Now with the life returning to it's new 'norm', the Spanish consulates are resuming receiving visa applications. Now may be your time to start the process of obtaining your golden visa and getting your foot in the door of Spain.
Since we are working in real estate we'll cover how to get your Golden Visa by investing in real estate.
Other ways are by having an investment of 1 million euros or more into a Spanish bank account, investing 1 million or more into shares of Spanish companies or an investment of 2 million or more in Spain's public debt securities.
The last and more cost effective way is to invest 500,000 euros or more into real estate. Not only is this option cheaper than the others but if you work with the right people and choose the best asset then you can see a profit on your investment in years to come. You could chose a property in an area that people like to rent and rent your property or leave it and when the market is good then sell it. Of course you can always live in it yourself and enjoy the lifestyle. With the current Covid-19 there are some great deals in the property market at the moment. However you should not be expecting to see the same properties available as in the 2007 crisis. Find out why in our previous blog post by clicking here.
While the current pandamic has meant more travel restrictions, this golden visa scheme means those with money can decide where they quarantine should need be. Where has better health systems, education and response to pandemics. People are looking for places they feel safe, like a plan B should they not feel safe in their own country. People just want options should anything like this happen again. They are looking for ways to be able to travel more freely incase there are more restrications to come. There have been more enquiries and applications for golden visas this year compared to last year.
To qualify for your golden visa through real estate you will need the following:
A NIE number which is like an identification number for foreigners. You can choose to fill out the paperwork and obtain this yourselves. The easiest option especially if you cannot physically be here all the time is to give power of attorny to a lawyer and let them do all the work for you. We can recommend an amazing top lawyer should you need it.
You will also need a Spanish bank account. A lawyer can help with this process also but you will need to go in person to the bank with all original documents before you can start using the account. When transfering large sums of money to purchase your property, you will also need to fill in an anti-money laundering document.
Lastly you need a property to buy for 500,000 euros or more. To do this you will need an estate agent who can recommend good investments that meet your requiements and also you can use a lawyer to do the due diligence to ensure the property is fully legal.
With most things preparation is key, so as long as your paperwork is in order and you work with professional knowledgable people, the process should be straight forward.
If you would like more information or to be put in touch with a laywer then do not hesitate to get in touch. If you would like a selection of properties in our area of expertise to see what property you can get to start your process of applying for a golden visa then click here to contact us or email us at info@southspainproperties.com
I hope you liked this post and be sure to keep up to date with our blog for all the latest news. To book an appointment or for more information on our properties contact us now.
SOUTH SPAIN PROPERTIES PROMISE! STEP-BY-STEP support from our dedicated team of Property Consultants, Lawyers, Builders & Interior Designers!
