Spain’s ‘Golden Visa’ set to become law in weeks
17 September 2013
Spain’s ‘Golden Visa’ regulations have been agreed by the Spanish Senate without being amended and could become law in a few weeks.
They has now been sent back to the Congreso de los Diputados (Congress of Deputies), the lower house, and could be ratified within weeks.
Under the current ‘Golden Visa’ regulations, those who invest €500,000 or more in land or residential or commercial property would be able to live legally in Spain for two years, with the option of renewal every two years.
Antonio Berdonces Vivancos, a solicitor with Interlaw in Spain, tells OPP Connect, “Yesterday, the ‘Golden Visa’ was approved by the Spanish Senate the Project of Law (Apoyo a los emprendedores y su internacionalización) without changes, excepting the date to enter into force that will be in general the day of its official publication.
“Hopefully, we will have the law approved and entered into force within next few weeks.”
Spain’s ‘Golden Visa’ applicants can buy several properties of different kinds to meet the €500,000 qualifying level.
The Golden Visa was originally planned to be aimed at Russian and Chinese investors, although it is open to all non-European Union nationals.
After five years of continuous residence, applicants can apply for an unlimited residence permit and after 10 years of residence, they can apply for Spanish nationality.
There is no requirement that any property has a specific use, which means ‘Golden Visa’ properties can be used for total or partial leasing or for business activities.
Spanish real estate agencies Lucas Fox and RightBuyHomes.com are already promoting the scheme to prospective investors.
Lucas Fox has received up to 30 inquiries a day, especially from Asia, China and Russia, and has had more than 200 clients who are committed to purchase based on the draft regulations. RightBuyHomes has had a big response from Indians, Canadians and Australians.
Rather than simply sticking to the €500,000 level, many would-be ‘Golden Visa, applicants plan to buy commercial and residential property worth €1million, agents report.
To read the original article on OPP Connect