Golden Visa – the key to your new life in Spain

Golden Visa – the key to your new life in Spain

Dream of retiring in the Costa del Sol? Or maybe you fancy your own holiday home in the sun?

Moving to Spain isn’t quite as straightforward as it used to be.

Having officially left the EU (European Union), UK nationals don’t have the entire freedom of movement they once had. Brits are now limited to spend 90 days – in any given 180-day period – in the 27 member states. Could a Golden Visa be the solution? Here we take a closer look.

 

What is a Golden Visa?

Essentially, the Spanish Golden Visa is a residency permit – that can be issued to any non-EU national who intends to make a significant investment in the Spanish economy.

This permit entitles you to live and work in Spain for longer than 90 days, whilst also allowing you access to public services in the country (e.g. health care, schooling). Initially, it’s valid for 2 years – after which time it can be renewed, indefinitely, in 5-year periods.

The Spanish Golden Visa Program also acts as a fast-track for investors, allowing you to apply for permanent residency after 5 years and Spanish citizenship after 10 years.

 

Who is eligible for the Spanish Golden Visa?

First and foremost, to apply for the Spanish Golden Visa – or Spanish Investor Visa – you must be able to prove you have made a sizeable investment in real estate.

The property purchased must be worth at least €500,000. This could be one single unit that costs €500,000 (or more) or several units that cost at least €500,000 in total. And to confirm ownership, you will need to submit either the certificate issued from the Land Registry, or documents that have been sent to the Land Registry and proof of payment.

In addition, in order to be eligible, you must:

  • be aged 18 or over
  • have valid health insurance in Spain
  • have a clear criminal history
  • have enough financial means to sustain you and your family
  • have no rejected applications for a Schengen visa

 

What are the benefits of a Spanish investment visa?

 

Nationality

Depending on where you buy a house, a Golden Visa can entitle you to obtain Spanish nationality. As a full citizen of the country, you will then have access to all the benefits that entails – both in Spain itself and throughout the EU.

 

Family

A Spanish Golden Visa offers both you (as the holder) and your family members residency in Spain. Such family members can include your spouse or partner, children aged under 18, children aged above 18 who are still dependent on you (e.g. due to a health condition), and dependent elderly parents.

 

Flexibility

With a Golden Visa, there are no restrictions in terms of how long you can stay in the country.

If you wish, you can live in Spain permanently. Or you can come and go as you please. There isn’t a minimum number of days that you have to stay for your visa to be valid. And you will have the freedom to travel to other countries for as long as you need to, both inside and outside the EU.

 

Work

No additional formalities are required for you to be able to work in Spain. From the moment you arrive via the Spanish Golden Visa Program, you’re legally allowed to work and carry out professional activities.

 

Services

You and your family members will have full access to the country’s health and education systems.

 

EU Schengen Zone Travel

Once you have a Golden Visa, you and your family can also apply for a Schengen visa. This will allow you to travel to all countries in the Schengen Zone – for both business and holidays – for up to 90 days in any 180-day period, without having to worry about borders or administrative formalities.

 

Image to represent applying for a golden visa

Interested?

If you’re a UK national and dream of retiring or buying a holiday home in Spain, we can help to overcome the obstacles created by Brexit. Here at Bromley Estates Marbella, not only do we have an extensive portfolio of properties that meet the criteria for a Golden Visa, we also have excellent knowledge of the visa program and will gladly guide you through the application process.

So why not take a look today?

If you have any questions, or would like to find out more about the Spanish Golden Visa Program, you’re welcome to get in touch at any time. Either call us on +34 952 939 460 (+44 208 068 7606) or send an email to info@bromleyestatesmarbella.com and we’ll respond to your enquiry as soon as possible.

5 reasons now is a good time to dive into the Spanish property market

5 reasons now is a good time to dive into the Spanish property market

Looking for a solid investment or to spend your retirement in warmer climates? The Spanish property market could be the thing you’re looking for.

 

Whether you’re looking for a warmer climate to spend your well earned retirement, or you’re a property investor looking for your next foreign deal, the Spanish property market remains hot for those looking to move quickly.

Despite all the uncertainty of the last 12 months, Spain has emerged relatively well compared to other EU countries and others around the world, with its economy expected to rebound strongly in the next 12 months and improvements already being seen in the property sector, now could be the ideal time to invest.

If you’re looking for your next property investment overseas, here’s a few good reasons why the Spanish property market could be just the thing you’re looking for.


