Hola everyone!
Lately, there seem to be more people on the forums asking about the Golden Visa, especially regarding the specific requirements for buying property. I happened to be researching this for a friend recently, so I’ve compiled some information to share. Hopefully, it helps those who need it. If I’ve missed anything or gotten something wrong, feel free to correct or add to it.
Core Requirement: A Net Investment of €500,000
The most crucial rule is the investment amount. The law requires an investment of at least €500,000 in Spanish real estate. It’s very important to note that this €500,000 refers to the net value of the property, and does not include the various taxes and fees incurred during the purchase process, such as transfer tax, VAT, lawyer fees, notary fees, registration fees, etc. These additional costs can be quite significant, so be sure to include them in your budget.
Property Types and Mortgages
The type of property you can invest in is quite flexible. It can be one or multiple properties, including residential homes, commercial shops, offices, or even land, as long as the total investment exceeds €500,000. Regarding mortgages, the policy requires that the €500,000 investment portion must be made with your own funds, free of any liens or loans. However, if the total price of your property exceeds €500,000—for example, if you buy a house for €800,000—the amount exceeding the threshold (€300,000 in this case) can be financed with a bank mortgage, which is a pretty reasonable rule.
Proof of Funds and Dependent Applicants
The process involves a very strict review of the legality of your funds. You will need to provide detailed bank statements and documents for the Spain’s Golden Visa to demonstrate the legal origin of the money needed for the Spain’s Golden Visa. Before conducting any property transactions in Spain, all non-residents must first apply for a Foreigner’s Identity Number (NIE), which is a tax identification number for the Spanish Golden Residency and serves as your identification for all economic activities in Spain. Additionally, a major advantage of the Golden Visa is that it extends to family members. I’ve made a simple table to show which family members can be included as dependent applicants:
| Applicant Type | Condition |
|---|
| Main Applicant | Non-EU citizen, at least 18 years old |
| Spouse/Civil Partner | Proof of legal relationship required |
| Minor Children | Children under 18 years of age |
| Dependent Adult Children | Children over 18 who are financially dependent on the main applicant |
| Dependent Parents | Parents of the main applicant or spouse who are financially dependent |
The Golden Visa process isn’t overly complicated, but it is detail-oriented, especially concerning the proof of funds and property transfer taxes. It’s highly recommended to consult with a professional lawyer before you begin. After all, it’s a significant investment! Wishing you all the best in settling down in Spain!
