right to live in a country that offers many professional, economic and social opportunities.
  • Access to the best healthcare professionals in the world, with access to health being a fundamental and free right in most cases.
  • Be able to travel freely in different countries without visa controls.
  • Access to a pioneering education system worldwide, being able to choose between the public or private system.
  • Obtaining nationality in compliance with certain requirements.
  • Visa- free travel in Schengen area

What does it bring me?

In short, the European residence permit provides freedom.

Residence programmes

What programs are there?

There are different countries in Europe that offer residence authorization through an investment. Among these we can highlight:

 What does Orience International, S.L offer?

We are a company dedicated to helping manage the assets of our clients, advising, according to their objectives and plans. In this way, we advise them on the residence and citizenship programs that can best be adapted to their objectives: a place to retire, the country where they want their children to study, a better quality of life …not only we carry out the entire process of investing and obtaining residence but we also manage all those satellite aspects that are affected by it.

 

The Golden Visa program

What it is the Golden Visa?

The Golden Visa is a residence program for international investors in exchange for an investment the real estate market. The basic requirement is to invest certain amount of money, which depends on the country.

What is the difference between a visa, a residence permit and a passport?

The visa is a document issued by a state that allows you to circulate or visit a certain country. In the case of Spain, there are different types of visas. The Schengen visa is the most popular one and allows you to visit all the states that are part of the Schengen Area. Its duration is 90 days. Also, the investment visa granted for a period of one year concedes the free movement through the Schengen Area.

The residence permit is an authorization granted by a state that allows to reside in the country for a specified period and must be renewed after that period. There are different types of authorizations but all of them grant the right to reside in Spain and move freely through the Schengen Area.

The passport or nationality is the document or legal link that binds the citizen with the State. It has political and social duties and rights that are not granted by a visa or residence permit. In addition, the citizen enjoys international state protection.

General information about the Spanish Golden Visa

What is the Golden Visa?

 The Golden Visa is a residence permit regulated in Law 14/2013, of September 27, in order to support entrepreneurs and their internationalization that is granted to investors, entrepreneurs and companies wishing to hire highly qualified foreign professionals. The ones that request this authorization the most are those investors that acquire properties worth €500,000 or more.

What benefits do I have?

In comparison with other programs, acquiring the Golden Visa is the fastest and easiest way to reside in a country, not only this but it is also the one with the most benefits:

  • It allows the investor to regroup the whole family (wife, children under the age of 18, older dependent children legally or economically dependent on parents, dependent ancestors).
  • Unlike traditional residence permits, the Golden Visa does not require a minimum of residence or stay in the country to renew it.
  • It grants the right to self-employment or non-employment to both the investor and their family members over the age of 16.
  • You don’t need to travel or move from your country to request any management.
  • The resolution periods are very short (10 working days for the visa and 20 working days for the resolution of the residence permit).
  • Visa- free travel in Schengen area
  • Access to healthcare and education system.

 What if we are married in a separation of assets? Should we buy it in half each? 

It depends on the amount that is going to be invested. If you purchase a property worth €500,000, only the purchaser on the deed of sale may apply for the residence permit. In case of acquiring a property worth €1,000,000 contributing 50% each then they can apply for residence authorization by investment both.  It should be remembered that, regardless of whoever you apply, the spouse can always be regrouped so the two will have a residence permit for the purchase of the immovable property, whether it is part of separation of property or community of property.

  What expenses are there from investment funds?

  • Investment-The minimum requirement for investment in real estate is €500,000.
  • Taxes-From this investment, the investor has to pay a Property Transfer Tax (ITP), in Catalonia 10% is applied for the property that is less than 1 million euros, and 11% for more than 1 million euros. If the inversion is for a local, the tax to pay is 2.5% of the Documented Legal Acts Tax (AJD).
  • The buyer is also responsible for the expenses of the manager, the notary and the registration of the property, that in total will be approximately 2-3% of the price of the property.
  • Legal service- The lawyers and managers that help you in the purchases and application of the Golden Visa will charge for the legal services.
  • Application fees- There are expenses to prepare the documents, for example, criminal records, marriage certificates, children’s birth certificates, medical insurance, etc. Fees must also be paid when applying for the visa and the authorization. Depending on the country, the expenses are different, but it will not be a large expense.

How long do I have to pay for everything? What will the property payment process be like?

Usually, when a client decides to invest in a specific property, he makes a down payment of between €2,000 and €10,000 to reserve the property. Once the purchase and sale conditions have been established, a deposit is made, a pre-purchase, which normally involves the payment of 10% of the purchase price. Obviously, you need the service of a professional right now, so you also have to sign the legal services contract and pay the lawyer. This contract regulates, among other things, the method and time of payment of the remaining amount, which will imply the signing of the deed, and therefore the transmission of the property to the new owner. Normally, the remaining 90% is paid the day of the signing of the sale, and is usually about 90 days after from the signing of the deposit. As for taxes and administrative expenses, it is paid at the same time as the rest, so that the lawyer can make payments on time.

Benefits of the program

It is eligible to my family? Can I buy it for my underage child?

Yes, your entire family is elegible, including spouses, children under 18 or economically dependant + parents economically dependant.

A minor must have the authorization of his or her parents or legal guardians so he or she can purchase a property. To apply for the Golden Visa as an investor it is essential to be over 18 years old.

What if we are a couple in a community of goods, in the name of whom I have to buy it?

It is indistinct in the name of the person who makes the investment in a marriage in a community of goods since it is understood that the two have made the investment and, therefore, the residence permit can be applied for indistinctly.

If my underage child is included in my Golden Visa, what happens when he or she comes of age?

Residence authorization will continue to be granted to the child even if he is of legal age as long as he proves that he depends on the investor or sponsor.

