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, 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.
I used to be more than slightly cynical about the ‘power’ of the Internet. The chattering of the gregarious and the ‘me, me, look at me’ fragility of the alarmingly self-assured. For me, it risked being vacuous and self serving.
Hand’s up! I am now changed.
For many, in my direct experience, the Internet has become an essential resource, a fountain of intelligence, some reliable data and, admittedly, mostly second-hand knowledge.
I am not speaking of the on-line self-diagnosis of a sprain or a rash but a solutions based culture that provides a speedy opportunity to promote thought and discussion. The precise result sought may not always be immediately available but with some digging, application and focus the answer is often forthcoming.
I recently had a particularly good example of this.
Having posted a piece about the ‘Golden Visa’ – Could your Spanish residency concerns be solved by obtaining a “Golden Visa”? – and the opportunities for those purchasing property with a net cost in excess of €500,000 in Spain or investing a minimum of €1m in shares of Spanish companies with ‘real activity’, I sent a link to my blog to a well-known Expat Facebook Group.
There resulted an interesting flurry of debate. It culminated in one astute reader wondering whether the fact she had purchased a property that exceeded the required net of €500,000 in Andalucia 2013 – ie. after the date the Golden Visa legislation was published in Spain – meant that she qualified to become a Golden Visa applicant.
Could her €500,000 purchase in 2013 enable her in 2020 to retrospectively apply for the Golden Visa?
I spoke to my colleagues at the Marbella law firm that I consult to. Their immediate reaction was that they would research the question in more detail seeking to assure this potential client that their first instinct was in fact correct. They reported the lady correspondent would be able to use her 2013 purchase to allow her to apply for a Golden Visa as she had previously not done so.
It should be noted that in order to be considered for retrospective application your purchase of the otherwise criteria satisfying property must have been after September 29th 2013.
I am told – as you all know being an English lawyer I don’t give substantive legal advice on Spanish matters but I work with a few Spanish Abogados who do – it transpires in accordance with the presently in force legislation, for investments in real estate (subject to the minimum €500.000 free of charges, including mortgages) that there would be no time limit within which to submit the Golden Visa application.
However, in relation to a Golden Visa application based on a qualifying investments in the capital of Spanish companies (again subject to a minimum €1m) it appears that there is a time limit of one (1) year from the date of the investment (which must be after the date that the Golden Visa rules came into force) to the date of the submission of the application for a Golden Visa.
Please understand, although it allows a holder to work in Spain and have freedom of movement within the Schengen area countries, it was primarily introduced for holiday home owners and retiree property buyers/share investors. So, for some of you, the Golden Visa route via a qualifying property purchase – whether or not you have already made your property purchase – may provide you with a workable Visa solution, particularly in the light of the continuing Brexit uncertainties, for your enjoyment of your life in Spain.
Whether you are an existing, and qualifying purchaser or investor, or you have not yet made your purchase or investment in Spain, why not ask my Abogado colleagues in Marbella to have a look at your circumstances and give you their initial thoughts? A Spanish Golden Visa may be perfect for your needs.
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 team of bi-lingual, highly experienced and wholly independent team of Abogados are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, please e-mail me at mark@roslegal.es
Please note that our posts are for general interest. They are 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.
© Mark FR Wilkins 2021 All rights reserved.