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Thursday, November 5th, 2015

The Spanish government prepares to make changes to the “Golden Visa”

The Spanish government has carried out some modifications in the regulations for obtaining a “visado de oro” or “Golden Visa” with the aim of facilitating the process and to attract a bigger number of non-EU buyers that invest in the real estate sector in our country.

Spanish Golden Visa

Approved in 2013, the Spanish Golden Visa offered investors outside of the European Union the possibility to obtain a resident permit in Spain upon an investment into the real estate market that equates to a minimum of 500,000€.

Furthermore, the visa, renewable every two years, allowed its holder to travel anywhere within the Schengen area for a total of 90 days for every 180 days.

Luxury properties in Marbella

Since the introduction of the regulations, Spain has received around 490 investors (With Russian, Chinese and Middle Eastern citizens taking up the majority) who have invested approximately 790 million Euros.

Part of this investment has been centred on the Marbella area, where the demand for luxury properties in area like the Golden Mile, Puerto Banús, Sierra Blanca and New Andalusia, has experienced a notable increase.

However, the success of this new visa system has not been what was anticipated, above all if you take into consideration countries such as Portugal and Hungary, the Golden Visa has attracted a large number of investors into the countries.

Since the Golden Visa system was approved in 2012, Portugal has received 2,200 non-EU investors. In Hungary’s case, the figures are not so high, however, after a grand promotion in China, it received thousands of investors who adapted to a plan similar to the Golden Visa.

With the new modifications in the regulations for the granting of these visas, the Spanish government hopes to reduce the bureaucratic process for its obtainment with the aim of attracting a bigger numbers from outside of the European Union and to propel the Spanish real estate market.

A new validity period of the residency permit

Despite there not being changes in the economic requisites, the government will extend the validity period of the residency permit from two to five years. People who will also be able to benefit from this permit are the spouse and parents of the holder, as well as children of legal age and those who are economically dependent on the holder. Moreover, a work permit will also be granted.

Another new advantage is that the investors who are interested in the Golden Visa will be able to apply for it or renew it directly in Spain. Until now, the applicants have had to process it from outside of Spain, even though another of the requisites was to have visited the country during the last year.

With these new changes, it is expected that investment into the Spanish real estate market from non EU buyers will increase. Thanks to this and the increasing demand for luxury property that Marbella has experienced, it is predicted that this positive trend will continue in the coming months.

DM Properties, an agency specialised in the luxury real estate market in Marbella, will be more than happy to help you sell your property in Marbella. Furthermore, we are partners of Knight Frank, a real estate consultancy firm renowned in 55 countries, consequently we will be able to give your property international promotion. Please do not hesitate to contact us and we will offer you a personalised service.

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