Marbella and the Costa del Sol have always represented excellent opportunities for property investment. The introduction of a Spanish residence visa (the so-called ‘Golden Visa’) in September 2013 makes buying a property on the Costa del Sol is even more attractive.
Now, when you buy a property in Spain you can also qualify for a residence visa. This means you can enjoy your property on the Costa del Sol and benefit from everything the area has to offer without having to renew your visa every time you want to visit. The residence visa also allows you to travel within the Schengen area in the European Union.
At Paradise Marbella Realty, we see the Golden Visa as a huge bonus to buying property in Marbella and believe our clients will be keen to take advantage of it. To help you find out if you are eligible for this residence visa, we’ve prepared a short list of FAQs:
What is the ‘Golden Visa’?
It’s a residence visa (valid for 1 year) that you can convert into a renewable residence permit (valid for 2 years).
Who is eligible for this?
Any non-EU citizen over 18 who invests a minimum of €500,000 in the purchase of property in Spain. You can buy one or more properties to qualify, but you must pay at least €500,000 in total (not including taxes or any mortgage loan).
What are the other conditions?
You must prove you have medical insurance, sufficient funds for living expenses and a clean criminal record.
How do I obtain the residence visa?
When you buy your Spanish property, you can apply for the residence visa at a Spanish embassy or consulate. The residence visa is valid for one year. You do not need to live in Spain during this time, but you should visit at least once.
How do I obtain the residence permit?
You must apply for the residence permit 90 days before your residence visa expires and you must prove you have visited Spain at least once during the last year.
Do my family qualify for the visa as well?
If it’s just you and your husband or wife, you will need to invest €500,000 each in property to obtain individual visas. If you have children, the residence visa is likely to be valid for the family unit, but you should take professional advice on this.
Where can I find out more?
Click here to see our Marbella property listings.