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Main benefits from recent “Golden Visa” in Spain

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After Law 14/2013, dated 27th of September, went into force, a significant number of applications for “visa” or residency in Spain are being filed for non EU citizens, whenever they make a minimum investment of EUR 500,000.00 on Real Estate in Spain. This is commonly known as “Golden Visa”.

In the practice, and after one year since it was implemented, from Manzanares Lawyers we are experiencing that this is actually a swift and flexible process, and many of our clients are already holders of their so called “Golden Visa”.

In fact, what are the benefits of obtaining this new type of residency in Spain?

1.- It is initially granted by a period of 1 year, renewable. During that year, it is not necessary to stay in Spain 183 days (as it is in other types of residency). You only need to visit Spain once.

2.- As a consequence, the applicant can maintain fiscal residency in a different country, as it is not compulsory to become a tax resident in Spain.

3.- Obtaining “Golden Visa” allows the resident to freely travel, without any restrictions, all over the “Schengen Area” countries (e.g. France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden, Switzerland).

4.- Renewal of this visa is simple and quick, as it is only necessary for the applicant to prove that he/she still has the investment in Spain. Renewal is done for 2 years, that can be extended in periods of 2 years.

5.- Together with the applicant, his/her wife/husband and children under 18 can also obtain the visa, and any elderly that depend on them for health reasons.

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