Golden visa in Spain: Explained
The Spanish golden visa (also known as el visado dorado) grants a special type of residency for non-EU citizens. It’s an attractive option for those looking to make a sizeable property investment in Spain, but applicants need to fulfil specific criteria.
Please not the information below is not intended as legal advice. Wherever you’re looking to buy in Spain, be it Mallorca, Marbella, Madrid, Barcelona, or further afield, it’s always best to consult a local lawyer. This includes discussing the golden visa and other available options.
What is the golden visa?
Golden visas are not unique to Spain. Many countries offer them, and eligibility requirements vary internationally. The Spanish golden visa can be granted to non-EU citizens for several reasons, one of which is buying a property costing €500,000 or more. You do not necessarily have to move to Spain for this visa and it is our understanding that it offers freedom of travel across the EU.
It’s possible to add a spouse or dependents to the application. However, if a couple is not legally recognized, or they do not jointly own the property, they may need to invest €500,000 each. Initially, the holder must renew the visa after one year.
There are several other criteria that need to be fulfilled in order to obtain the golden visa, including (but not limited to) rules around mortgages and background checks. Your dedicated property lawyer can advise you.
How common are golden visas?
A 2020 report by newspaper El Pais stated that a total of 8061 golden visas were granted the year before. 681 of these were for real estate investments by foreigners. Data for the first two months of 2020 show that 81 Golden visas were issued for the same reason.
Analysing the number of house sales at or above €500,000 in 2019, El Pais reported the highest number of sales in the following five regions:
- Catalunya (including Barcelona): 477
- Andalusia: 324
- Madrid: 251
- Valencia region: 138
- Balearic Islands: 129
Travelling to Spain from Britain
Now that Britain has left the EU, rules surrounding international travel have changed. This initially left many confused about their rights when travelling. As the UK Foreign, Commonwealth and Development Office (FCDO) explains:
“[British citizens] can travel to countries in the Schengen area for up to 90 days in any 180-day period without a visa.
This applies if you travel as a tourist, to visit family or friends, to attend business meetings, cultural or sports events, or for short-term studies or training.
…Visits to Schengen countries within the previous 180 days before you travel count towards your 90 days”.
When it comes to Spain, Britons are now usually treated as ‘third country citizens’, i.e. those from outside the EU. This means that it’s important to double check entry requirements and residency rules.
If you need to stay longer than the allowed time, you should plan for this in advance and obtain the correct visa or permit. The FCDO recommends checking requirements with the Spanish Consulate prior to travelling.
Do I need a lawyer for my property purchase?
It’s highly advisable to work with a reputable Spanish real estate lawyer. Their expertise can help you avoid pitfalls, saving time and money in the long run. Your property lawyer has a range of duties, including checking paperwork and carrying out due diligence checks (e.g. checking the land registry to confirm ownership or examining debts and charges on a property).
You can usually grant your Spanish lawyer power of attorney if needed, too. This means they have the power to take steps on your behalf. So, if for example you’re unable to attend an important meeting in Mallorca about your property, your lawyer could attend for you and sign the necessary documents. It’s important to choose an expert property lawyer who you trust.
Finding a real estate lawyer in Spain
It’s a good idea to get professional advice for any property transaction. Here at Property Lawyers, we help people find the right lawyer for them so they can protect their interests and put themselves in a strong position for their sale, purchase, or let. To get started, browse our list of property lawyers local to your purchase or sale.