Who will be able to obtain the residence permit if I make the investment?

The residence permit shall be granted to the investor, his spouse, his children under the age of 18 or older financially dependent and parents who are financially dependent on the investor.

If I have the residence in Spain, can I work in other countries? And reside?

Which countries do I allow to travel the Golden Visa from Spain?

 With the authorization of residence by investment you can travel to the 26 states that make up the Schengen Area and you do not need to apply for any type of visa.

If I have the Spanish residence, can I work in the country? And in others?

The Golden Visa grants the right to work and reside in Spain but not in the other countries of the European Union.

What it happens if I lose my Golden Visa?

It depends on the reason why it was lost. The residence permit can always be reapplying for and the initial will be granted as long as the requirements for applying are still met.

 

What steps I have to follow to get the Golden Visa?

What do I need to do if I want to obtain an investor residence authorization or the Golden Visa in Spain?

 The main steps are:

  • Decide the property in which you want to invest. Sign service contract
  • Give powers to act on your behalf
  • NIE application
  • Bank account opening, if it is necessary
  • Signature deed purchase and visa application, if it is applicable
  • 2-year residence permit application, renewable for 5 more
  • If you want to obtain the nationality, apply for permanent residence.

Do I have to open an account in Spain? Can I make the payment from outside Spain?

Yes, in general a bank account must be opened in Spain, since payment must be made from a Spanish account. However, since the amount paid as down payment is usually not a very high amount, it is allowed to send it from a foreign account, provided it is not based in a tax haven.

What documentation will be required to open an account?

The basic documents, such as a work certificate, a year of bank movement, personal income tax certificate and identification documents, etc. If you are a business owner, they require the business license, financial reports, etc. And if the funds come from the sale of your other properties, contracts and certificate of payment of taxes, etc. will be required. Consult with our experts so they can advise you on your specific case.

I don’t have enough income to demonstrate the funds, but my parents will give me the money. Will they accept these funds?

 No problem. If the parents provide the funds for the purchase, you have to prepare basic documents of yours, documents of origin of the funds of your parents, and also, a donation or benefit contract between you and your parents.

Now we have the funds in my spouse’s account, but we are going to buy on my behalf in Spain, can you send the funds from your account to mine?

Yes, your husband can send the funds to your account. The bank will request the marriage certificate and some additional document from your spouse. You can also open a joint account of the two to avoid the trouble.

 

Timings and application

 How long does it take to obtain an investment residence authorization?

The Law provides that the Large Companies Unit, the entity responsible for resolving applications, has 20 working days to notify the investor of the resolution. Once the resolution has been obtained the investor and his family must go to the National Police to apply for the Foreigner Identification Card (TIE) that will be awarded in approximately 30 days.

Do I need to travel to Spain to apply for the Golden Visa? Do I have to apply in person?

It is not necessary to travel and visit Spain to get the Golden Visa. You can do all the management online with our team.

It will be necessary for you to travel to the country to be able to request the 2-year residence authorization (TIE), which will be renewable for 5 more years as long as you keep the investment.

 How long is the investment residence permit? Do I have to live in Spain to maintain residence?

The initial Golden Visa lasts for two years and once renewed authorization is granted for a period of 5 years. It is not necessary to live in Spain to maintain the residence permit.

Will I maintain the residence permit if I sell my house or premises?

If you have purchased a single property worth €500,000, then when you sell it you lose your residence permit as you will not be able to renew it. If you have more than one property and you sell one but you keep another worth €500,000 euros, then you can renew the residence authorization without any problem. The important thing is to keep an investment worth €500,000 euros or more.

In 2010 I bought a property worth €600,000; can I apply for residence authorization as an investor?

No. The residence permit can be requested if the investment has been made after the entry into force of Law 14/2013, that is, from 28 September 2013.

 

 Taxes & documentation

What it means to be a tax resident in Spain?

A natural person is a resident in Spanish territory when any of the following circumstances occurs:

  • That they stay more than 183 days, during the calendar year, in Spanish territory. To determine this period of stay in Spanish territory, sporadic absences will be computed unless the taxpayer proves his tax residence in another country. In the case of countries or territories classified as tax havens, the Tax Administration may require proof of permanence in the same country for 183 days in the calendar year.
  • That the main nucleus or the base of its activities or economic interests reside in Spain directly or indirectly.
  • The non-legally separated spouse and minor children who depend on this natural person usually reside in Spain. This third assumption admits proof to the contrary.

Natural persons of Spanish nationality who prove their new tax residence in a country or territory classified as a tax haven will not lose the status of taxpayers for the Personal Income Tax. This rule will be applied in the tax period in which the change of residence takes place and during the following four tax periods. On the contrary, a natural person will be considered a non-resident in Spain when none of the above requirements are met.

What are the benefits of being a tax resident in Spain?

There are many advantages of being a tax resident in Spain:

  • Visa-free access to 26 states
  • Residence in a good European country
  • Right to work in Spain
  • Great opportunity to set up a company in a modern and competitive corporate tax system
  • Investing in a country with a stable political and economic situation
  • Opportunity to benefit from the single currency (Euro)
  • Good heatlh system
  • International education
  • Family reunification

What documents will they ask me to prove if I am a tax resident in Spain?

