Top 10 Benefits of a Residence in Spain

The so-called Golden Visa is a residence visa for non-EU citizens who make a real estate investment in Spain without finance worth 500,000 euros or more.

Becoming a Spanish Resident will allow you a number of benefits including visa-free travel to 26 European countries including Germany, the Netherlands and France.

You are looking to take advantage of the opportunity to live in a country in the Sun? Now it’s time to prep yourself to live like a local Spanish resident and enjoy the following benefits:

Benefits

•  Visa-free travel to Spain
•  Free movement within the 26 countries of the Schengen zone
•  Opportunity to set up a business in a stable European economy
•  Enjoy the benefits of security and wealth preservation offered by EU countries
•  Own a home in a sought-after European tourist destination

What you need to know about getting the Spanish residency if you are a British resident

https://www.gov.uk/guidance/living-in-spain#if-you-were-living-in-spain-before-1-january-2021

Visa-free access to all 26 Schengen countries

The Schengen zone is a group of 26 European countries that have abolished passport and immigration controls at their common borders. It functions as a single country for international travel purposes, with a common visa policy. The current area comprises a population of approximately 400 million people and currently consists of Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland.

Residency in a desirable European country

Spain consistently ranks as one of the world\’s most desirable places to live. Its excellent quality of life, enviable year-round climate, historic cities, renowned gastronomy and beautiful beaches are just some of the reasons why investors choose to buy here. The country’s health system is widely regarded as one of the best in the world and, according to a recent survey by leading medical journal The Lancet, its population has the highest life expectancy in Europe. Spain also boasts one of the world\’s largest economies, an excellent infrastructure and good travel links to the rest of Europe.

Right to work in Spain

The investors’ spouse (or person with a similar relationship), children under 18 years (and over 18 years if economically dependent) and other dependent ascendants can also obtain the Golden Visa / Residency Permit, thus enabling the entire family to benefit from the scheme. The investor and the beneficiary family members are entitled to work in Spain.

Opportunity to establish a business within a modern and competitive corporate taxation system

The full rate of company tax in Spain is currently 30%, the lowest rate since 2008.
 For small and medium sized companies, there is a reduced rate: 20% for profits up to €300,000, 25% for profits above this. Medium-sized companies: 25% for profits up to €300,000, 30% for profits above this. Non-Resident corporations or legal entities are not subject to Spanish Corporation Tax but to the Income Tax for Non-Resident Tax Payers.  In this respect, a corporation is deemed to be resident in Spain if any of the following criteria applies: 

• They are incorporated according to the Spanish laws 
• Their registered office is situated in Spain
• The centre of effective management is situated in Spain

Invest in a country with a stable political and economic climate

Spain’s economy is the fifth largest in the European Union and in October 2013 came out of a two year recession. The exit from the recession is mainly down to exports, a strong area of growth, as well as a record tourist season as holidaymakers shied away from resorts in politically troubled countries. Borrowing costs are also down and the Ibex 35 index has so far risen more than 20% in 2013. The current ruling party in Spain is the Partido Popular, which actively encourages foreign investment.

Other benefits of the single currency include:

• More choice and stable prices for consumers and citizens
• Greater security and more opportunities for businesses and markets
• Improved economic stability and growth
• More integrated financial markets
• A stronger presence for the EU in the global economy

The scale of the single currency and the Euro area also brings new opportunities in the global economy. A single currency makes the Euro area an attractive region for third countries to do business, thus promoting trade and investment.

Easy renewal process

The process for renewal of the Residency Permit is quick and straightforward. No presence in Spain is required, allowing tax residency outside of Spain. There is no limit to the amount of times the 5-year residency can be renewed.

Allow family re-unification

All ascendants and descendants of the investor can obtain a Golden Visa / Residency Permit, regardless of their age, thus enabling the entire family to benefit from the scheme.

Excellent international schools

Spain’s international schools are increasingly being considered to be of a better standard than those in many other European countries. There are fewer discipline problems, class sizes are fairly small and the atmosphere is relaxed. Depending on which international school you choose, they can either follow the Spanish education system with the language of instruction being a mix of English and Spanish or follow the education system of the school, with Spanish being taught as a second language. Most international schools are based in Madrid and Barcelona and there are growing numbers of international schools in the Costa del Sol and Costa Blanca that tend to follow the British Education system.

How to apply for a Spanish Residency in 2022

Find below a link to the application form for getting a Spanish Residency in 2022

Do you have a legal question ?

Why not check out our English-speaking Lawyer in Marbella?