1. The Spanish property market is already back on the up

The Spanish property market is already experiencing a rebound after the first quarter of 2021 and prices are expected to continue rising as we carry on through the year. Standard & Poor has announced it expects further increases in the property market, fueled by the reopening of some foreign travel and further lifting of restrictions later in 2021.


2. Spain’s economy is rebounding strongly

The world’s economy suffered a major setback in 2020, and some of that continued into the first quarter of 2021. But Spain has started to show some solid signs of recovery in the last few months.

The Spanish government has now predicted an annual economic growth of around 6% this year after some improvements in March to their economic outlook.

With COVID-19 restrictions beginning to lift slowly and the vaccine rollout slowing hospitalisations, Spain’s economy is expected to see a strong recovery back to pre-COVID levels in the next year.


3. Foreign investment continues to move forward

While internal investment in Spanish property has dropped off slightly as a result of COVID-19, foreign investment has stayed consistent, resulting in a strong and stable housing market.

This isn’t a new thing for Spain.

Even during the 2008 financial crisis, foreign investment remained consistent in the years following and, as a result, the Spanish property market stayed strong. It does regularly outperform other markets as an investment choice.

4. Spanish construction sector experiencing a strong recovery

Any fears that a fall in new homes would drive up prices for existing properties have been driven back by more recent news that the Spanish construction sector is expected to see a strong, government backed recovery in 2021, keeping prices stable.

Spain’s construction sector is expected to rise about 7.4% in 2021 with government backed spending on new infrastructure projects. Plus with the vaccine rollout and lifting of travel restrictions, Spain’s travel and tourism is expected to drive a strong overall economic recovery in the next year.

5. House financing costs and credit remains accessible

Financing costs for foreign investors are expected to remain low in 2021 despite some tightening of credit conditions.

Even with slightly tighter restrictions, Spanish banks are known for their willingness to lend to foreign investors, and with internal spending still lower than before the pandemic, as more households save during times of uncertainty, financing is available at a low cost for foreigners looking to move into the Spanish property market.

 

Step into the Spanish property market with Bromley Estates

If you’re looking for your next property investment in Spain then get in touch with us today and our expert team will be able to match you with the investment property you’re looking for.

We’ve got a wide range of properties available for couples and families looking to retire in the Sun to investors looking for a reliable ROI in the Spanish market.

Get in touch with us today or browse our available properties.

 

 

 

 

 

 

End of state of Alarm in Spain

End of state of Alarm in Spain

Andalucia begins the de-escalation and a return towards normality. The President of the Junta de Andalucía, Juanma Moreno Bonilla, has appeared after presiding over a meeting of the committee of experts to announce a series of new measures before the end of the state of alarm this coming Sunday, May 9.

This coming Sunday, Andalucia begins its de-escalation, a process of transition towards normality that is made up of three phases linked to the level of vaccination that is progressively achieved.

The different measures to be taken must also have the approval of the judges.

The phases of the new de-escalation in Andalucia are:

  • 1st Stabilization Phase, from May 9 to May 31.
  • 2nd phase of progress, from June 1 to 21.
  • 3rd phase of normalization, from June 21 onwards.

For the moment, as of this Sunday, the curfew will be lifted, the region’s border will be opened, the maximum number of people who can meet in homes will be unlimited and the capacity allowed in shops, bars, restaurants, transport, and event will depend on the alert level declared in each municipality (four Covid alert levels are created depending on the health situation).

This Sunday,  the first phase of the de-escalation, the stabilization phase, will be activated with the following rules:

➡ PHASE 1 (from Sunday, May 9 to Tuesday, June 1)
▶️ ️ Curfew disappears.
▶️ ️ The autonomous community will be open, without perimeter closure. Travelers from other communities can come and you can leave.
▶️ ️ The hotel business can open until 00.00.
▶️ ️ Hospitality tables: maximum of 8 people indoors and 10 outdoors, but it will depend on the alert level that the district has.
▶️ ️ Celebrations / weddings with a maximum of 300 people indoors and 500 outdoors.
▶️ ️ Bars with music and discos will be able to reopen almost a year later, until 2:00 a.m. The dance floors can only be open in places in alert level 1 and only if they are outdoors.
▶️ ️ Cinemas, shows, etc., in levels 1 and 2 you will have to leave a free seat between people. In the rest of the levels, a meter and a half away.
▶️ ️ There will be no time limit on beaches and pools.
▶️ ️ Municipalities with more than 5,000 inhabitants with an incidence greater than 1,000 cases / 100,000 inhabitants will have perimeter closure and non-essential activity (a judicial authorization will be necessary for this). In municipalities with fewer than 5,000 inhabitants, a specific assessment by the Alerts Committee will be required

Currently there are no municipalities at level 1 in Andalucia.