There are two types of tax residence certificate’s in Spain:

  1. Certificate of tax residence in Spain: to prove, in general, residence in Spanish territory.
  2. Certificate of residence in Spain-Agreement: to prove the status of resident in Spain in order to apply the double taxation agreements signed by Spain. The request for the above certificates can be made both on paper and electronically. In the first case, the certificate request document must be submitted to the Delegation or Administration of the State Agency for Tax Administration (AEAT) of the applicant’s fiscal domicile. In both cases, the application for the tax residence certificate must contain the following information:
  • Surname and name or company name, tax address and tax identification number (NIF) of the applicant and, where appropriate, the representative (who must prove such condition)
  • Effects for which the certificate is requested, indicating the recipient, purpose and country or territory where it should take effect
  • Documents and supporting documents that, where appropriate, are provided together with the application to prove fiscal residence in Spanish territory
  • Date and signature of the applicant or representative.

Where do I have to present them?

The online application for a tax residence certification requires identification by certificate, electronic ID or Cl@ve PIN. If the owner does not have electronic identification, the request for this certification is enabled for third parties provided that it is an authorized social partner or if it is empowered by the owner for this process. From Orience International we offer to process this type of request, managing the obtaining of the digital certificate having previously received an authorization from the interested person.

Can I not reside in Spain and be a tax resident?

Yes, the status of non-resident can be accredited by providing a certificate of residence in another State issued by the tax authorities of that State. The validity period of said certificates extends to one year. However, the validity of the certificate will be indefinite when the taxpayer is a foreign State, one of its political or administrative subdivisions or its local entities.

If I am a resident in Spain which taxes, I have to pay?

  • Income tax: if you are a tax resident or you reside in Spain, you will pay income tax on all the income you obtain worldwide. Those income will be appraised at a progressive tax rate that goes from 19 to 45% in the highest tranche.
  • Capital gains tax: this tax, which ranges from 19 to 23%, is applied to the specific profit obtained when selling an asset previously purchased at a lower price, as long as you are a tax resident or you reside in Spain.
  • Wealth tax: this tax ranges from 0.2 to 2.5% and applies to all those assets that a person has in Spain and whose value is greater than €700,000. The wealth tax will only be applied to the value that exceeds said amount, as long as you are a tax resident or you reside in Spain.
  • Inheritance and donations tax: when accepting any asset (for example, through an inheritance), you must pay a small percentage that varies according to the region in which you are, as long as you are a tax resident or reside in Spain.

If I am a non-resident in Spain, which taxes I have to pay?

In case you are a non-resident for tax purposes, you will also have to pay taxes on the income generated, but this time only for those generated in Spain. And at the own tax rate of non-resident tax. It is a fixed rate of 24% that is usually applied to the profits generated by renting a property or the returns offered by any other asset you have in Spain. The owner occupying a home for personal use must submit a simplified tax return form to file the tax return for:

  • Home value property tax (currently 100% subsidized)
  • Tax on the value of income for non-residents on the estimated income of the home

The tax form to be used is form number 210: Simplified tax declaration for non-residents in the case of a home for the taxpayer’s personal use. The filing period will be in the calendar year immediately following that to which the tax refers. Said tax must be presented at the Provincial Delegation of the corresponding State Agency of the Tax Administration where the property is located.

We can manage all these procedures from Orience International, acquiring powers so that the investor is able to carry out the management in person or by acquiring the digital certificate.

If I am a resident in Spain and I decide to sell my property, which taxes I have to pay?

There are two tax obligations on property sales:

  • Capital gains tax: this tax is due on profits obtained on all property sales in Spain. A tax resident is a taxpayer who lives more than 185 days in Spain a year. A maximum of 19% of the sale profit is charged, after deductions. There are additional variables that affect the final calculation for residents. Capital gains tax exemptions apply to:

o Residents over 65 who declared the property as their primary tax residence for a minimum of 3 years.

o Any tax resident under 65 who reinvests the profit from the sale from their main residence (where they have lived for a minimum of 3 years) in another Spanish property that will be their new main residence or in a financial product for life.

Since Spanish taxes are paid during the previous year, the details of the sale of your property are declared in the annual Tax Declaration for the month of May / June of the following year.

  • Capital gain: this tax is applied to the increase in the official appraised value of the land, instead of the market value, since the last time the property was sold. The rate may vary based on location, site size, and time since the last transfer of ownership.

If I am a non-resident in Spain, which taxes I have to pay if I sell my property?

There are two taxes on the sale of properties:

  • Capital gains tax: there is an initial 3% of the current sale price withheld by the lawyer / bank acting on behalf of the buyer and paid to the Spanish Tax Agency. Therefore, the seller receives 97% of the agreed price. The remaining 3% is a deposit against the capital gains tax. The capital gains tax rate is established by law, calculated on the profits obtained from the sale. To calculate this profit, the original purchase price is taken into account and then some of the costs incurred in the purchase. In addition, certain major structural modification expenses that you may have made to the property may also be deducted, but only if the invoice can be submitted with formal VAT. The 3% withheld by the Tax Office can be claimed when the result is that no benefits are obtained and when the taxpayer is up to date with his tax obligations in Spain.
  • Capital gain: this tax is charged on the increase in the official appraised value of the land, instead of the market value. Rate may vary based on location, property size, etc. This tax applies to new and resale properties.

If I am a non-resident in Spain, which taxes I have to pay for my property?

Taxation will depend on whether the real estate is leased or not:

  • In the event that the property is rented, in general, the tax base will be the full amount that for all concepts it receives from the lessee or sub-lessee If the property is only leased for part of the year, the tax base must be calculated as indicated in the previous paragraph and for the term of the rental. When expenses are deducted, you must prove and accompany the certification of fiscal residence in the corresponding EU Member State.
  • If the property is not rented (it is used by the owner or it is unoccupied), the amount resulting from applying to the cadastral value of the property, which appears on the receipt of the Property Tax (IBI), the following percentages:

o In general, 2%

o In the case of property whose cadastral value has been revised or modified and has entered into force in the tax period or within the ten previous tax periods, 1.1%

About the IBI, why after buying I am asked to pay it at the office or by card? Is the IBI going to change every year? When will I be charged for the IBI?

