The Government in Spain has initiated procedures to abolish the Golden Visa for non European investors in real estate. But don’t worry! The Golden Visa is not your only ticket to Spain. Keep reading to find out more.
Why abolish the Golden Visa in Spain?
With the Golden Visa, non-EU residents could invest 500.000€ in real estate in Spain and obtain residence. The Spanish Government wants to put an end to this for a simple reason. Foreigners and non-EU residents who intend to live in Spain are still more than welcome. The abolishment of the Golden Visa is to prevent giving out residential VISAs to non-EU residents who buy properties over 500.000€ that were never intended to live in.
Since we know you intend to start your new chapter in sunny Andalusia with us, we have explained what other alternatives you have.
Alternatives to Golden Visa
One thing is clear: You can still buy properties and you can still live in Spain. Here are your options:
- Second Home and 90 Day Rule
The 90 day rule per 180 days is easy. In simple words this means that you can approximately live in Spain for 6 months in total per year, but cumulatively only 90 days per 180 days. For many of our clients this is sufficient because they still have busy lives at home. Making the investment under these conditions still suffices their desires and dreams.
- Permanent Visa
For non-EU clients that plan to reside more permanently in Spain have a good alternative to the 90 day rule. You can apply for the non-lucrative VISA. This way, you cannot work in Spain but it gives you freedom to travel in and out of the country whenever it suits you.
If you are intending to purchase a luxury country home in Andalucía and are interested in this VISA, we’ve got you! Villas & Fincas Country Properties will bring you in contact with specialists who can advise you on this matter. We have worked with these experts countless times so can assure you the best service and help.
Requirements Non-Lucrative Visa VS Golden Visa
If you apply for the Non-Lucrative Visa to become resident in Spain, you pretty much have to comply with the same criteria as if you had opted for the Golden Visa to become resident in Spain. Naming the most important ones, you need:
- Proof of sufficient financial means
- Contracting a private health insurance
- No criminal record
- Medical Certificate
The process to apply for the non-lucrative visa is different from the process to apply for the Golden Visa. Also the requested forms to fill out are different. We recommend that you enquire about this at the Spanish Embassy or again, consult an expert on this matter.
Danielle Ernstsen | 23rd April 2024
