Since the programme launched in 2013, the Spanish Golden Visa has remained one of the top choices for residency by real estate investment in Europe.
This investment route allows non-EU citizens to live and work in Spain after purchasing a minimum value of real estate, company shares, or government bonds. The most popular option is buying property in Spain, which also gives the investor and their immediate family the right to legal residency in Spain and the ability to travel freely within the Schengen Area.
As SchengenVisaInfo reported this summer, there is still a substantial demand for Spanish Golden Visas after a slight drop in the first half of this year, which is likely to remain stable in the future.
Spain is still in the top five European Golden Visa countries for 2022, making it one of the most attractive options for third-country nationals hoping to live, work, or travel in Spain and the EU.
Which country has the best Golden Visa?
As per SchengenVisaInfo, the majority of global investors looking into Golden Visa programmes were focused on Europe, with the number of international buyers willing to earn residency through buying property in European countries increasing by 20% in the last year.
Along with Spain, the other European countries in the top five Golden Visa investment programmes are Portugal, Greece, Montenegro, and Turkey. Other countries, including Malta and Italy, have also been experiencing an increase in demand for their Golden Passports.
As Spanish lawyers, we may be biased in saying that the Spanish Golden Visa is the best option, but this is backed up by the increasing numbers of Brits and Americans looking into Spanish residency by investment. Spain has the edge over other EU countries with Golden Visas because:
- ⦿ The minimum investment is lower than countries like Malta, Bulgaria, Cyprus etc
- ⦿ There are several straightforward investment options to choose from
- ⦿ The application process is faster, as other countries can take many months
- ⦿ There is no minimum stay requirement to maintain a Spanish residency permit
There are many reasons to immigrate to Spain that make it an attractive destination for investors, who may not want to live in Spain themselves but can offer the benefits of a Golden Visa to their spouses and children.
From the lower cost of living to the lovely climate, the unique culture to the better quality of living, many people would agree that Spain is the number one choice.
Why are more British people getting Spanish Golden Visas?
According to Property Investor TODAY, the last year has seen a 141% increase in purchases of Spanish properties worth 500,000€ or more – the minimum required for a Golden Visa – and out of all the nations looking for homes in Spain, Brits are the largest group at 40%.
This is likely due to Brexit. As Britain is no longer in the EU, Brits can no longer stay in Spain for up to 6 months at a time, with a 90-day limit applying for non-EU nationals. However, being non-EU citizens also means that Brits are now eligible for the Spanish Golden Visa – as we’ve discussed before in our previous blog about Brexit and Spanish Golden Visas.
For those buying a second home or holiday home in Spain, taking the Spanish Golden Visa route rewards this investment with a fast track to residency, bypassing the 90-day rule and scrapping the need to apply for a Schengen Visa or another type of short-term Spanish residency permit.
Even if you, as the investor, don’t plan on living or working in Spain, you can still reap the benefits of free travel in the Schengen Area while returning money on your investment through property rental. The Spanish Golden Visa is an excellent investment vehicle for overseas buyers.
Do you need help applying for a Spanish Golden Visa?
Spain is proving to be a hub for foreign investment in real estate, with the Golden Visa programme making significant contributions toward the recovery of the country’s economy.
If you’re a prospective international buyer in need of professional legal assistance in Spain, why not get in touch with us? Manzanares Lawyers can help you to navigate the best investment option for you, ensuring that your application process runs as smoothly and quickly as possible.
We regularly assist with Spanish visa applications of all kinds, plus Spanish property law and Spanish tax management, making us the go-to experts when you need guidance from English-speaking lawyers in Spain.
Be sure to give us a call on +34 952 82 41 12 (Marbella), +34 952 59 50 42 (Alhaurin), or +34 971 30 31 32 (Ibiza) to speak to a member of the Manzanares Lawyers team. We’ll be happy to help you on your journey to Spanish Golden Visa real estate investment.