The first years after the purchase the city council does not allow the IBI payment to be domiciled, it must be paid through a letter they send either visiting an office or by phone, if you hire our pack A you should not worry since our agent is You will pay for it and then we will make a bank draft so that you do not have to provide your card details. From the second year, you will be charged to your account directly during the annual quarter that corresponds to when you made the purchase.

On the other hand, the IBI is effectively a tax, and therefore it can vary each year since that depends on the city council itself.

How often do I have to declare taxes in Spain?

It depends on your situation, if you are a resident in Spain annually between April and June.

In the event that you reside outside of Spain:

a) If you have your property rented, quarterly.

b) If your property is empty, annually to be paid during the first quarters of the year.

What does a residence by investment and citizenship entails? Sale & rent managements

I have bought a flat / house, now what?

Now that you have a property in Spain, you can start enjoying it, or simply get the benefit of your investment. But let’s not forget the expenses that we are going to have during the next months:

  • The receipt from the community of owners will come to you, which is this amount that you pay the neighbors of your building to maintain the cleanliness of this, for example.
  • We must also have the IBI (Real Estate Tax), which for more detail on this we have created a FAQ dedicated only to this.
  • The garbage rate is another annual expense, it varies according to the area of your property and serves so that you can have the daily service of the staff of the city council to take care of picking up trash from your street and cleaning it.
  • And of course, very important, home insurance, this is essential to contract, surely if you have made the purchase with us already have this contract, but do not forget that the fee is annual.

I have bought an empty store, what is the next step?

A shop is an investment; therefore, you have two options: If you want to come and live in Spain and start your own business, you can always hire the legal services of Orience International again. But if this is not the plan, our recommendation is always to rent it. Entering the Orience Membership Club, we will study your premises, see what options you have, analyze the market price, and of course find the best tenant to give you the best possible return.

I want to rent my property. Where do I begin?

Very easy, entering Orience Membership Club. The first thing we will do is study the current market price of the area of your property, we will advertise your property in the most exclusive places, we will take care of finding the right person to rent it, going through very rigorous compliance, and after this we will write the contract that you must approve and every month we will take care of all the steps that this entails, wherever you are you will receive the rent and without worries.

What does it mean to be part of Orience Membership Club?

For us, each member of the Orience Membership club is special. We know the importance of trusting someone blindly when it comes to living away from their property, that’s why by joining our club we will give you the personalized attention you need, seeking always committed to the quality of service, and we will be committed to solving any problem that arises, with exclusive treatment.

 Who can be part?

Anyone who owns a property in Spain and wants to rent it or simply have someone they trust take care and keep their property clean in their absence.

What requirements must I meet?

People who live abroad and have bought your property as an investment, that is why we offer Packs with monthly or quarterly payments. In order to enjoy them you must sign a contract with us and give us authorization for these collections. This way, You can be part of our Memebership.

What services does this Membership include?

Imagine that you travel abroad, to Spain, for example, and buy an apartment, however you don’t plan to live in it at the moment, rather you plan on using it as a second residence  where you will come occasionally. Before coming you will need to make sure that your heating / air conditioning is connected, that your house is clean, that it has minimums for your arrival such as water, coffee, some toast … Or simply that someone has taken care of checking each X days the condition of your property.

Then suppose that, if you want to rent it, to recover your investment, but from your country of residence it is difficult to find a tenant, to know if your documentation is authentic, to speak with him monthly for payments, if there is any incident call insurance or search a technician, write the contract . By being part of the Orience Membership Club, these and others are the services that you can benefit from. From anywhere in the world, you know you have someone you trust who will take care of your property as if it were our own.

Do you write the contracts and review the documents?

All contracts we send you are drawn up by our legal department, specialists in immigration and real estate services. If a contract comes from an external company, it is sent to the legal department to review it and proceed to make the modifications that are convenient for our client, if any.

Will you prepare the translation of the documents in my language?

You will always speak to a consultant who speaks your language to explain the content of the documents you are going to sign. The internal documents of Orience Membership Club are always accompanied by a translation in the client’s language.

What can you offer me for the management of the property once I have finished the buying and selling process?

We offer a post-sale service, that is, if you are far from your property and need someone to manage the maintenance of your property, whether or not you want to rent it. From Orience Membership Club we are committed to giving you all the necessary services so that you get a good benefit from your purchase, or simply to keep it in the desired state when you visit Spain

If I decide to rent my property, do the tenants pay directly to my account or to the real estate agency?

To take greater control of the payment, and to ensure that all tenants meet the maximum payment date, they are sent a document to sign where they must provide their account number and authorize the realtor to generate a monthly rent receipt. In this way the real estate company receives the net amount of your rent and then sends it to your account.

 

When, and how much in net, am I going to receive the monthly rent?

By contract, tenants must pay the monthly payment by the 5th of each month, and you should receive it by the 10th of each month.

Regarding the amount, as we discussed above, the real estate agent withholds 4% of the rent, which means that if you have a rent (for example) of € 800, the real estate agent will retain € 32 of these and the final amount to be received in your bank account it will be 768 €

 

My tenant has not paid the monthly fee, what should I do?

The first thing you should do is contact your tenant; we recommend that you call him to find out what happened. It is possible that it has simply been neglected, or on the contrary, your tenant has a problem and promises to pay you later, in this case try to keep this in writing, ask him to send you an email and with a commitment date to carry out the payment.

In this case, Orience Membership Club will be able to help you in this management, as in many others. We will commit to making this task easy for you, including by turning a receipt over to the tenant so you don’t have to wait to make the payment again.

 

If I have a tenant in my property, can I come on time and use my home?

