Real Estate Investor Magazine South Africa December 14/ January 15 | Page 58

FOREIGN

BY HILARY DINGWALL-FORDYCE

Get a Spanish

‘Golden Visa’
More than just a real estate
investment but a residency too

S

pain is the latest European Union country to
adopt the concept of the ‘Golden Visa’. This is the
means whereby non-European Union nationals
are able to attain qualified Residency Permits in return
for investing in real estate (and other assets). This can
lead to permanent residency if certain conditions are
fulfilled.
Spain is by far the largest economy in Europe offering
Residency Visas in return for investment – it’s GDP
being twice that of Portugal, Ireland, Cyprus and
Greece combined. The widely reported recession
in Spain has given rise to a number of government
initiatives designed to assist the economic turnaround
for Spain.

“Investors can live in Spain, or
elsewhere, with the freedom to
travel throughout the European
Schengen Visa zone.”
The objective of the ‘Golden Visa’ initiative in Spain
is to attract successful entrepreneurship and stimulate
foreign investment in Spanish real estate, public debt,
and job creation. For any property purchase, a minimum
cash (i.e. unencumbered) investment of €500,000
(excluding taxes) are required. Any additional amount
needed for the property may be covered by a mortgage.
This investment can be for any type of property: home,
commercial, land, or a combination of these.
One of the benefits of the Spanish ‘Golden Visa’
is that investors are allowed to purchase more than
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December 14 /January 15 SA Real Estate Investor

one property to make up the €500,000 minimum
investment, which will be of interest to the ‘buy-torent’ investor.
The Visa is granted to all immediate family members
and is valid for one year.
After the first year, re-application is required and
again after three years. Y