Spain

Spain is one of Europe’s most popular holiday destinations with a diverse culture and history. It is a full member of the EU and Schengen area, giving residents of Spain unrestricted visa-free travel and access to the EU’s 26 countries. It also provides the opportunity for you and your family to live, study and work in Spain, without the requirement to physically reside in the country if you so choose.

In 2013, the Government of Spain enacted Law 14/2013 allowing non-EU citizens the opportunity to acquire a temporary residence permit in exchange for the purchase of real estate with a minimum vale of EUR 500,000. This purchase can be made through the primary applicant or through a company that is 100% owned by the applicant and the first EUR 500,000 must be free of any charges or mortgages.

The programme is open to all non-EU applicants. Spain has an excellent variety of real estate offerings, whether for lifestyle or investment. With an attractive climate and geography, applicants have the advantage of owning property in a highly desirable and desirable country.

The investment thresholds under the real estate option are as follows:

• A real estate purchase with a minimum value of EUR 500,000*
• The primary applicant and all dependents must hold valid health

Following an initial contact, we will provide an overview of the costs and process that the programme entails from submission to permanent residency after 5 years.

Firstly, the principal applicant is required to travel to Spain before issuance of the first residence visa. This visit can be completed within 3-4 days and focuses on signing a Sales and Purchase agreement on a qualifying real estate investment, biometrics and opening a local bank account. When you return to your home country, a deposit will be transferred to start the sales process which will take 2-3 months, at which point an application can be submitted within 10-15 days and you will receive your temporary residency permit.

The Golden Visa is a temporary residence permit valid for a period of one year from the date of issue and may be renewed for successive periods of two years, provided that the necessary requirements for its granting are maintained. After five years, you can apply for a permanent residence permit and you can apply for Spanish citizenship after living in Spain for ten years (full time) and assuming you meet the requirements. However, if you are born in Spain to legal foreign residents this period of residence is only one year or if your nationality is from a Spanish American country, Andorra, the Philippines, Equatorial Guinea, or Portugal then only two years is required. You are not required to live in Spain in order to retain and renew the residency visa permit. However, the route to permanent residency and citizenship requires the investor and their family to reside in Spain.

Under the family reunification scheme, your spouse and children under 18 can be granted a residence permit once the principal applicant has been approved. Children above 18 and parents can also qualify, provided they are financially dependent on the principal applicant.

There is no implementation of global taxation in Spain. However, personal taxation for non-residents on Spain-sourced employment and pension income is charged at a preferential rate of 24%, although interest and rental income, dividends and capital gains are taxed at 19%.