Even if you are the owner, if the house is rented you will not be able to use it during the period that the contract lasts. You should remember that, most likely, you have signed a 5-year lease for your tenants, so your property right now is someone’s home. Your punctual visits must have accommodation elsewhere, but do not forget that we, Orience Membership Club, can take care of making your visits special and unique, even if you cannot stay in your home.

 

Do I have to rent my premises / house under specific conditions?

If, for example, the electrical installation must comply with regulations. Keep in mind that its condition must be correct and verify that everything is working normally. For example, in a flat or a house that the appliances are in good condition or that the heating works.

 

I am going to travel punctually to the country where I have bought a real estate and I need to have my home ready. What should I do?

You simply have to notify us a few days in advance, we will ask you to give us details such as the date and time of arrival, we will make sure that your home is clean by then, that your pantry has something for your arrival and that your home is in the ideal temperature. All you have to do is enjoy your stay.

 

I just moved to the country where I have applied my residence. I feel lost. What I can do?

It is normal that everything seems strange to you right now, but you will always have our support. We will be able to provide you with a country guide, we will help you familiarize yourself with its streets and public transport. If you need it, we will find you a school to learn the language of the country. If you feel bad, we will find you a doctor and we can even help you with the translation until you are more adapted.

For Orience Membership Club the first thing is that you feel at home, that’s why we have a wide gallery of services for cases like this.

General information about the Greek Golden Visa

What is the Golden Visa?

It is a residence permit governed by Law 4251/2014, Government Gazzette 1, no 80 (Articles 16 and 20) which is granted to investors who invest in real estate properties worth €250,000 or more.

What are the benefits of having it?

This residence permit is the fastest to obtain and the one with the most benefits:

  • It allows the investor to regroup the whole family (wife, children under the age of 21, parents and in-laws without having to prove any types of dependency)
  • It does not require a minimum residence or stay in the country to renew it
  • It grants the right to reside in the country and travel throughout the Schengen area
  • You don’t need to travel or move from your country to request any management.
  • The resolution times are very short (in 60 days authorization is obtained)
  • Access to education system.

What is the difference between a Golden Visa, a residence permit and a passport?

The visa is a document issued by a state that allows you to circulate or visit a certain country.  The Schengen visa is the best known and allows you to visit all the states that are part of the Schengen Area and its duration is 90 days.

The residence permit is an authorization granted by a state that allows to reside in the country for a specified period and must be renewed after that period.

The passport or nationality is the document or legal link that binds the citizen with the State. He has political and social duties and rights that are not granted by a visa or residence permit. In addition, the citizen enjoys international state protection. Unlike the residence permit, nationality allows travel to 114 countries without applying for a visa.

 What if we are a couple in a community of goods, in the name of whom I have to buy it?

It is indistinct in the name of the person who makes the investment in a marriage in a community of goods since it is understood that the two have made the investment and, therefore, the residence permit can be applied for indistinctly.

What if we are married in a separation of assets? Would we buy it in half each? 

It depends on the amount invested. If you purchase a property worth €250,000, only the purchaser on the deed of sale may apply for the residence permit. However, it should be remembered that regardless of who requests, the spouse can always be regrouped, therefore the two will have a residence permit for the purchase of the immovable property, whether it is part of separation of property or community of property.

 What costs should I pay in total to get the Golden Visa in Greece?

Investment amount- Invest €250,000 or over in a real estate property is required.

Contact with us, so we can prepare a fee consultation for you.

How long will the period of payment be?

Usually the buyer pays a small amount when deciding to buy to reserve the property, then both parties sign a formal contract of purchase and the buyer pays 20%-30% of total price according to the agreement. The final payment and the taxes usually are to be paid within 90 days after signing the purchase contract.

How often do I have to renew my residence permit?

The Golden Visa is renewed every 5 years and it is necessary to maintain the investment of the sale of the property.

When will I be able to apply for Greek nationality? 

Greek nationality can be applied for after 7 years of continuous living in the country. It is necessary the continuous residence, speak Greek and have knowledge of the history and civilization of the country.

 

Benefits of the program

Can I buy on behalf of my underage child?

A minor must have the authorization of his or her parents or legal guardians in order for him or her to purchase a property. To apply for the Golden Visa as an investor it is essential to reach the legal age.

What if we are a couple in a community of goods, in the name of whom I have to buy it?

It is indistinct in the name of the person who makes the investment in a marriage in a community of goods since it is understood that the two have made the investment and, therefore, the residence permit can be applied for indistinctly.

What if we are married in a separation of assets? Would we buy it in half each? 

It depends on the amount invested. If you purchase a property worth €250,000 euros, only the purchaser on the deed of sale may apply for the residence permit. In case of acquiring a property worth €1,000,000 euros contributing 50% each, then they can apply for residence authorization by investment both.  However, it should be remembered that regardless of who requests, the spouse can always be regrouped, therefore the two will have a residence permit for the purchase of the immovable property, whether it is part of separation of property or community of property.

If my underage child is included in my Golden Visa, what happens when he or she comes out of age? 

According to the latest changes in the law, residence authorization will continue to be granted to the child when they come out of age at 21, for three more years. This means, that they will have the residence authorization until 24 years.

 

If I have the residence in Greece, where can I travel and work? And reside? 

Which countries do I allow to travel the Golden Visa from Greece?

With the authorization of residence by investment you can travel to the 26 states that make up the Schengen Area without the need to apply for any type of visa.

If I have residence in Greece, can I work in the country? And in others?

The answer is no. The Golden Visa grants the right to reside in Greece but not to work or live in other countries of the European Union.

Does the residence permit allow me and my family to work in Greece?

