Gecko Towers
By nature I am a “democrat” – with a small “D”: I recognize the true value in democracy and the Rule of Law.
I didn’t like the Brexit vote in 2016, nor the unfolding disaster that it has meant to the UK economy since the UK left the EU, but in support of democracy, I accepted the result. I am not a huge fan, to put it mildly, of the new President Elect of the US, but, again, I accept the “Will of the People” and have had to start to put aside my misgivings.
Like many hundreds of thousands before us in 2001, as a family, we voted with our feet, left the UK and arrived on the Costa del Sol. My wife and I, over the succeeding 23 years, have weathered all manner of economic storms to raise three beautiful now adults in the Marbella region. We are very satisfied with our decision to live here but realize for our fellow Brits times have changed and the previous freedom of movement we enjoyed is no longer available.
For those keen to explore a life away from whatever causes you concern, take heart wherever you hail from there are, currently, options to turn the dream of a life on Spain’s Costa del Sol into a reality.
Firstly some bad news, reports are circulating that as from January 2025, Spain will no longer grant new residence permits through the Golden Visa Program in exchange for a real estate investments. It is said that the motivation for this is to “manage the housing crisis”. Despite its proposed abolition, my feeling is that the real estate investment route, for many will fuel last minute demand for a Golden Visa.
So currently it’s not too late for you to take advantage of the Spanish Golden Visa! But you need to get in double quick!
To understand the bones of the Spanish Golden Visa please see some of our previous posts on the subject (we do have more so please search our blog) – although I should warn you that these may soon be completely out of date – MarbellaPropertyLawyers: Spanish Golden Visas and North Americans find new lives in Marbella.
So what’s the core issue and are there other solutions?
Put simply, if you come from a country outside the EU or European Economic Area (EEA) – for example the UK, US or Canada – and you want to stay in the Marbella region for more than the currently stipulate period – ie not more than 90 days in any 180 day period – what are your choices to enable you to establish yourself and live life on the Costa del Sol?
There are two options aimed at entirely different sectors of the potential relocator.
The Non-Lucrative Visa (NLV). At its core this Visa envisages that you are of “independent means” or are retired with sufficient financial provision that you will not need to work in Spain. The sums required may be demonstrated to come from pensions and investments. Initially issued for one year it can then be renewed for a further two years.
The most comprehensive guide to the NLV was written by Nick Nutter a while ago and it is linked to here – Nick Nutter’s Non-Lucrative Visa Post updated 11.01.22.
Since Nick’s piece was written the income criteria have been updated and sums now required – and these change frequently – are, we are advised, €28,800 per annum for a single applicant and €36,000 for a married couple.
It should be noted that a Spanish issued NLV allows indefinite stay, entry and exit to Spain, and Spain alone. This means that if, having received a Spanish issued NLV, you choose to go to stay in Italy France, Greece or Holland you are limited to the “90 days in every 180 days” maximum in such third party EU countries.
The “Digital Nomad Visa” (DNV) This Visa is intended to advantage those who have a substantial amount of flexibility in their working arrangements. This Visa can be renewed and initially its is granted for between one to three years.
We have posted about this Visa on several occasions – please see here Are you ready to become a Costa del Sol Digital Nomad? And Digital Nomad Visas – An Update
Income hurdles are revised – and these also change frequently – and now a minimum income for a single person of €31,752 is required. This rises to €43,668 pa if the applicant has a partner and €47,640 if the applicant has a child.
For both of the above Visas qualifying private healthcare is a must, however State pension-age retired people (from the UK) should be able to use the Spanish healthcare with the S1 certificate.
Given the tax consequences of a DNV, once granted the successful applicant may I am told, within six months, apply to treated under the so-called “Beckham Law” expatriate tax regime, which applies a flat rate of income tax of 24% on up to €600,000 of Spanish income.
Some UK/US/Canadian passport holders – and, of course many others, – may be married to a Spanish national or a passport holder of one of the 27 members sates of the European Union. They may even have children. For these applicants the Visa front looks somewhat more straight forward.
There is a Visa colloquially known as “Relative Member of an EU National” which entitles spouses and children to apply for a Spanish Residency Visa based on marriage and paternity/maternilty. I am told it is important an application for such a Visa should be made before the EU national seeks to settle in Spain and apply for residency. Again, our Visa colleagues can guide you in this respect.
Our Visa colleagues can assist you with your applications – please just ask and they will explore the prospects. They even have a special discounted fee deal for those from the UK who are seeking a Non-Lucrative Visa to minimize the worst effects of Brexit!
A final thought, that should not be overlooked, is the possibility of securing an EU passport by virtue of paternity/maternity with a qualifying relative coming from a country that is now included within the block of 27 countries comprising the EU’s member states. Please see a previous piece here – Would an EU Passport assist your Marbella property journey?
Should you be interested in discussing the process involved in buying a property in the Marbella region, we would be delighted to assist you. Please contact me to discuss your precise requirements.
We have an experience-qualified and best of breed Associates Network comprising professionals focused on the Marbella region’s property market. Their services include property search, mortgage funding, legal and tax services, visas, surveying, insurance and currency brokerage. We have done the leg work, testing the quality of our Associates and now feel confident in recommending their services to you.
Please note that our posts are for general interest. There is no substitute for proper advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal, tax or financial advice. All details have been reasonably fact-checked and all efforts have been taken to ensure that facts are accurate as at the date of publication.
My details: Mark FR Wilkins, during usual business hours on +34 600 343 917 or e-mail me at mark@therightsgroup.com
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