Gecko Towers
Update 09.04.24: An announcement has been made by the leader of the Socialist Government in Spain, that his government plans to amend or repeal the “Golden Visa” legislation. Currently no timetable for these changes has been suggested and there is opposition to any revision. That said, this discourse, that started in May 2023 – when this article was first written – may result in some material changes. We will endeavour to keep you up to date with these as we are made aware of them and their precise impact.
As many of you will know, I have written several blog pieces about the Golden Visas that are available in Spain to those, including Brits post Brexit, who make a qualifying investment in Spanish property. There are other qualifying activities but for us the property investment is important.
Here are a couple of previous pieces – Could your Spanish residency concerns be solved by obtaining a “Golden Visa”? and Golden Visas – A Retrospective
A couple of days ago a piece on Reuters, the respected news service, reported, probably, in part, as a direct result of Putin’s offensive against the Ukraine, that the European Parliament was due to approve a report urging the European Union to cease the granting of Golden Visas by 2025 and to halt, with immediate effect, Golden Visas being granted to Russians who otherwise satisfied the investment requirements.
Once approved the report was due to be placed before the European Commission who is charged with the responsibility of formulating legislation to realise the aims of the EU.
The perception appears to be that several of the EU countries have allowed unregulated Golden Visa to be granted to those who would otherwise be regarded as undesirable, affording them the opportunity to enter and stay in the recipient EU country.
This is, of course, an exercise in throwing the baby out with the bath water, particularly as a solution for those from the UK for whom the Golden Visa provided the prospect a little more settled existence in Spain post Brexit. It must be appreciated that even under a Golden Visa, if you plan NOT to become a Spanish Tax Resident then an annual limit on residence of 183 days still applies.
As a result of this news, it would appear to spell the end of the Golden Visa by 2025, in just three years. As there is currently no viable alternative offered by the Spanish State, although we are assured that discussion of a post Brexit accord with the EU continue, nothing of any substance has yet been seen.
I can only imagine that in the next few months, among those Brits keen to buy in Spain, there will be a heightened sense of needing to get resolution before any changes are effected. A word of caution…please take careful advice as to the manner of your qualifying purchase to ensure that you are given the best opportunity of a successful application for a Golden Visa.
Should you be interested in discussing the legal process involved in buying a property in the Marbella region, we would be delighted to assist you. Our multi-disciplinary team of bi-lingual, highly experienced and wholly independent Abogados and Asesores Fiscales are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, or e-mail me at mark@roslegal.es
Please note that our posts are for general interest. There is no substitute for proper legal 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 or financial advice.
© Mark FR Wilkins 2022. All rights reserved.