Spain has joined the list of European countries that offer residency for foreigners, as long as it is invested within its borders, thanks to the implementation of the Golden Visa. This resource to attract external capital from the European Union in exchange for granting a permit to reside and work in Spain, has given a boost to the real estate sector that had suffered a hard blow because of the crisis.
Those who want to get the Golden Visa Spain will have to make an investment of minimum 500.000 euros. The properties purchased may be of a domestic, industrial, residential or commercial nature. They will also be able to buy several properties as long as all the investments with lawful funds are equal or higher that the amount mentioned.
Following this procedure, Spain has attracted a lot of families, most of them from China and Russia. Of the more than 5.000 investment files per purchase of real estate applying for the Golden Visa and spent more than 3 billion euros, about half did so in Barcelona.
Spain has incorporated this opportunity into the Law on Entrepreneurs of September 2013, being improved in 2015 with the purpose of smoothing certain conditions and facilitate the obtention of the Golden Visa.
Spain, one of the favourite destinations
Spain has been one of the most benefited countries in Europe by the application of the Golden Visa. The following factors have been crucial so foreigners prefer to invest in our country:
- Low price: one of the main attractions of the golden visa. Along with Greece, the investment cost is one of the lowest in Europe. What’s more, the residence visa offers the chance to work in Spain legally.
- Access to the Schengen territory: another factor to take into account is be able to access to the Schengen territory. The freedom of movement through the Schengen territory is allowed for up to three months within one semester with the obtention of the Golden Visa. Therefore, you will move freely through most countries of the European Union.
- Good quality of life: investors can easily adapt to the country because living conditions are really good. Moreover, from an economic point of view, Spanish monetary policy is controlled by the ECB, so it has a strong currency with rather low interest rates.
- Benefits for the family of the investor: with the Golden Visa Spain has approved the co-ownership and rights to the couples and children of investors.
- No permanence: among the most outstanding benefits of the visa we see that it doesn’t require to stay in the country (more than 183 days) so you only have to visit the country for a few times.
Chinese and russian investors
Chinese investors, along with the Russians, lead the Golden Visa in Spain. In fact, Chinese investment in Spain has increased more than the 800% between 2014 and 2018, accumulating $15.7 billion. Most investors from China prefer to invest in Barcelona rather than Madrid.
Russian investors are the second most common nationality, although their applications are becoming lower. That’s not the case of the American investors which are slowly approaching positions, same way as the Brazilians. Indian residents are fifth, although in 2017 they grew from 653 to 916 permits. Finally, we would have Venezuela and Mexico.
The entrepreneurs law
The application of the gold visa has been possible thanks to the Entrepreneurs Law. As we have said, investors seeking to get the golden visa will have to invest at least 500.000 euros. This amount must be a net investment sold from abroad, free of charges and levies.
The residence permit for investing in Spain will be obtained as long as the investor goes to the Consulate of Spain of his country of residence to apply for a visa that will last one year. During its term, the residence and work permit may be requested as well.
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