Spain is a popular destination among UK citizens to purchase a primary or second residence but since January 2021, following the Brexit, UK nationals who did not have Spanish residency before the withdrawal deadline will need to obtain their residency permit in Spain.
In their new status, UK citizens may still travel to Spain, as well as to any other EU country, but they are only able to remain in the country for up to 90 days in any 180-day period. For those looking to stay longer or even to live or work in Spain, a residence permit is now required. The Golden Visa is therefore a simple solution to do so.
HOW UK CITIZENS CAN OBTAIN THE GOLDEN VISA IN SPAIN THROUGH AN INVESTMENT?
Now that the UK has left the European Union, UK citizens seeking to live, work or buy a property in Spain are no longer considered EU citizens and therefore are able to apply for the residency permit for investors, commonly known as the “Golden Visa” program in Spain.
The following investments qualify for obtaining an investor residence permit under the Spanish Golden Visa regulation:
1/ REAL ESTATE (500,000 euros Net):
• Investing a minimum of 500,000 Euros Net in the Real Estate market in Spain.
• Investing in multiple properties or joint ownership is allowed, provided that each of the joint owners invests a minimum of 500,000 euros
• All types of property are allowed (residential, touristic, commercial, or industrial).
2/ FINANCIAL ASSETS:
• Public debt (€2 million minimum).
• Shares (€1 million minimum).
• Investment funds or venture capital funds set up in Spain (€1 million minimum).
• Bank deposits (€1 million minimum).
3/ BUSINESS PROJECTS OF GENERAL INTEREST TO SPAIN:
There is no minimum investment requirement, but the investor will need to obtain prior approval from the Directorate of Commerce and to demonstrate that his business is of “special interest” to Spain (Creation of jobs, Significant social and economic impact…)
UK citizens holding an investor’s residence permit will be able to live and work in Spain for as long as they hold the investment. Their families (Spouse or unmarried couple, children under 18, and parents in charge) will also be able to benefit from the same rights as investors.
For further information about the requirements to get the Golden Visa in Spain, please see our article here.
You can find all the information on buying and renting a property in Spain for British nationals on the UK Government page.
At Barcelo Property Invest, we collaborate with local law firms specialized in obtaining the Golden Visa in Spain.