The Golden Visa Scheme in Spain offers residency for purchasing a property here. The scheme is meant to attract investors to buy property in Spain, and in turn, help boost the housing market. The Golden Visa Scheme in Spain is the new weapon in the war to attract property investments from overseas. Countries in Southern Europe are competing with each other to bring in money from countries such as Asia, the Middle East and Russia. In return Spain is offering residency with the chance to apply for citizenship plus, more importantly, for these countries, the opportunity to travel freely throughout the rest of Europe.
Obtaining a long-term residence that allows ease of travel in EU Schengen countries is a key factor for these non EU Citizens. Investors from these non EU countries also understand that now is an opportune time to invest in real estate in Spain. The Golden Visa Scheme in Spain was introduced at the end of 2013 so is still a relatively new concept. For an investment of at least €500,000 on the purchase of a property, the permit is issued to the head member of the family which covers a spouse and children up to the age of 18 unless they are still dependants for example in full time study. In addition one is required to have private health care and also deposit a cash sum in a Spanish bank account to demonstrate that they are able to fully fund themselves. The finite details of this visa and its requirements can be further explained by Bufete Megias for free impartial advice or click here to open up our fact sheet.
Initially the permit is issued for one year and needs to be renewed every two years. Holders of the permit must travel at least once to Spain during the period of issue. With Spain being a member of the Schengen Area, which enables free travel between 26 European countries, this is a small price for to pay for such freedom for high net worth individuals from non EU Citizens.
Whilst they say that the Golden Visa Scheme in Spain may or may not have much effect on prices in property in markets such as Spain, they are a vivid illustration of how wealth has shifted in the world. The seriously rich and famous have always been able to take their pick of where to set up home, and now that privilege has spread to emerging countries across the world.
We have an exclusive section on our website dedicated to the Golden Visa Scheme in Spain with properties that are Golden Visa qualifying, so to obtain further information or to talk to a specialist please don’t hesitate to contact a member of the KMS Team where we will be happy to guide you to your dream home on the Costa Del Sol.