The Golden Visa
A Golden visas new law 14/2013, of the 27th of September 2013, allows non-EU nationals to qualify for Spanish residency. The law distinguishes clearly between residency visas and residency permits.
To be eligible for a Golden visa, clients have certain criteria to adhere to but the main one is to inject €500.000 cash (excluding fees and taxes) into a Spanish property purchase. Many buy properties in cash for this amount or above and qualify directly as a result. For those wishing to purchase more expensive properties and limit their cash injection to €500.000, they can top-up with a Spanish mortgage. If, for example, the property price is €800.000, the client can secure a €300.000 mortgage against the property and still qualify for the Golden visa due to their cash injection of €500.000.
The legislation also states that the investment can consist of the acquisition of one or more properties and they do not need to be acquired at the same time. This means that the €500.000 can be invested over time if necessary and mortgages can be used with each purchase to bridge any shortfalls if necessary. Once the total cash injection reaches €500.000, the clients can apply for the Golden visa.
At the moment, citizens from Russia and China make up the largest groups applying for the Golden visa, although the rules apply to anyone not currently allowed to travel freely within the EU (or Spain).
For non-European Union (EU) nationals who are seeking residency in Spain via the ‘Golden visa’ legislation and are interested in discussing the possibility of obtaining a Golden visa, do not hesitate to Marbella Homes and we can introduce you to a Spanish lawyer who specialised in these applications.
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