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.

SEMINAR IN KUALA LUMPUR ON REAL ESTATE IN SPAIN & PORTUGAL

Antonio Viñal & Co. Abogados will hold on March 17, at the Double Tree Hilton in Kuala Lumpur, the first seminar dedicated to Real Estate in Spain & Portugal. The event will be graced by H.E. Mr. Carlos Dominguez, the Ambassador of Spain to Malaysia and Mr. Rafael Matos (Economic & Commercial Commissioner for the Economic & Commercial Office, Embassy of Spain). Mr. Matos will also be speaking at the event on the excellent perspectives for the Spanish economy in 2015.

Antonio Viñal Jr., partner of the law firm, will address the current situation of the real estate markets in Spain and Portugal (statistics, hot spots, tendencies), the Golden Visa programs in both countries and legal advice for Asian investors wishing to enter these markets.

This is an exclusive event and by invitation only. To RSVP or for more information, kindly contact us at kuala.lumpur@avinalabogados.com. 

10 GREAT REASONS TO INVEST IN SPAIN

Is Spain back? Based on the current economic data it seems like it. So if you're thinking about the destination of your next investment why not take a few minutes to consider Spain? Here are 10 great reasons to do so.

Company incorporation

1.- No share capital needed;

2.- Minimum number of shareholders and directors is one.

3.- Attractive public grants in qualifying regions.

Tax reasons

1.- Newly incorporated smes benefit from a reduced rate of 15% on the first € 300,000 of tax base and just 20% thereafter during their first 2 years with positive tax base;

2.- The non-habitual residency scheme allows new fiscal residents to be taxed at a flat rate of just 24.75%.

Hot property market

1.- Low prices on attractive property make for great deals;

2.- Investor/ golden visa opportunity for foreign investors who buy property for just € 500,000.

Investment hub

1.- Easier access to hot Spanish-speaking markets such as Mexico, Colombia, Peru or Chile;

2.- 101 signed double taxation treaties, with 88 of them in force.

3.- Easy and effective holding company scheme.

INVESTOR VISA IN SPAIN (and III)

On our last post on the Spanish investor’s visa we had briefly touched on the subject of citizenship. It is worth noting that there is a draft law in the works that will render a minimum knowledge of Spanish compulsory.

Another important issue regards the need for a visa or not to enter Spain. EEE countries plus Andorra just need their ID cards. The following countries need a passport valid for 3 months after the end of the traveller’s stay (maximum stay is 90 days):

Albania, Antigua and Barbuda, Algeria, Argentina, Australia, Azerbaijan, Bahamas, Barbados, Bermudas, Bolivia, Bosnia-Herzegovina, Brazil, Brunei, Canada, Chile, Colombia, Costa Rica, Croatia, Egypt, El Salvador, Ecuador, Georgia, Guatemala, Honduras, Israel, Japan, Kazakhstan, Kuwait, Macedonia, Malaysia, Mauritania, Mauritius, Mexico, Moldova, Monaco, Montenegro, Morocco, New Zealand, Nicaragua, Panama, Paraguay, Peru, Philippines, Russia, Saint Christopher and Nevis, Senegal, Serbia, Seychelles, Singapore, South Africa, South Korea, Taiwan, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, United States, Uruguay, Vatican, Venezuela, Vietnam, as well as Hong Kong and Macao. (This list may be subject to changes)

On a final note, reunification is possible and the following family members are eligible for reunification: spouse or de facto partner; children under legal age (18); sponsor’s parents (if they are over 65 years old) and spouse’s parents (if they depend economically on the sponsor): minors and disabled under the sponsor’s custody.

As regards the reunification of the spouse’s parents, evidence must be produced to prove that the parents do not have the financial resources to support themselves.

INVESTOR VISA IN SPAIN (II)

The Spanish investor’s visa is valid, initially, for one year. The investor can apply thereafter for a residence permit, which is valid for 2 years and renewable for 2-year periods. Applicants that want to keep their residence after the initial term must travel at least once to Spain.

In order to obtain or renew the permit, the applicant must fulfil the initial conditions when the visa was issued: ie, maintain an investment of € 1 or € 2 million; be the owner of real estate valued at € 500,000; maintain the investment project free of debts before the Internal Revenue Service and Social Security and obtain a favourable report form the Directorate General of Trade and Investment.

Finally, as a general rule, after a ten-year residence period residents can apply for Spanish citizenship. Citizens from Latin-American countries, Andorra, Equatorial Guinea, Philippines, Portugal and of Sephardic origin just need a two-year residence period.

INVESTOR VISA IN SPAIN (I)

The Entrepreneurship Act was finally passed last September 28^th. Non-EU/ EEA citizens may now apply for an investor visa in Spain if they meet one of the following requirements:

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;

3.- Invest € 1 million in shares of Spanish companies;

4.- Deposit € 1 million in a bank account;

5.- Undertake a business project of general interest to be executed in Spain. This project must meet at least one of the following conditions:

- Creation of jobs;

- Investment of socioeconomic impact in the region where it will be executed;

- Relevant contribution to scientific and/ or technological innovation.

The project must also receive the approval of the Spanish Economic and Trade Office nearest to the applicant in the form of a favourable report.

It is worth noting that the investment can also be executed through a company if the applicant holds the majority of voting rights. Finally, the investor visa allows for an initial residency of a 1 year period.