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If you are looking to purchase a property in Spain, then depending on how much time you’re planning to spend there, you may need to think about long stay visas. Many owners of Santa Rosalia Lake and Life Resort properties use them as a holiday home and therefore do not spend long enough in the country to require a long stay visa. However, if you are a resident outside of the European Union and plan on spending more than 90 out of 180 days in Spain then you will need a long stay visa. One option is an investors and entrepreneurs visa, also known as a Golden Visa.
The Golden Visa is a popular choice as it allows you to both live and work in Spain. You will find that other long stay visas only allow you to live there, and not to work. Another big advantage of the golden visa is that it makes it easy to take your family with you to Spain. It also gives you access to Spanish public services such as schooling and state health care, a huge benefit. It is important to note that you must however still have a health insurance policy in Spain in addition to this. The golden visa only requires that you visit Spain a minimum of once a year and once granted it is easy to renew.
The Golden Visa is designed for investors and entrepreneurs, so for those investing their money in the Spanish economy. Investments include the purchase of property in Spain. The property or properties must have a total value of €500,000 or more. They must be purchased outright without any financing such as a mortgage.
As well as having made the €500,000 investment, you must be able to prove you have the economic means to support yourself and your family. See below for more information about how this is calculated.
Properties for sale in Santa Rosalia vary in price with some being over €500,000, meaning many of our properties for sale here qualify you for the Golden Visa. It is therefore a popular choice among non EU Santa Rosalia residents.
To calculate you are financially able to support yourself and your family, the Spanish IPREM is used. This is an index in Spain giving an income benchmark. To qualify for a golden visa you must be able to prove that you have or will have 400% of the Spanish IPREM plus 100% for each additional family member.
The IPREM in 2023 is €600.00 per month. Therefore you must be able to prove that you will have a monthly income of 400% of this which equates to €2,400,00. Alternatively you can show that you already have enough in your bank account to cover the year ahead. This equates to €28,800.00. You must then have an additional 100% per family member which equates to €600.00 per month or €7,200.00 per year.
If you purchase a property in Spain with us then we work alongside Spanish Lawyers who will be on hand to assist you with everything to do with your purchase, including long stay visas.
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