Golden Visa & Residence Permits Spain for Non-EU Investors.
After approval by both Houses of the Spanish Parliament and publication in the Bank of Spain’s Official Gazette, the law allowing non-EU investors to apply for Spanish residency.
Here you can see the amending Spanish law 14/2013, of 27 September, to support entrepreneurs and internationalization, the official newsletter no. 180, Wednesday July 29, 2015 Section I. page 64529
BOLETÍN OFICIAL DEL ESTADO.
The new law on entrepreneurs hope to
contribute to the economic growth of Spain by the
influx of foreign capital. Spain is now granting the Golden Visa to non-EU
citizens, caring out investments, like purchasing
of Spanish real estate of at least 500.000 €
(investment in multiple properties and co-ownership
allowed).
The Golden Visa is expected to attract a large
number of investors, especially from Asia & Middle
East.
TeamCanaria has qualified sales advisors who
can help you to find the best property for you.
The investment activity must be performed before the
application and maintained for a minimum period of 5
years after the residence permit is granted.
Duration of visa or residence permit.
The investment will provide visa for at least one
year.
The Visa is then renewed for 2 successive periods
of two years, provided that the requirements of the
investment activity are maintained, and the
applicant must:
- Be in possession of a valid
Visa or one which
expired less than 90 days ago.
- There is no minimum stay period in Spanish
territory, but the holder of the Spain Residence
Permit must travel at least once to Spain, during
the period preceding each renewal.
- Sustain the investment.
Applications from individuals with criminal record
will be rejected.
The decision to grant a Visa will be resolved and
applicants notified within a period of 10 working
days, in case of Spain Residence
Permit must be taken by the
competent authorities within 20 days after the
submission of the application, which must include
evidence that the financial or real estate
investment has already been completed.
TeamCanaria has established arrangements with
the most qualified professional to provide a
consultation service for the obtaining of a Visa or
Residence Permit, and they will advise you during
every phase of the application process.
The key to access Europe - - Family and mobility
benefits in Europe.
Travel freely, without a
Visa, to the Europe Schengen Area. The holders of a Spanish Residence
Permit (Golden Visa) will not require a Visa to
enter the Europe Schengen Area. They can transit and
enjoy free movement in the Schengen Area for a
maximum period of 3 months (90 days) per half-year
form the date of first entry.
Other countries which do not belong to the
Schengen Area but which guarantee the free movement of
persons are: Andorra (required to show passport
together with the Visa or Residence Permit), Monaco,
San Marino and the Vatican City.
Visas and Residence
Permits apply to both
the spouse of the applicant and their children under
18.
I would like to invest in Spain, but I don’t know about the Legal or
Tax aspects related.
TeamCanaria collaborates
with firms of independent Spanish lawyers with both
knowledge and experience in foreign investment by
individuals or companies, and we guarantees that these firms will provide the
best legal and tax assistance to solve every aspect
and all the paper work required during the entire
process of the property or financial investment.
Frequently Asked Questions for Visas and
Residence Permits in Spain through Property
investment.
In the case of investing in property, must
it be
free of mortgage?
Not necessarily, as long as the contribution of
private funds is over 500,000 €. This means you can
buy a property with a mortgage as long as the
difference between the purchase price and the
mortgage is over 500.000 €.
It may be the case you purchase a property that
does not have an existing mortgage. If this is the
case, as the future buyer you can take out a loan
and mortgage the property yourself, as long as this
still results a personal investment of 500.000 € in
addition to any loan.
Having a Spanish Residence
Permit entitles me to
healthcare in Spain too?
The granting of a Visa or a
Residence Permit does
not entitle social or health benefits.
You will need to have private health insurance in
order to receive the benefits without being subject
to higher charges.
Can I transfer my money from anywhere in the
world?
Yes, but you should be able to provide evidence
as to the source of funds to demonstrate that come
from clean sources and are not involved in criminal
or illegal activities.
Also, if the fund comes from a tax haven, a
declaration procedure should be performed in advance
in the "Register of Investors', a specific
department of the Ministry of Economy in Spain.
Why invest in Spain?
The Spanish economy is facing many challenges,
ideal circumstances for great investment
opportunities:
- An internationalized economy: one of the
largest economies in Europe and important
internationalized Spanish companies are already
world leaders .
- A macroeconomic situation marked by
structural reforms, especially fiscal and labor,
that encourage investment.
- Potential of Spanish domestic market, with
more than 47 million people worldwide leadership in
the tourism sector , the second country with the
greatest benefit , behind the United States. The
gateway to Europe, Africa market ( the Canary
Islands as a commercial hub ) and Latin America, a
market in Spain is the third largest investor under
Netherlands and the United States (2011).
- The business climate marked by the
qualification of human capital, labor cost
competitiveness and quality of infrastructure.
- Business opportunities, and the potential of
renewable energy, biotechnology, aerospace and
automotive industry, logistics and transport,
environment and water treatment .
Do not forget the superb quality of life: a rich
historical and cultural heritage, world-renown
gastronomy, an exceptional climate and more than
8.000 kilometers of coastline.
Other alternatives to obtain a Visa &
Residence Permits
The law grants residence visa concession to
foreign investors that comply with the following
requisites:
- Buy a property with a value
equal to or more than € 500,000
- That they acquire Spanish Debt Bonds of at
least 2 million € (Major shareholders of foreign
companies who invest in Spain may individually
obtain the Golden Visa.)
- Capital transfer of at least 1 million € into
the Banking system or Spanish companies.
- Creation of a Business Venture leading to job
creation, local economic development or
scientific-technological contribution. In this case,
it will be necessary to show an affirmative report
issued by the ‘Dirección General de Comercio e
Inversiones’, Spain’s Directorate-General of Trade
and Investment of the Ministry of Economy.
If you have a specific interested in relation to
Spanish Residence Permits / Visas, kindly provide
your contact details by
clicking here.
(This information is for general reference
only, and should not be used as substitute for
professional legal advice.)
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