No. This type of authorization allows you to reside in the country, but you can’t carry out an economic activity.

 

What steps do I have to follow to get the Golden Visa?

What do I have to do to obtain an investment residence permit in Greece?

The Golden Visa in Greece can be obtained by acquiring a property worth €250,000 euros or more. The residence authorization is granted to the investor, his spouse, his children under the age of 21, the parents and in-laws (ancestors of the investor and the spouse).

The main steps are:

  • Visit various investment options that we have selected for you. Is not necessary to travel to Greece, we can send you detailed information of each project to make the process easier for you.
  • Our lawyers will act on your behalf throughout the process. So, we will help you to give powers, in Greece or in your country of origin. The lawyers sign the order of purchase under your name and request your Tax Identification Number.
  • It is time to prepare all the documents, including the proof on investment documentation.
  • The lawyers sign the deed of sale with the PoA, make the payment of fees, register the deed and request the appointment for fingerprints and photo.
  • Documentation will be submitted. The residence application will be submitted, and you will receive a proof of submission, which is valid for one year and allows the holder to travel to and from Greece during this period.
  • Appointment date: the client travels to Greece to do the fingerprints and take an official photo.
  • The lawyers collect the residence card (valid for 5 years).

Do I have to open a bank account in Greece?

No, you can also make payment from outside of Greece, on the condition that the origin country is not a tax heaven, and it comes from your own account.  After making the purchase, you can open an account in Greece to maintain the costs of the property.

What documents do they need to open the account?

It will depend on if you open the bank account before or after the investment. In the first case, all the necessary information is requested to verify the origin of the funds in addition to others such as work certificate of family book.

In the case that the bank account is opened once the investment has been made, it only will be necessary administrative documents.

 

Timings and application

Do I have to go to the Greece personally to make the purchase?

No. You can sign a power of attorney in the consulate of Greece in your own country and the lawyer can process all the necessary steps for you later.

 Do I have to go to Greece personally to present all these documents?

Not necessary. You can sign a PoA to authorize our lawyer to do all the process on your behalf, including the purchase of property, opening bank account, payment of tax, registry of property, pick up the residence card, etc.  This PoA could be signed in a notary in Greece or in the consulate of Greece where you live. If you plan to go to visit before making investment, you can sign it there, and if you don´t go to visit, you can sign it in the consulate, we will make appointment for you with the consulate and prepare the document.  Not only this method will save you a lot of trips and money, another advantage is with our professional experience, your application will get the best guarantee.

Tax and documentation

How do taxes work in Greece?

Non-residents pay taxes only on income from Greece, but are not exempt from the solidarity tax surcharge. Foreign taxpayers who qualify as non-Greek tax residents can enjoy the tax relief of Greek tax residents as long as they maintain their residence in a country of the European Union (EU) or the European Economic Area (EEA) and generate at least 90% of your world income in Greece.

What does a residence by investment and citizenship entails? Sale & rent managements

I have bought a flat / house, now what?

First of all, congratulations on your purchase! It’s a pleasure working with you and being part of your project. As Orience Membership Club, we recommend that first, you need to decide if you are going to your property and live there sometimes as a second residence, or if you prefer to have it as an investment. We will help you assess these two options, and we will study the market, then we will offer advises according to your needs. As you have your property, shall we call to make it clear when it would be convenient for you?

What does it mean to be part of Orience Membership Club?

For us, each member of the Orience Membership club is special. We know the importance of trusting someone blindly when it comes to living away from their property, that’s why by joining our club we will give you the personalized attention you need, seeking always committed to the quality of service, and we will be committed to solving any problem that arises, with exclusive treatment.

Who can be part?

Anyone who owns a property in Greece and wants to rent it or simply have someone they trust take care and keep their property clean in their absence.

What requirements must I meet?

People who live abroad and have bought your property as an investment, that is why we offer Packs with monthly or quarterly payments. In order to enjoy them you must sign a contract with us and give us authorization for these collections. This way, You can be part of our Membership.

What services does this Membership include?

Imagine that you travel abroad, to Greece, for example, and buy an apartment, however you don’t plan to live in it at the moment, rather you plan on using it as a second residence  where you will come occasionally. Before coming you will need to make sure that your heating / air conditioning is connected, that your house is clean, that it has minimums for your arrival such as water, coffee, some toast … Or simply that someone has taken care of checking each X days the condition of your property.

Then suppose that, if you want to rent it, to recover your investment, but from your country of residence it is difficult to find a tenant, to know if your documentation is authentic, to speak with him monthly for payments, if there is any incident call insurance or search a technician, write the contract …

By being part of the Orience Membership Club, these and others are the services that you can benefit from. From anywhere in the world, you know you have someone you trust who will take care of your property as if it were our own.

What can you offer me for the management of the property once I have finished the buying and selling process?

We offer a post-sale service, that is, if you are far from your property and need someone to manage the maintenance of your property, whether or not you want to rent it. From Orience Membership Club we are committed to giving you all the necessary services so that you get a good benefit from your purchase, or simply to keep it in the desired state when you visit Greece.

Do you write the contracts and review the documents?

All contracts we send you are drawn up by our legal department, specialists in immigration and real estate services.

If a contract comes from an external company, it is sent to the legal department to review it and proceed to make the modifications that are convenient for our client, if any.

Will you prepare the translation of the documents in my language?

You will always speak to a consultant who speaks your language to explain the content of the documents you are going to sign. The internal documents of Orience Membership Club are always accompanied by a translation in the client’s language.

If I decide to rent my property, do the tenants pay directly to my account or to the real estate agency?

 To take greater control of the payment, and to ensure that all tenants meet the maximum payment date, they are sent a document to sign where they must provide their account number and authorize the realtor to generate a monthly rent receipt. In this way the real estate company receives the net amount of your rent and then sends it to your account.

