What is the Golden Visa?

Have you heard about the Golden Visa here in Spain and do you know what it is? Simply put, a Golden Visa here makes non-EU residents legal quickly. Officially known as Investors Residency Law, it has become more widely-known as the Golden Visa since its inception. The scheme was set up in 2013 to boost the economy and basically means that if you invest £500,000 in property or business in the country you will be eligible to become a resident under a one year visa. Of course, there are legal conditions to adhere to, but outside of the EU this is a way to become a Spanish resident purely through your investment in the country.

Many non-EU nationals have taken advantage of this scheme that effectively makes them an EU resident eventually. According to an article in El Pais “Official data show the countries of origin of successful applicants, and Chinese nationals have headed the list every single year except for 2013, when the program went into effect. A total of 4,640 golden visas have been issued to Chinese citizens throughout this time.

Russians come in second place overall with 1,997 residency permits, but applications have been dropping and in 2017 they had retreated to the fifth spot. Americans hold the third spot overall, followed by citizens of Brazil, India, Venezuela and Mexico.”

If you are thinking of investing in property in Andalucia, then the Golden Visa may be an option for you post Brexit. Compared to other visas, the Golden Visa can be obtained whilst you are in the country, so you could come and view property and then apply. The Residency Visa applies for one year and then investors can apply for a Residency Permit which allows a further two years residency.

Conditions of the visa mean that you do have to come Spain at least once and many use this as an opportunity to buy a second or holiday home. Families can apply under one application and this is an appealing option and feasible family investment.

Many of the superb properties available on our website offer the opportunity to be part of this scheme so if you are looking for an elegant villa in exclusive La Zagaleta, or a contemporary property in Marbella, we can guide you to an area that will suit the lifestyle you are looking for.

For more information on the Golden Visa contact one of our International team members today.