If you’re a non-EU citizen looking to relocate to Valencia, you may want to check out the Spanish Golden Visa. This visa enables non-EU citizens to gain residency in Spain in exchange for an investment in property. (We discuss more opportunities to invest in Valencia here.)
How does it work?
In 2013, the Spanish government launched the ‘Project of Support for Entrepreneurs and its Internationalisation’ which amended the country’s Immigration Law. These changes mandated that Non-EU citizens could gain an entry visa and a residency permit for Spain – if they made a financial or real estate investment, or set up a business.
Entry visas & residency permits via real estate
For Non-EU members that just want to gain an entry visa – which is valid for a year – they have to make an investment of €500,000 in real estate. The investment can be in any real estate in Spain, such as houses, apartments and hotels. The requirement is that the investment has to be maintained in order to keep the visa. You can’t buy the property and then sell it on, or mortgage it.
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To apply for the visa, investors must file an application in the Spanish consulate of the country where they have permanent residency – either in a personal meeting at the consulate, or by legal representation.
Our team at Found Valencia provides a full relocation service. We can help you with your Golden Visa and property investment requirements.
Gaining a residency permit – which is valid for more than one year – has slightly different conditions. The permit allows the investors as well as their families to live permanently in Spain – but only after they have made the required investment for the entry visa.
There are also a bunch of other requirements that investors will need to meet in order to gain a residency permit via real estate investment, which we’ve listed below.
- Applicants must prove ownership of real estate investment in one or more properties – for a value of €500,000 euros free of liens or encumbrances. This could be through a certificate of proficiency from the Land Registry that corresponds to your property.
- If you’re in the process of registering your investment in the Land Registry, you can submit a certified copy of the property’s notary deeds instead.
- Applicants will also need to comply with the EU Money Laundering’s regulation. Investors will need to provide enough documentation to confirm that the funds they are using to buy the property has come from their salary, or any official or private source that is deemed appropriate by the Mondry Laundry normative. In other words, the investor must prove that the funds are not being sourced by fiscal evasion, or any other illegal activity.
There are many perks to gaining long-term residency in Spain.
Best of all, holders of a residency permit can travel within the European Schengen area freely for three months in a six-month period, with a valid travel document.
Also, residents have the opportunity to live and work in Spain permanently, but this isn’t compulsory. In fact, investors can get the visa and enjoy all its advantages, while continuing to live in their own country of residence.
The advantages of living in Valencia are many. The sunny city has one of the best climates in the world, and is brimming with art, culture, and fantastic nightlife.
There are also particular perks to investing in real estate in Valencia. The Spanish Golden Visa allows applicants to invest in real estate over several residential or commercial properties – as long as they add up to €500,000 or more.
For example, it’s typical for investors to buy a main residence in Valencia, and then invest in small flats which can provide income through renting. With Valencia’s affordable prices, you could buy an excellent property, such as a large villa with a pool, and still have enough money left over to invest in a few city apartments. Some of the popular areas for affordable city apartments include El Carmen in the Old Town, or Cabanyal by the beach.
Valencia also has a number of popular commuter towns which have surged in popularity since COVID-19. Places like La Eliana, Betera, Naquera, and Puzol offer houses with a garden or terrace, as well as speedy transport connections, for the same price as an inner-city apartment.
While Valencia is significantly less expensive than its bigger siblings, Madrid and Barcelona. Property experts say that plugging cash into Valencia real estate now could actually grow your investment faster than keeping it in the bank.
Contact us to find out more about Spain’s Golden Visa and the opportunities it opens up for you and your loved ones. We’d be delighted to chat with you! We are available on zoom for face to face chats in English, Spanish, French, and Dutch.