Acquisition of property in Spain by foreign investors

Acquisition of property in Spain by foreign investors

The granting of the so – called “Golden Visa” to non – EU foreigners (Law 14/2013 of 27 September, supporting entrepreneurs and their internationalization)by purchasing real estate in Spain, has the following effects for the investor:

1).The residence visa for investors will be enough to reside and work in Spain during its term.

2).- The duration of the initial residence permit is two years, renewable for successive periods of five years.

3).- The investor who is legally in Spain can directly process the residence permit without obtaining, in advance, a residence visa for investor (which was requested at the appropriate consulate of the investor ‘s domicile).

This is a simplification of procedures and facilitates the process to the investor, who will not have to travel to Spain during the duration of the visa.

4) .- Along with the holder of the investment may benefit from the residence the following family members: spouse, unmarried partner of the investor, children under 18, children over 18 years financially dependent on the investor who may not have constituted themselves a family unit, and the parents depending on the investor.

5) .- The investor should be aware that, if the investment is carried out by a marriage in community of property orsimilar and the amount of the investment does not amount to at least 1,000,000 euros for property, shall be deemed that has been made by one spouse, the other spouse may apply for a residence visa as investor family.

6) .- It is recognized as a way to prove the investment, the presentation of an earnest money contract formalized in a public deed.In this case a residence visa for investors maximum duration of 6 months would be obtained.The investor must prove thathave the amount needed to purchase the property deposited in a financial institution established in Spain (including taxes).He must then prove the actual purchase of the property to apply for residence permit.

The exposed ends encourage, facilitate and speed by reducing processing times for obtaining the call “Golden Visa” for non – EU foreign citizens interested in it.

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