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GOLDEN VISA

NEW UPDATES ON GOLDEN VISA, October 2018
 
Expansion of dependents who can accompany the investor:
 
In the original wording of this type of permit, he could come to Spain together with the investor and by means of a residence permit for dependent family members of the same husband or wife and minor children.

With this modification, the concept of the couple accompanying the investor, as well as the dependents who can be included in the permit grant, is modified:

In the first of the aspects, it is allowed to apply for the residence permit as dependent family of the investor not only the husband or wife , but also may apply for people with similar relationship of affectivity , ie, for example, domestic partners .

 
With respect to which family members may go with the investor to Spain with a residence permit for an investor’s family member, in addition to the couple and their minor children, those children of legal age who have constituted themselves a family unit, as well as the ascendants of the investor or of his spouse , the in-laws, dependent on them.
 
Thus, it allows the granting of residence permit for investors to the investor itself, but also to all members of his family, understanding this with broad effects: couple, minor children, older children, ascendants of the investor and ascendants of the investor couple .
 
 
Investment made by marriage in the community
 
The amendment has introduced a new section in the articles of the law by which it is clarified that in the case that the investment was made by a marriage in a scheme of acquisitions or similar and the amount does not amount to at least double thresholds provided for the granting of investors’ permission, it will be considered that the investment has been made by one of the spouses, the other spouse can request a visa or residence permit as a family member of the investor .
 
Elimination of the need to visit Spain
 
Another change made with the modification of the Golden Visa (residence permit for investors) is related to the need for residence or travel to Spain in the face of the renewal of the residence permit.
 
With the regulation in force until last month, it was necessary for the investor, highly qualified professional, researcher, entrepreneur, etc. The beneficiary of the residence permit will travel to Spain at least once during the validity of the permit to be able to renew it later.
 
The change introduced has been the elimination of this need to travel to Spain , so that you can renew the permit without having ever stepped on Spanish soil.
 
In this way, the Golden Visa permit is equated with that of other European countries, and it is easier for investors who are beneficiaries of the residence permit to travel through European territory without having to go through Spain to comply with the requirement.
 
Residence permit extension increased to 5 years.
 
In reference to the duration of the renewal of the residence permit for investors, which until now was two years extendable for another two years, a further modification has been included, coherently with the issue of not needing to travel to Spain at any time and making it even easier and more attractive for investors to subsequently achieve Spanish nationality : the duration of the residence permit has been increased once it has been renewed from two years to five years , so that the duration of the residence permit is equated to that of the permit. long duration in the standard immigration regime for foreigners.
 
Initial visa validity increased to 6 months.
 
Another issue that has been modified by the entry into force of the Second Chance Act is the duration of the initial visa with which investors traveled to Spain in order to make the investment.
 
Until now, the duration of the same was sixty days, being even less than the tourist visa that allows to be in legal situation in Spain for 90 days.
 

The modification introduced in this aspect extends the duration of this initial provisional visa by increasing it to 6 months , this type of visa being applicable to those who, despite not having formalized the investment (purchase of a home or property), have signed at least one the deposit contract prior to the investment itself and have deposited the money in Spain.

 
 

The Procedure of Buying Property in Spain

If a particular property is of interest and you wish to purchase, it will be necessary to place a holding deposit and sign a reservation contract. The property will then be removed from the market at the agreed purchase price while searches are conducted. At this juncture we suggest you instruct an Abogado (lawyer) to act on your behalf for the conveyance, which we can arrange for you if you so require.

The Role of the Abogado

The Abogado is a Spanish Lawyer appointed to safeguard your interests and legal rights to clear title of the property. He will prepare a purchase contract to be signed by you and the vendor, to agree the price and completion date etc. The Abogado will search the property for any outstanding debts, tax arrears and unpaid bills. He will prepare the title deeds – Escritura de Compraventa – to be notarised by the ‘Notario Publico’ (Notary) on completion and pay any outstanding debts.

The Notario Publico

Appointed by the government the Notario Publico is responsible for agreeing the notarial value of the property and that all taxes have been paid. Once he is satisfied that everything is in order he will then instruct you to sign the Escritura de Compraventa in his presence and he will counter-sign on behalf of the government. Once this has been completed he will lodge the Escritura de Compraventa with the local land registry office.

Total Legal Costs

As a guide you should calculate between 10 and 12 percent to add to the purchase price for legal costs. This will cover the Transfer Tax, Abogado, Notario and Land Registration fees.