The Spanish Golden Visa is something we have worked on for years now with clients from all across the World (We have a whole website about it here). It came into force after the 27th of September 2013 when the new “Entrepreneur Law” was passed and has been updated since then to become more useful by including spouses and children as well as dependent relatives.
What is the Spanish Golden Visa?
First things first, what is the Spanish Golden Visa. It is a visa given to those who have invested over 500,000 Euros in property to stay, live and work in Spain 365 days of the year without having the obligation to be in Spain for over half a year (A condition of maintaining a normal visa) It is given to those people who are from outside the EU28 (Soon to be the EU27) and invest in the country in property. Investors looking to get the Spanish Golden Visa can also invest 1 million Euros in stocks and shares or deposit 1 million Euros in a Spanish bank to get the visa. The investment has to be maintained in order to keep the visa, ie you cannot buy property and then sell or mortgage it to reduce the 500k initial amount.
Initially the Spanish Golden Visa had a slow uptake as it required 500k per family member and didn’t even include the right to work in Spain. The 2015 update of the law allowed people to work and thus be able to live when they were here and also allowed extended family to come into the country with just the one visa.
The good thing about the Spanish Golden Visa is that the property investment can be made over several properties. You do not just need to buy one property over the threshold amount. The prices in Valencia allow you to do this very easily.
Our clients often buy a main residence and then they buy investment flats giving them income through renting them out. The good thing about Valencia is that your main property can be excellent, for example a large villa with pool, gardens and fantastic location and that can easily still leave you with half of the money to invest in two or three city apartments or even more apartments in the towns around the city such as Naquera, Serra, Lliria etc… where there is a large demand for rental apartments but prices are lower than in the city.
We have also spoken on these pages before about the advantages of living in and around Valencia, one of the best climates in the World, a thriving city (the third biggest in Spain) with plenty happening every day to keep you occupied, a great city beach, fantastic parks and gardens and friendly people who live life to the full. However there are other reasons why the Spanish Golden Visa might well work for you.
- Your children can study in any of the Schengen countries in Europe. They are not limited to studying in Spain.
- You have the opportunity to live and work in Spain permanently but there is no requirement. You can get the visa with all of its advantages and continue to reside in your home country or where you currently live.
- It is a clear route to Spanish Nationality if you wish to take it.
- You don’t have to become a tax resident of Spain if your economic interests continue to be elsewhere.
- You are fast tracked through the residency system as you only need to provide your paperwork required and prove your investment of over 500k, your deeds.
- You can travel through the Europe Schengen area visa free for 90 days out of any 180.
Apart from these reasons take into account more local factors.
- Real estate prices are rising in and around Valencia so putting your money into real estate in the area should actually grow your money faster than leaving it in a bank for example.
- Valencia is becoming an even more wonderful city to live in with new bike lanes, parks and leisure facilities all around the city adding to the current great facilities for its citizens.
- Local demand for rental property is high and returns are good. Tenants tend to look after the properties too as they realise there is little rental supply around for them to choose.
The Brexit Bit
If you are from the UK you will soon be able to take advantage of the Spanish Golden Visa too and keep your ability to live, work and move freely around Europe. Post Brexit it is likely that UK citizens will be considered third country nationals just as Americans, Canadians, Russians, Chinese etc… are currently. UK citizens will therefore have the same access to the Golden Visa as citizens from other countries do.
Therefore, if you are considering getting the Spanish Golden Visa then Valencia should be very high on your list. A combination of lifestyle, climate, property prices, communications, the people and the whole welcoming atmosphere makes it a stunning place to live and bring up your children and be with your family.
Remember that if you liked this then you can read more of our recent offerings here.