Attracted by the quality of life, culture, climate and stability of Spain, the Golden Visa is a scheme for none EU nationals, which provides investors and their immediate family with automatic renewable residency status in Spain.
The Golden Visa is a particularly good option for British people considering investing in Spain post-Brexit. With the Golden Visa, you will not be limited to a 90-day stay in the country, and there are a number of different ways of gaining eligibility to the scheme.
1. To purchase real estate of a minimum value of 500,000€
2. Invest in Spanish public debt with 2 million euros
3. Buy shares valued at 1 million euros in a Spanish company
4. Deposit 1 million euros in a Spanish bank
5. Own a company in Spain which generates employment
With one of these options, the citizen can apply for the Golden Visa through their own Embassy or Consulate, and once accepted, the Golden Visa is valid for 1 year, at which point it can be exchanged for a residence permit. After 5 years, they can achieve permanent residency, provided they have spent at least 6 months a year in Spain, and after 10 years, they can apply for citizenship of Spain.
The advantages given to holders of the Golden Visa are as follows:
- To be able to live and work in Spain
- To bring spouse, children and elderly parents or dependents
- Access to the public health and schooling systems
- Access to visit Schengen zone countries
- Investors will only be taxed on their worldwide income if they are resident in Spain for over 183 days in any year.
- For non-resident individuals, tax is charged at 24.75% on income derived in the country, like rental income. This can be reduced with expenses.
- Capital Gains Tax (CGT) applies to any profit made from the sale of a property.
- CGT starts at 24%, increasing to 27% for gains exceeding €50,000. Allowances and deductions can be made.
- Annual property taxes are payable to the local authority at approximately €200 – €400 per year for an apartment, more for a villa.
In Spain, there are many independent lawyers and gestors who can guide you through the application process for the Golden Visa, with fees ranging from approximately 8000-11,000€. The official government fee of 70€ for administering the application applies to each family member. For help with your Golden Visa application call us on Tel: +34 951 50 20 10.