Exciting news for buyers on the Costa del Sol!

Exciting news for buyers on the Costa del Sol!

The Andalucian regional government has approved a law in force from 27th April Decree law 7/2021 of reducing taxes on the purchase of property in the region.

The incentives have an expiry date and come to an end on 31st December 2021 so if you have been dreaming of a property on the Costa Del Sol, now is the time to put this into motion.  Contact us now to benefit from these reductions.

The two principal taxes that are being reduced are property purchase or transmission tax and stamp duty on property transactions. Transmission tax – ITP – will now be charged at a standard rate of 7% reduced from the previous sliding scale of 8% to 10%. Stamp duty – AJD – which had been charged at 1.5% is now reduced to 1.2%. This tax reduction affects declarations of new works, cessions of credit and other property related transactions that are signed before a Public Notary.

Guarantees, resolute conditions and securities over land or property will continue to be charged at 1%. The tax reductions that are available for under 35’s and other groups such as for the disabled or large families remain the same.

Launch of new process for UK nationals registering for residency in Spain

Launch of new process for UK nationals registering for residency in Spain

The Spanish government has launched a new process for UK citizens who have still to register their residency in Spain to protect their rights under Britain’s Withdrawal Agreement with the EU.

From 6 July, instead of the green certificate or card that Britons living in Spain used to receive to prove residency, a new photo ID biometric card, known as a TIE (tarjeta de identidad de extranjero), will be handed out to those who meet the requirements. TIE cards will be given out instead of the green cards or certificates to fresh applicants, but those already with a green document do not need to do anything
The British Embassy in Madrid welcomed the introduction of the new system, but also stressed that the 360,000 Britons already registered in Spain do not need to change from the green certificate or credit-card sized card they already have.
The Embassy said this week, “We want to confirm again that there is no obligation for those people who already hold the green residency certificate (small card or A4 version) to exchange it for the TIE. Both documents will be valid in demonstrating your residency status and rights under the Withdrawal Agreement, even after the end of the transition period [31 December 2020].”
In a video message, UK Ambassador Hugh Elliott explained, “There is one group of people who must take action. If you live here, but don’t already have a green residency certificate [or green card], you must apply for the new TIE as soon as possible.”

Compulsory for new applicants
For new residency applicants, without the green documentation, a new step has been introduced.
Those applicants must now submit the paperwork proving their rights to residency to the provincial Immigration office (Oficina de Extranjería) in Malaga city for it to be checked and approved before then arranging a separate appointment at the nearest approved National Police station to get their TIE. Documentation can be submitted to the Immigration office in person, via a representative or via an online platform.
The process was still being rolled out this week by the Spanish authorities and British nationals trying to make appointments or find the online platform commented that it was still unclear where to look on the Spanish government’s websites.

The British Embassy held a video Question & Answer Session on Wednesday which is available to view on its Brits in Spain Facebook page.

The Embassy added that updates on the new process will be published on the UK Government’s Living in Spain information page, and users can sign up to receive email alerts as it is updated.

Temperatures on the rise on the Costa del Sol

Temperatures on the rise on the Costa del Sol

Summer is definitely here with the temperatures set to rise from today to 32 degrees with a slight breeze – perfect for a walk on the beach, dip in the sea and lunch at a chiringuito. Waking up in the morning and enjoying an early round of golf enjoying the fresh air and scenic countryside are just the antidotes to a hectic life and a definite change to some of the weather the UK has been experiencing.

Perhaps this a great time to head inland too for a meander around one of the charming pueblos or whitewashed villages. Try Mijas, Frigliana or Casares. Up here the temperatures may be a little cooler and not forgetting the hidden delights of Marbella Old Town. Sitting here dining in the cool and watching people pass by is one of the fine pleasures of a long lunch.

The property market here in Spain and particularly the Costa del Sol is hotting up too. We have virtual and physical appointments available to view properties available for sale. Some of our exclusive developments are offering some great deals now including €15,000 gift packs which can go towards buying costs or furniture packs at Aqualina. The Oceana Collection boasts fantastic €10,000 gift which can be redeemed towards either furniture packs or buying costs or alterations.

With ferries and planes now restarted have you booked your trip to Spain yet? Whether that is to explore the areas you’d love to buy in or whether you’d like to find your dream home here in Spain we have some excellent propositions for you.

Summer time is upon on us and this year probably will not be as busy as previous years due to what is happening in the world, so it is the perfect time to come over and join us in the search for your dream property.

Talk to one of our multilingual team about some of the great offers available right now.

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