Also worth mentioning from a tax perspective is the appealing fact that you can purchase the real estate investment by way of your company, as long as it is not part of a tax haven.
Why the Spanish Golden Visa
is for you (part 1)
WHAT IS THE SPANISH GOLDEN VISA? Tis popular Visa is the result of a law passed by the Spanish government in September 2013 as an incentive to encourage foreigners to invest into Spanish real estate. In a nutshell, the Spanish Golden Visa is a way to allow Spanish residency for non-EU nationals simply by making an investment of minimum €500,000 in Spain. With this Visa they will then be able to live in Spain and move freely throughout the Schengen area.
WHAT KIND OF INVESTMENT IS REQUIRED FOR THE GOLDEN VISA? Investors have a number of options available in order to qualify for this residency programme: - Property: a minimum investment of €500,000 (mortgage and debt free) in real estate for either commercial or residential purposes. - Spanish bank deposit: alternatively,
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investors can deposit €1 million into aqualifying Spanish bank account. - Government bonds: another option would be to invest €2 million into a government bond investment programme. - Employment creation: an investment of €1 million into the stock or shares of a Spanish company that will result in job opportunities for Spanish citizens, a significant socio-economic impact in the area scientific or technological developments is also favorably considered.
WHAT ARE THE TAX IMPLICATIONS? As a holder of a Spanish Golden Visa, investors will be exempt from taxation on their worldwide income in Spain unless they spend over 183 days in the country per year. Any time spent in Spain longer than this period will result in you being treated as a tax resident and you will start being taxed on your worldwide income.
SPANISH GOLDEN VISA AND BREXIT: A POSSIBLE SOLUTION As most readers will know, a popular subject of late is that of the imminent British Brexit. Te uncertainty of its outcome is starting to make British nationals looking to move to or already living in another European country quite nervous so, as Great Britain will no longer be a part of the European Union, the Golden Visa option may be the perfect solution for those looking to make a good investment and reside in a beautiful EU country hassle-free. Most residency permits for non-EU nationals have long and complicated Visa processes that require passing through layers and layers of paperwork and bureaucracy: this investment Visa happens to be a simple and fast way to avoid such complications. As the tourism industry continues to thrive in 2020, this coming year might just be the best one yet to invest in this beautiful country. For more information on this matter be sure to keep an eye out for next month’s second installment, when we will answer the most common questions potential investors have when considering the Spanish Golden Visa process.
Whilst every effort has been made to write this article in accordance to the current laws, please note that it does not constitute official legal or tax advice and we recommend you seek legal counsel to assess your specific case. If you think the Spanish Golden Visa is for you then do feel free to contact us with any questions you may have, we would be thrilled to help you with your application. For more information and assistance related to your Golden Visa, please contact us at
lauren@premierlaw.net Premier Law
www.premierlaw.net
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