Golden Visa in Spain
In the last years, En los Ãºltimos aÃ±os en EspaÃ±a se foreign investment in Spain has increased considerably. The Autonomous Community of Madrid has gathered over 50% of these investments but we must not forget that Spain is a very attractive destination for all kinds of foreign investors.
It’s a very important revenue stream that boosts the national economy to the next level.
Foreign investment in Spain
The property market receives the largest part of the foreign investment in our country. It is quite clear that Spains has endless option and a certain agility in these transactions, not to mention the attractiveness of the country for its weather or local foods. All this makes a great number of investors from all over the world choose Spain for their real estate investments.
One of their preferred mechanisms is the Golden Visa. The Law for the Support of Entrepreneurship (Ley de Apoyo a los Emprendedores) that was approved in 2013 introduces the possibility of getting a residency permit in Spain through investment. One of the ways to obtain this permit is through investment in real estate with a value of over 500.000 euros inside Spain. This option is extremely attractive for investors from outside the European Union. The investor is granted a residency permit in Spain for a period of two years (extendable).
The Golden Visa has been the most used mechanism and the one with the highest demand since the Law for the Support of Entrepreneurship was approved in 2013. The quick resolution of the applications and the ease of the procedure have made it the preferred choice for foreign investors. This has also caused a big surge in the property investment in certain cities or areas. In the last years, real estate investments have grown to a record high.
The application is to be presented at the Unit of Large Companies and Strategic Collectives (UGE-CE), which will resolve the application within 20 working days. The quick resolution and the positive administrative silence if no response is received are two very attractive features of this procedure. Alos, the application can be presented by an authorized representative, which translates into more comfort for those who can’t travel to Spain to present the application in person. Another favorable point is that the permit also applies to family members of the main applicant.
Requirements for applying for a Golden Visa
The requirements for applying for a Golden Visa are mainly standardized requirements for other applications with certain peculiarities depending on the investment case. As we mentioned earlier the investment in real estate will have to be made for a value equal to or over 500.000 euros. Of course, this investment will have to be free of any liabilities or mortgages. In this last case it is important to mention that the property can be purchased with a partial mortgage as long as at least 500.000 euros are paid as a deposit or down payment.
As you can imagine the process is quite quick and the requirements are not too complex, which makes it a valuable option for anyone considering a property investment in our country.
DEED puts at your service a team of specialists in the management of this residency permit. When you choose DEED all the process is completed online and you can also add our main service on offer, the management of the actual property transaction, to have everything you need to obtain a Golden Visa.
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