Jurisprudential novelty in obtaining the 'Golden Visa' for buying property in Spain

VolverSpanish Law 14/2013 on Support for Entrepreneurs and their Internationalization allows non-residents in EU territory to obtain a visa to reside and work in Spain when they make an investment in real estate assets worth at least € 500,000 before taxes. The Administration authorizes that this investment can be made in a single property or several, and can be carried out by both a natural and legal person.

However, two recent judgments of the Superior Court of Justice of Madrid -May 24 and June 22, 2018-, have considered that the economic requirement does not link the limit of that investment to a specific good, but to each applicant. That is, the law does not prevent the property or real estate from being acquired in co-ownership –as a community of assets- by two or more persons, provided that the percentage of ownership of each meets said minimum investment requirement. The Administration has already incorporated this consideration and the change in criteria is effective. Thus, if a group of people acquires a single property in co-ownership and each one disburses at least € 500,000 free of charges for the acquisition, each of them will have the right to obtain their own investor visa, which may also extend to their families as minor and financially dependent offspring.

The purchase must be credited by submitting the deed and sale contract or, if not yet formalized, by a contract or other pre-contract with guarantee. In addition, the age of majority, the lack a criminal record both in the country of origin and in Spain as well as in the countries where the investor have resided during the last five years, not be listed as rejectable in the territorial space of countries with which Spain have an agreement signed, have medical insurance, prove sufficient financial means and have paid the corresponding fees must also be proved.

It is important to know that the investment must be free of charges and encumbrances, and the property cannot be acquired by means of a mortgage loan. However, a mortgage can be established on the part of the price that exceeds € 500,000 of investment.

Finally, the law allows investment in real estate in general terms, and can be extended to homes, commercial premises or offices. Commercial and Corporate Law Department of Belzuz Abogados, S.L.P. has qualified professionals to provide all the legal advice necessary to obtain the Golden Visa in Spain by non-EU investors.

Departamento Derecho mercantil y societario | Madrid (España)

 

Belzuz Abogados SLP

La presente publicación contiene información de carácter general sin que constituya opinión profesional ni asesoría jurídica. © Belzuz Abogados, S.L.P., quedan reservados todos los derechos. Se prohíbe la explotación, reproducción, distribución, comunicación pública y transformación total o parcial, de esta obra, sin autorización escrita de Belzuz Abogados, S.L.P.

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