Why choose the Spanish Golden Visa program as your Plan B in 2024?
Centrally situated and boasting world renowned cuisine, a vibrant culture and awe inspiring scenery, Spain offers one of the best lifestyles in the world.
The country is also reputed to have some of the finest international schools within the European Union, and its health infrastructure and services are excellent.
Alongside Portugal’s Golden Visa, and the competing program in Greece, the Spanish program has steadily been gaining in popularity among foreign investors looking for a back-up plan against the uncertainties their home countries are facing.
Launched in 2013, Spain’s Golden Visa has a minimum capital requirement of €500,000 as of August 2023.
And whereas the Portuguese and Greek Golden Visas have both gone through some significant changes – the former becoming more restrictive, and the latter far more expensive – the Spanish program rules have remained constant, and its application process both fast and reliable.
In contrast, GV applicants in Portugal have faced processing delays of up to 24 months or more.
One key reason for this is that the Spanish property market recovery is well underway after the crash of mid-2014.
Property investors in Spain also benefit materially from high rental yields, particularly in the city centres of popular cities such as Barcelona, Madrid and Sevilla. This has been driven in part by the meteoric rise of peer-to-peer rental platforms such as Airbnb. (However, these platforms are increasingly meeting resistance from local authorities.)
Another key benefit is that a Spanish Golden Visa Residency Permit allows you to work in Spain, whereas the Greek Golden Visa does not.
It is, however, important to note that your Golden Visa purchase cannot be financed through a mortgage loan.
AFTER YEAR 10:
Option 1: Exercise your guaranteed buy-back option, and have €350,000 returned to you.
Option 2: Sell to the market at the going rate at the time.
Option 3: Keep the asset and keep on collecting rent.