Last year the Spanish Congress approved the new Law 14/2013 from the 27th of September of 2013 regarding residence permits for non EU investors. Now the BOE (Spanish official state gazette) officially and legally states that the process to apply for and get a residence permit will be made easier and faster for investors in specific cases, one of them being the acquisition of a residential property for at least 500.000 euro.
The key to Europe for non EU investors
The so called Golden Visa in Spain came into effect in 2014 and it establishes a less complicated process for non EU investors and citizens, enabling them to come to Europe and enjoy a free passage in all 26 countries in the Schengen Area, just like any other EU citizen. This basically signifies a Golden Visa for Europe.
The different cases in which investors can obtain a residence permit are listed under the article number 60 of the new law and resumed below.
- Real Estate Investment
In the case of real estate investments, the acquisition of a property in Spain is considered a meaningful equity investment when that investment is of 500.000 € or more per applicant.
- Business Project
A meaningful business project is that which is considered and proved to be of general interest. To be of general interest it needs to fulfil one of the following requisites:
- It creates employment.
- It has a positive socioeconomic impact in the geographical area.
- It represents a meaningful contribution to the scientific and technological field.
- Public Debt Securities
The applicant makes either an initial investment of at least 2 million euro in public debt securities, or an initial investment of at least 1 million euro in Spanish companies’ shares or equity participations, or in bank deposits from Spanish financial institutions.
In this way the process to obtain a residence permit as a non EU investor has been simplified and has become less complicated; so that the doors of Europe are now open for these investors. Therefore, now is the perfect time to make an investment in southern Spain and some areas are specially suitable for this, for example the Costa del Sol, Málaga, Axarquía, etc… which are multicultural areas that already have all the necessary modern infrastructures and offer a unique combination of the best climate (over 300 days of sun a year), and enviable living and business conditions.
We would happy to provide you with more specific information about the Golden Visa in Spain and personally advise you about the different existing possibilities. Please feel free to contact us!