Golden Visa Real Estate Pack, why now?

5 July, 2023
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General
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Neus Vallara


At the beginning of May, the Spanish executive stated that they intended to tighten the requirements for granting residence permits to foreigners who made a significant capital investment, better known as Golden Visa, and even considered to abolish them, as it has been done in Portugal. That is why, faced with an uncertain scenario, we recommend not to delay the investment and start the procedures for processing it as soon as possible. Surely now is the time.

The support law for entrepreneurs and their internationalization was approved in September 2013. In the foreword of the law, it was highlighted that, in Spain, the immigration policy had focused solely on the situation of the labor market, therefore it was necessary to widen the perspective and take into account the contribution to the economic growth as well. For this purpose, a procedure was created to facilitate the entry to foreigners who intended to enter or reside, or that already resided in Spain, and that make a significant capital investment through the acquisition of Real Estate in Spain, among several other options, with an investment of value equal to or greater than 500,000. -€ for each applicant.

This investment can be credited in several ways:

When the acquisition is recorded in the Registry: it can be credited through the certification of ownership and liens of the Property Registry that correspond to the property or properties in which it appears: the registration in favor of the applicant and the purchase price.

In case that the registration is already being processed: through the certification of domain and charges of the Property Registry in which the entry of presentation of the deed of acquisition is valid, accompanied by documents as evidence of payment of the corresponding taxes.

If the purchase of the property has not yet been formalized: providing a valid security agreement (for example, an earnest money contract), together with a certificate from a financial institution established in Spain in which it is confirmed that the applicant has an unavailable bank deposit with the necessary amount for the acquisition. This amount can only be used for the final purchase of the property. In this case, the interested party will receive a residence visa for investors with a maximum duration of six months until they credit the purchase of the property

Another important matter is that the investment must be free of any tax or charge, without prejudice to the fact that the part of the investment that does exceed the amount required may be subject to tax or charge. This means that purchases in which the payment has been made through financing will not be accepted.

Once the purchase of the property or buildings has been proven, the interested party may request a residence permit for investors -Golden Visa- that will have an initial duration of three years, renewable for successive periods of five years, provided that the conditions that generated the right are maintained.

In order to accompany our clients throughout the process, from the identification of the property through which the investment will be channeled, to obtaining the residence authorization, MES ADVOCATS offers GOLDEN VISA REAL ESTATE PACK, a thorough service consisting of four phases:

1st phase Location: we have a network of real estate consultants with extensive experience in the sector, who are responsible for meticulously selecting those properties that fit the needs and preferences of our clients.

2nd Phase Due Diligence: our Real Estate Department, in case that it is of interest to our clients and in order to ensure that the investment decision is the most appropriate, carries out a comprehensive due diligence report about the situation of the property.

3rd phase Acquisition: our Real Estate Department accompanies our clients throughout the acquisition process, both in the preparatory acts in which the residence authorization can also be obtained, and also in the formalization. We take care that the task of acquiring a property in a foreign country is simple and stress-free.

4th phase Processing: once the investment has been made or, in those cases where it is possible to process it before the final completion of the investment, we take care of processing the residence authorization for the investor, managing all the necessary documentation and carrying out all the necessary procedures in the corresponding administration.

Our experience allows us to offer our customers a fast, tailored service with an excellent result. If you need more information or are interested in obtaining a quote, do not hesitate to contact us.

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