Estate agents on the Costa del Sol
Obtain EU Residency Through Buying A Spanish Villa on the Costa del Sol - The Golden Visa
Last year's Brexit referendum result brought a lot of uncertainty to the idea of moving assets abroad, and the actual consequences are still being sorted out. We still do not know to what extent this will affect Brits moving to Spain, but this news may have led you to consider alternative options if you would like to live and move around the EU unhindered by potential lengthy visa processes, enjoying all of the advantages that being a part of the Schengen zone brings. So if you are among the numerous UK citizens who are hunting for apartments for sale on the Costa del Sol, you may want to consider the following option in order to not lose out if the Brexit negotiations do go unfavorably for you.
One of the possible alternatives to EU residency and citizenship is to obtain a so-called "Golden Visa". In Spain, this means either a €2 million investment in Spanish Government Bonds, a €1 million investment in shares in Spanish companies or, if you aren't quite a millionaire yet, you can buy a property worth €500,000. There are various conditions to be met in order to obtain such a visa, as detailed by this article.
For the moment this may just be something to consider, as it is only viable for non-EU citizens, and us Brits are still officially EU citizens. However, if this situation changes, it can be good to know what options are still available for those of us who would still like to reside on the continent some, or all of the time. It is also good to know that if you do opt for this visa, it is not obligatory for you to reside full-time in your new home. You will have to visit Spain at least once per year in order to renew your resident card, but that's it! You will also be able to take your family, work in Spain and are not even obliged to pay taxes in Spain if they do not wish to. If you choose to, and renew your residency every 2 years, you will also be able to obtain Spanish citizenship after 10 years!
However, becoming a permanent resident will take time and compliance with certain procedures. Also, you will not automatically be able to access the Spanish healthcare system, and the taxes you pay on your property investment cannot be counted towards the Golden Visa threshold of €500,000. take some planning and common sense to overcome.
Many of our properties could allow you to become eligible for such a visa if you choose to buy them. Take a look through our portfolio and contact one of our sales consultants if you are interested and have any further questions!