Posted on 08 February 2017
With Brexit on the radar, it’s reasonable to assume increasing numbers of international property buyers will be drawn by Spain’s climate, culture, connectivity and English-speaking property-buying professionals.
If you have your heart set on moving to Spain you’ll be pleased to know that Brexit – when it eventually happens – won’t mean you have to scour your family tree for a long-lost European ancestor, to guarantee the continued flexibility afforded by an EU passport. For those of you without a nonna from Naples or a grand-père from Paris there’s another route to EU residency or even citizenship once our separation is complete. The 2008 global downturn was the catalyst for a number of southern European countries, including Spain, to introduce schemes to attract much-needed investment by offering “golden visas” through property investment.
If the golden visa scheme appeals to you, discover how to buy in Spain by downloading a FREE guide from the Spain property guide.
Spain implemented its basic residency investment visa to non-EU nationals in 2013, but interest was limited until 2015 when the programme was expanded to include the right to work and to allow the wider family to benefit. If you want to join the growing queue of Brits seeking a backdoor to Spanish residency via the investment visa, you’ll need to acquire €500,000 of property, €1 million in Spanish government bonds or €1 million in Spanish company shares or private investment funds.
If you want to join the growing queue of Brits seeking a backdoor to Spanish residency via the investment visa, you’ll need to acquire €500,000 of property
If, like most aspiring expats, you opt to utilise this scheme by buying your dream home in the sun, it’s worth noting that any number of properties can make up the €500,000, and joint buyers can be involved in the transactions. Meaning you could buy an apartment in Barcelona and a coastal bolthole on one of the Costas. If you have a young family, you’ll probably want your kids to enjoy your new life in the sun with you. Thankfully, once you’ve qualified for the Spanish golden visa, full family residency is granted without any minimum stay requirements and your children will be able to attend school and university.
full family residency is granted without any minimum stay requirements
How long before the scheme provides you with permanent residency and then the holy grail: citizenship? Although the temporary residency permit – golden visa – can be easily renewed every two years without living in the country, the route to both permanent residency and citizenship requires the investor and their family to reside in Spain. After five years it is possible to gain permanent residency and after ten years individuals may be eligible for citizenship – there are some minimum stay requirements for permanent residency and citizenship.
So what are you waiting for? By obtaining a golden visa you will prevent Brexit from putting the brakes on your Spanish adventure. Not only will you protect your rights to reside in Spain, the schemes required minimum budget of €500,000 will go a long way in a country where the average house price is just €70,476.
For more about living in Spain, visit Spain Property Guides where you can download your FREE Spain Buying Guide here!