When, and how much in net, am I going to receive the monthly rent?

By contract, tenants must pay the monthly payment by the 5th of each month, and you should receive it by the 10th of each month.

Regarding the amount, as we discussed above, the real estate agent withholds 4% of the rent, which means that if you have a rent (for example) of € 800, the real estate agent will retain € 32 of these and the final amount to be received in your bank account it will be 768 €

 

General information about the Portuguese Golden Visa

What is the Golden Visa?

The Golden Visa is a residence permit granted to those who make one of the following investments:

Investment options

  • €280,000 investment in a real estate more than 30 years old or located in rural areas regeneration areas
  • €350,000 investment in a real estate more than 30 years old or located in urban regeneration area
  • €500,000 investment in a real estate property anywhere in Portugal

(*) All investments under the Golden Visa program must be maintained for a minimum of 5 years from the date the residence permit is granted

Other options

  • Creation of 10 new full-time jobs within a Portuguese business in the format of a single-member limited company.
  • A Golden Visa €350,000 minimum investment can be made to a private equity fund.
  • Investment of €350,000 in research carried out by accredited institutions that are part of the national scientific and technological system.
  • Investment of at least €350,000 in an existing company registered in Portugal, to increase the share capital and create at least 5 permanent full-time jobs for a minimum period of 3 years

What are the benefits of having the Golden Visa?

This residence permit is the fastest way to obtain and the one that have the most benefits:

  • It allows the investor to regroup the entire family (wife and children under the age of 18)
  • The requirement to stay in the country only 7 days during the first year and 14 during each subsequent two years of residence
  • It can be requested by legal representative without person.
  • It allows you to travel to all countries of the Schengen Area.
  • Apply for citizenship after completing the 5th year
  • Varied investment options. Good returns on your investment.
  • Access to the education system.

What is the difference between a Visa, a residence permit and a passport?

The visa is a document issued by a state that allows you to circulate or visit a certain country.  The Golden Visa allows you to travel around the Schengen area without visa need during 90 days.

The residence permit is an authorization granted by a state that allows you to reside in the country for a specified period and must be renewed after that period. There are different authorizations but all of them give the right to reside in Spain and circulate freely through the Schengen Area.

The passport or nationality is the document or legal link that binds the citizen with the State. It has political and social duties and rights that are not granted by a visa or residence permit. Moreover, the citizen enjoys international state protection. Unlike the residence permit, nationality allows travel to 171 countries without the need to apply for a visa.

What if we are a couple in a community of goods, in the name of whom I have to buy it?

It is indistinct in the name of the person who makes the investment in a marriage in a community of goods since it is understood that the two have made the investment and, therefore, the residence permit can be applied for indistinctly.

What if we are married in separation of assets? Should we buy it in half each?

It depends on the amount invested. If you purchase a property worth €280,000 only the purchaser on the deed of sale may apply for the residence permit. In case of acquiring a property worth €1,000,000 contributing 50% each then they can apply for residence authorization by investment both.  It should be remembered that, regardless of whoever you apply, the spouse can always be regrouped, therefore both have a residence permit for the purchase of the immovable property, whether it is part of separation of property or community of property.

 

Benefits of the program

Can I buy in the name of my underage child?

A minor must have the authorization of his or her parents or legal guardians in order for him or her to purchase a property. To apply for the Golden Visa as an investor it is essential that the investor be of legal age.

If my underage child is included in my Golden Visa, what happens when he or she comes of age?

The children over 18 years old can apply together if prove to be dependent of the parents. There is an age limit of 25 years old, and need to be studying in a full time college.

Can I bring my family with me?

Yes. The residence authorization it is given to the investor, spouse and children under the age of 18.

Do I have to live in the country if I want to renew the residence permit?

No. It is not necessary to reside in the country to renew the Golden Visa, however, you will have to spend a minimum of 7 days in the country during the first year and 14 days for the following two years, therefore, you have to visit the country at least 7 days during the year.

Can I change the type of residence authorization?

Yes. After 5 years of residence in the country, you may be eligible for a permanent residence permit.

Will I be able to apply for Portuguese nationality with a residence permit? How long do I have to reside in the country to apply? 

Yes. You have to reside for at least 5 years in the country in order to request the residence investment authorization.

If I have the residence in Portugal, can I work in other countries and reside?

Where can I travel with the Golden Visa Portugal?

With the residence investment authorization, you can travel to 26 Schengen Area states without requesting any type of visa.

If I have the Portuguese residence, can I work in the country? And in others?

 The answer is no. The Golden Visa gives the right to work and reside in Portugal, but not in the other European countries.

Tax & documentation

How do taxes work in Portugal?

Residents in Portugal are taxed on their worldwide income at progressive rates, while non-residents only pay tax on income of Portuguese origin, which includes not only the part of remuneration that can be attributed to the activity carried out in Portugal, but also to the remuneration borne by a Portuguese company or permanent establishment and are taxed at a fixed rate of 25% on their taxable income.

The personal income tax return is annual and must be filed between April 15 or May 16 of the following year.

What it means to be a tax resident in Portugal?

General rule of thumb, if you live in Portugal 183 days (consecutive or not) or more in Portugal, you will be considered as a tax resident. This will mean that you will pay Income Tax (IRS) on your worldwide income (unless DTT are applied).

What are the benefits of being a tax resident in Portugal?

