EDUCATION, PROPERTY & GOLDEN VISA IN SPAIN & PORTUGAL

Come join AVCO on July 5 and 8 at Rondaevoo Coffee Dining (Bandar Sri Damansara - Kuala Lumpur) for two special sessions on Education, Property & Golden Visa in Spain & Portugal!

WEBINAR: PROPERTY INVESTMENT IN SPAIN

Missed our webinar on property investment in Spain? Download the recording here and get all the info on legal aspects, taxes, Golden Visa and much more!

Property and Golden Visa in Spain and Portugal - Singapore Event

Come learn all about Property Investment and the Golden Visa programs of Spain and Portugal on July 23rd at 2pm, in the Sheraton Towers (Level 3) in Singapore.

We will explain legal issues, taxes, facts and figures on real estate and golden visa for Spain and Portugal in a one-hour session.

Please register here

Which is the Best Golden Visa program for Filipinos?

Which is the most golden of all the Golden Visa programs for Filipinos? Several EU countries have quite successful programs, offering investors the possibility of obtaining a visa without the usual hassles and some extra benefits. Of course each program has its own advantages and disadvantages so there is no one size fits all. However, upon closer inspection, the Spanish program does seem especially suited for Filipinos. Why is that? Keep reading our blog to find out more.

1.- Which are the general conditions to be eligible for the visa?

The law has considered three conditions which can render an investor eligible for the visa (meeting one of them is enough to qualify the applicant):

1.- Buy real estate with a minimum value of € 500,000 (the first € 500,000 must be free of liens);

2.- Invest € 2 million in Spanish bonds; € 1 million in shares of Spanish companies; € 1 million in investment funds or venture capital funds; or deposit € 1 million in a bank account;

3.- Undertake a business project of general interest to be executed in Spain.

2.- Are there any limitations as to the buying of real estate?

The only limitation is that each applicant must invest at least € 500,000 and the property must be free of liens and encumbrances. All types of property are eligible and may be used or leased freely.

3.- For how long is the investor’s visa valid? Can the investor apply for a residence permit?

The investor’s visa is valid, initially, for one year. The investor can apply thereafter for a residence permit which is valid for 2 years initially and then renewable for 5-year periods.

4.- So why is the Spanish program of greater interest to the Philippines?

It all comes down to citizenship. As a general rule, after a ten-year residence period residents can apply for Spanish citizenship. However, Filipinos just need a two-year residence period and can keep their citizenship of origin.

5.- How do other Golden Visa programs compare?

Requirements for citizenship are much stricter in other EU countries.

Portugal: minimum residence of 6 years;

Malta: minimum residence of 5 years;

Cyprus: minimum investment of € 2.5 million.

6.- What other benefits are there?

The Golden Visa allows its holder to live and work in Spain. Reunification is possible for the following family members: spouse or de facto partner; children under legal age (18) and over legal age if they are economically dependent on their parents; sponsor’s parents (if they are over 65 years old) and spouse’s parents (if they depend economically on the sponsor).

NEW AMENDMENTS TO THE SPANISH GOLDEN VISA PROGRAM

Not to be outdone by its Portuguese counterpart, the Spanish Golden Visa program has been improved by Law 25/2015, of July 28, which amends a few aspects and introduces some important clarifications:

• It is now clear that applicants can also request reunification with their de facto partners and children of legal age and parents (the last two when economically dependent);
• If the investment is performed by a couple married in the community property regime, and said investment is equal to at least double the threshold for a single visa, both spouses can apply for a GV. For example, if they buy property of € 1,000,000 both of them can apply for a GV (the minimum threshold being € 500,000). If the investment is € 900,000, then only one of them could apply for the GV and the other would be eligible for reunification;
• It has also been clarified that the GV allows its holder to live and work in Spain;
• Renewal of the GV has been simplified and the periods extended: after the initial duration of one year, the visa turns into a 2 year residence permit which can then be renewed for 5-year periods as long as the applicant fulfils the initial investment conditions;
• Investors can also now choose to invest € 1 million in investment funds or venture capital funds;
• Real estate investors now have more time to finish the necessary procedures. A deposit agreement will be enough to secure a 6-month visa.

The initial conditions still apply, ie:

1.- Investment of € 500,000 in real estate (no liens or encumbrances);

2.- Investment of € 1 million in shares or bank deposit;

3.- Investment of € 2 million in bonds;

4.- Execution of relevant investment project.