EU Golden Visa – Q&A – Understanding the Process
What is a Golden Visa?
A Golden Visa is issued by the Spanish Government to Non-European Nationals to allow them to live in Spain, either temporarily or permanently.
The stipulation is that the applicant must purchase Real Estate to the value of at least €500,000.
What type of property is acceptable for a Golden Visa?
It could be a Residential Home, Rental Investment, Commercial Property, Land and Buildings under Construction. One or several properties can be purchased providing the total cost is at least €500,000.
Would a Mortgage be permitted on the Property?
A Mortgage or Loan could be applied for but only on the excess amount over €500,000.
Can more than one person invest in the same property?
There can be multiple owners of one property but it would be necessary for each owner to have an individual investment of at least €500,000 to acquire the Golden Visa.
Can the purchased property ever be sold?
The property purchased for the Golden Visa can be sold at any time providing another property is bought so maintaining the investment of at least €500,000 at all times.
Is the Golden Visa just for the Investor?
The Visa would include Husband, Wife and Children under the age of 18.
The children would be entitled to attend one of the many excellent schools in Spain.
How long does the Golden Visa last?
The Golden Visa lasts for one year and is then upgraded to a Residency Permit for the following 5 years. The Investor must continue to keep the €500,000 property investment and visit Spain at least once during the first year.
Permanent Residency and Spanish Citizenship.
Permanent Residency will be granted after 5 years of having the Residency Permit.
After a further 5 years the Investor will be given Spanish Citizenship.
What is the cost of applying for a Golden Visa?
The cost to the Immigration Lawyer would be in the region of €1500.00 + 21% IVA.
How long does it take to receive the Golden Visa?
It will take no more than 20 days.