In October 2013 the so called ‘Golden Visa law’ has been approved which offers residency permits for non European purchasers that invest 500.000€ or more in Spain. So if you are investing over 500.000€ in Country property in Andalusia, the Spanish government will make it fairly easy for you to reside here.
The exact details and conditions are stated in the law: la Ley 14/2013, de 27 de septiembre, and we would definitely advise you to contact your legal representative who can overview the possibilities and consequences for your specific situation.
The law is applicable for non-EU residents, not residing in a tax haven, whom by accreditation can certify to have invested a minimum of 500.000€. Once granted the applicant will have to reside in Spain for a minimum of 1 year.
Applicants must have a clear record
Roughly the following requirements have to be met
- Applicant is no illegal resident in Spain
- is aged 18 or over.
- Has no criminal record in Spain or other countries of residence during the previous five years.
- Is not liable to refusal of entry into countries with which Spain holds an agreement to this effect.
- Has its own medical insurance, valid in Spain
- Has sufficient funds to support both the applicant and his/her family members during residency in Spain.
- Pays for the application fee.
- Has been in Spain at least once during the period of authorisation.
- Provides proof to be the owner of the property purchased
- Complies with all tax and Social Security obligations.
The initial Investor Residency Permit will be valid for two years. After this period, you would have to apply for a renewal of Residency.
Please contact your legal advisor who can provide you with all the relevant information for your specific situation.