Now that Brexit has been and gone, and the United Kingdom is no longer part of the European Union, the circumstances for British buyers in Mallorca, Menorca and Ibiza have changed; but so to have the possibilities!
Foreign buyers from outside the European Union have had a special exception made for them when it comes to getting a Visa to travel to and live in Spain – the Golden Visa program.
Spain launched its Golden Visa scheme 8 years ago in 2013. It requires that individuals from foreign countries make an investment into Spain. This can take on many different forms with varying results but the most common and sensible option is to buy a house in Spain.
How can I get a Spanish Golden Visa?
As mentioned above, there is more than just one way to obtain a Golden Visa. These are:
- Purchase real estate in Spain worth at least €500,000 – this can be one property or several
- Make an investment in the Spanish public debt of at least €2,000,000.
- Buy shares in a company or make a deposit in a Spanish bank of at least €1,000,000.
Exceptions are also made for entrepreneurs who do business in Spain and contribute to Spanish society, the economy, or both.
If you have a criminal record you will also certainly be refused. Applicants who have previously been refused Schengen Visas may also be rejected, however this situation will remain uncommon for some time amongst British expats.
Another caveat is that a Golden Visa in Spain cannot be obtained should your investment or purchase be financed by a loan.
How to apply
If you’re eligible for a Golden Visa in Spain then you can submit a visa application to the nearest Spanish Embassy or Consulate – when making this application you need to be committed to your investment, but the investment transaction needn’t have been finalised.
You can submit the application yourself however you don’t need to be in Spain to apply, so we recommend an expert does this on your behalf, such as a lawyer. After you receive the Visa, you have to travel to Spain to get your residence permit.
When submitting the Spanish Golden Visa application, you must have the required documents available:
- A passport with validity for the duration of the application
- Proof of income
- Police records issued within the three months prior to the application
- Proof of health insurance with an insurance company operating in Spain
- The Visa Application Form
- Proof of payment of the visa fee.
- Two passport-size pictures following required guidelines
- Any additional documents related to your specific case (investment or real estate purchase)
What’s in it for me?
This is definitely our favourite question when it comes to Golden Visas in Spain: Spain is part of the European Union, which means Spanish residents can travel Visa-free to all Schengen Zone countries for up to three months in a six month period, as can your family members.
On top of this monumental benefit of freedom of movement you can also:
- Work and live in Spain legally
- Bring your family members with you
- Family members will have access to public services
All in all, this exciting opportunity will allow British citizens to travel through Europe almost as if the United Kingdom never left the European Union. And it could be your if you decide to purchase a second home in Spain!