The Spanish Golden Visa became popular during the last years, and it looks like that it will be the most used investors`immigration solution after Brexit, also for the British applicants. Almost one million UK citizens are living in Spain, and they must find a reason (as third-country nationals) to qualify for the residence permit of the EU Member State.
The Spanish government launched the residency by investment program in 2013, and until the end of 2016, the scheme brought 2,16 million euros to Spain`s coffers. The number of successful primary applicants (without their family) was 2,236 investors. Each poured at least half a million euros into the suffering real estate market. According to a recent market report from Lucas Fox International Properties, their sales of luxury properties increased by 31% in 2016; this is the best result of the last decade! There are other investment options, but it is not a coincidence that 72% of the candidates (most of them Chinese and Russian) chose the real estate purchase.
Advantages of living in Spain under the Golden Visa
- Straightforward immigration process
- Simple investment process
- The necessary amount of investment (under all options) guarantees a decent life
- High quality of life
- Excellent and open-minded education system
- Good health care system
- Ridiculously low property prices
- Almost no physical presence needed to maintain the resident status
- Accepting society: Spanish people accept homosexual or any LGBTQIA people in their country, and they can live an undisturbed life
- Married (or living in a civil union) LGBTQ applicants can apply under the Spanish Golden Visa Program
- No racism, no xenophobia
- Perfect climate
- Residents can adopt children, independently of their sexual orientation
- Flights: Spain is one of the best-connected countries in the world
- Spanish people are friendly
- Spain`s cultural heritage is more than impressive
- Sporting and leisure facilities everywhere
Disadvantages of Spanish Golden Visa
- Red tape after the immigration process (tax, social security, etc.)
- Political turmoil (Catalunia)
- High taxes
- Children (except in expensive private schools) must learn the Spanish and the local language (Valencian, Catalan, etc.)
- Culture: most of the luxury residential properties are not in the traditional city centres. It means that during the winter those are very boring places.
- Citizenship: Spain does not allow dual citizenship (!)
Which is the best investment type among the options of the Spanish Golden Visa?
Naturally, it depends on the personal circumstances of the applicants, but most of the selected candidates invested in property. During the global financial crisis, the real estate bubble fade away. Prices are still record low in 2017, and perhaps it is the last chance to make a bargain. The property prices decreased even the summer of 2017 by 0,5 percent, so the buyers paid 1,333 euros per square meter in Spain. The most affordable place to purchase is the Murcia region. In the case of spending 500,000 euros, applicants can opt for the following options:
Ten one-bedroom flat
3-5 three bedroom apartment
1-10 house of character with land
35-40 hectares of land
Four Moorish castles (from the XIII. century).
Read more about residency and citizenship options here!