There are many advantages of being a habitual tax resident in Portugal:

  • Benefit from a special personal income tax treatment over a 10-year period
  • Possibility of enjoying a tax exemption on almost all foreign source income
  • 20% flat rate for certain Portuguese source incomes (from specific professions as well as income from self-employment), as opposed to normal Portuguese income tax rates of up to 48%
  • No minimum stay requirement
  • Become part of a white-listed tax environment within the EU
  • A tax exemption for gifts or inheritance to direct family members
  • No wealth tax
  • Free remittance of funds to Portugal

What documents will they ask me to prove if I am a tax resident in Portugal?

It is not automatic as you usually have to open activity with the competent tax authorities and declare yourself as tax resident, of course in case of doubt by the tax authorities, they can actively consider you a tax resident – in addition to immigration reports (entry/exit), you will be considered a tax resident if you have a house (home) where you can be considered as habitual residence and a spouse that is considered as tax resident in Portugal.

Where do I have to present them?

Portuguese Tax Administration – Administração Tributária

Is residing the same as being a tax resident?

No, you can obtain the residence permit but not being a tax resident and therefore not to pay taxes in Portugal

If I do not reside in Portugal, can I be considered a tax resident?

In order to be considered a tax resident in Portugal you must spend at least 183 days in the country in any given period of 12 months, so in principle someone not residing in Portugal cannot be a tax resident. Also, upon asking for a tax ID, if one is declaring to be a resident, a rental contract or a deed of a property must be shown, some residence connection must be shown.

In any case, if you register as a tax resident in Portugal and you’re not considered a tax resident anywhere else, we’ve had some cases in the past where the tax authorities never checked if the person effectively stayed in Portugal. Still, the legal requirement is 183 days in the country.

What taxes must residents pay in Portugal?

Considering your next question, we assume you mean tax-residents. Income tax is due (IRS), as well as other taxes such as VAT and some indirect ones.

What taxes must be paid by non-tax residents in Portugal?

If you are not a tax resident then you only pay taxes on any returns gained in Portugal (for example, real estate rental returns).

What taxes must be paid by tax resident in Portugal who sell a property?

Transfer taxes are paid by the buyer, so the seller will only pay any added value (“mais valias”) on the profit obtained with the future sale. There are various things to consider with this tax, as well as possible exemptions.

What taxes must be paid by non-residents in Portugal who sell a property?

Transfer taxes are paid by the buyer, so the seller will only pay any added value (“mais valias”) on the profit obtained with the future sale. There are various things to consider with this tax, as well as possible exemptions.

What taxes must a non-resident pay for a propierty?

Same as tax residents, you will pay annual property tax (IMI) and if the property is above certain values you may pay additional on that property tax (AIMI). There might be also some additional municipal taxes depending where you live.

What does a residence by investment and citizenship entails? Sale & rent managements

I have bought a flat / house, now what?

First of all, congratulations on your purchase! It’s a pleasure working with you and being part of your project. As Orience Membership Club, we recommend that first, you need to decide if you are going to your property and live there sometimes as a second residence, or if you prefer to have it as an investment. We will help you assess these two options, and we will study the market, then we will offer advises according to your needs. As you have your property, shall we call to make it clear when it would be convenient for you?

What does it mean to be part of Orience Membership Club?

For us, each member of the Orience Membership club is special. We know the importance of trusting someone blindly when it comes to living away from their property, that’s why by joining our club we will give you the personalized attention you need, seeking always committed to the quality of service, and we will be committed to solving any problem that arises, with exclusive treatment.

Who can be part?

Anyone who owns a property in Portugal, and wants to rent it or simply have someone they trust take care and keep their property clean in their absence.

What requirements must I meet?

People who live abroad and have bought your property as an investment, that is why we offer Packs with monthly or quarterly payments. In order to enjoy them you must sign a contract with us and give us authorization for these collections. This way, You can be part of our Membership.

What services does this Membership include?

Imagine that you travel abroad, to Portugal, for example, and buy an apartment, however you don’t plan to live in it at the moment, rather you plan on using it as a second residence  where you will come occasionally. Before coming you will need to make sure that your heating / air conditioning is connected, that your house is clean, that it has minimums for your arrival such as water, coffee, some toast … Or simply that someone has taken care of checking each X days the condition of your property.

Then suppose that, if you want to rent it, to recover your investment, but from your country of residence it is difficult to find a tenant, to know if your documentation is authentic, to speak with him monthly for payments, if there is any incident call insurance or search a technician, write the contract.

By being part of the Orience Membership Club, these and others are the services that you can benefit from. From anywhere in the world, you know you have someone you trust who will take care of your property as if it were our own.

What can you offer me for the management of the property once I have finished the buying and selling process?

We offer a post-sale service, that is, if you are far from your property and need someone to manage the maintenance of your property, whether or not you want to rent it. From Orience Membership Club we are committed to giving you all the necessary services so that you get a good benefit from your purchase, or simply to keep it in the desired state when you visit Portugal.

Do you write the contracts and review the documents?

All contracts we send you are drawn up by our legal department, specialists in immigration and real estate services.

If a contract comes from an external company, it is sent to the legal department to review it and proceed to make the modifications that are convenient for our client, if any.

Will you prepare the translation of the documents in my language?

You will always speak to a consultant who speaks your language to explain the content of the documents you are going to sign. The internal documents of Orience Membership Club are always accompanied by a translation in the client’s language.

If I decide to rent my property, do the tenants pay directly to my account or to the real estate agency?

 To take greater control of the payment, and to ensure that all tenants meet the maximum payment date, they are sent a document to sign where they must provide their account number and authorize the realtor to generate a monthly rent receipt. In this way the real estate company receives the net amount of your rent and then sends it to your account.

When, and how much in net, am I going to receive the monthly rent?

By contract, tenants must pay the monthly payment by the 5th of each month, and you should receive it by the 10th of each month.

Regarding the amount, the real estate agent can retain between 3% and 5% depending on the area where thet are.