residency in spain - pam golding · there is no restriction to the use of the property by the...

1R e s i d e n c y i n S p a i n

R E S I D E N C YI N S PA I N


01. SPANISH GOLDEN VISA

Spanish Golden Visa Features

Visa Requirements

02. WHY INVESTING IN SPAIN

Investing in Spain

Barcelona: the city of now

Barcelona Property Market

Guide to buying a property in Spain

Comparison Spain Vs Portugal

03. INVESTMENT HIGHLIGHTS

New Development Properties

Re-sale Properties

Exclusive Properties – Prime Properties

04. PROPERTY MANAGEMENT SERVICE

Overview

A G E N D A


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S P A N I S H G O L D E N V I S A


S P A N I S H G O L D E N V I S A /

I N V E S T O R P E R M I T

K E Y F E A T U R E S

Acquisition of property or land, regardless if a real estate or commercial propery,

within an investment threshold of over € 500,000 (taxes are not included in the

investment threshold). Multiple investments are allowed.

Additional costs for the investor are Taxes on the purchase which would range

from 8 to 10% of the purchase price, and Notary and Property Registry fees

which could range from 1 to 3% of the purchase price.

The Golden Visa has a duration of 1 year and it can be converted, upon expiry, in

the Investor’s Residence Permit.

The Investor’s Residence Permit has an initial duration of 2 year and it is

renewable for periods of 5 years as long as the investment is maintained.

In general the investor entitlement to the Golden Visa/permit starts from the

completion of the purchase (date of the purchase public deed) even if there is

the possibility to apply for a Temporary investment visa of 6 MONTHS for those

who have not yet formalized the purchase, but already have signed a reservation

deposit agreement, or any other similar kind of agreement formalised in a

public deed, which secures the future purchase. Once the purchase process has

been completed, they will obtain the permit.

T Y P E O F I N V E ST M E N T R E Q U I R E D

D U R AT I O N

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2


Family members of the investor may also apply for the Golden Visa/Investor

Residence Permit under the same investment: including spouse (or person

with a similar affective relationship) children under 18 y.o. (over 18 y.o. if

economically dependent) and dependent ascendants of the investor.

Both the investor and the beneficiary family members are entitled to work in Spain.

No minimum stay in Spain is required neither during the first year (Visa) nor

during the further periods of 2 and 5 years (Permit). Actually the investor does

not even need to travel at least once to Spain and the extension can be made in

Spain by a representative.

Golden Visa/Investor’s Residence Permit allows unrestricted capacity to move

within the “Schengen” area. This means that the holder of the Golden Visa /

Investor Permit has the right to remain in Spain for an unlimited period of time, plus

in the rest of the Schengen area for three months within each period of six months.

The application for the Golden Visa can be submitted before the Spanish

Consulate of the inversor’s country of residence. But the investor can also apply

directly in Spain for the Investor’s Residence Permit while legally staying in

Spain, on any kind of visa or visa exemption (for example as tourist).

FA M I LY A N D WO R K

M I N I M U M STAYM O B I L I T Y

A P P L I C AT I O N4

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S P A N I S H G O L D E N V I S A /

I N V E S T O R P E R M I T



S P A N I S H G O L D E N V I S A /I N V E S T O R P E R M I T


The investment can be made through a legal entity provided that:

i) The legal entity is not located in a tax haven.

ii) The applicant individual has the majority of the voting rights in the company and

enough faculties to appoint and dismiss the majority of the company directors.

As the beneficiary of the Golden Visa is not required to stay a minimum time

in Spain, his/her tax domicile will not be affected: generally speaking, a non-

Spanish national becomes Spanish tax resident when he/she stays longer than

183 days in Spain during any one calendar year.

An only investment of EUR 500,000 will be sufficient: however only one of the

spouse will apply as investor and the other as family member.

The Golden Visa does not entitle automatically to the Spanish citizenship but

the golden visa holder can obtain either the permanent residence (indipendent

from the investment) and the citizenship if he/she proves effective residence

(more than 183 days per year) during the legal period: 5 years for permanent

residence and 10 years for citizenschip.

There is no restriction to the use of the property by the investor: the property

can be rented from the very first moment.

The property cannot be re-sold as the beneficiary would lose the right to reside.

Golden Visa application should be processed by the consulates and granted

within 10 days from filing.

Investor’s Residence Permit applications are processed electronically and

granted within a maximum time limit of 20 days from filing.

INVESTMENT MADE BY LEGAL ENTITY TAX RESIDENCE OF THE INVESTOR

INVESTMENT MADE BY A MARRIED COUPLE UNDER A

COMMUNITY PROPERTY REGIME

ACQUISIT ION OF SPANISH CITIZENSHIP

PURPOSE OF THE INVESTMENT TIMING

7 10

811

9 12


V I S A

R E Q U I R E M E N T S

Not to have entered or stayed illegally in Spanish territory. Nor have been

refused entry in any of the Schengen countries.

Have sufficient economic means to cover personal and family living

expenses (26.000 € for the applicant plus 7.000 € for each family

member).

Be 18 years or over, with no criminal record in Spain nor in the countries

where the applicant has resided in the previous 5 years.

Prove ownership of one or more immovable properties in Spain with an

overall net investment contribution above € 500,000.

Have public or private health insurance with an entity authorized to

operate in Spain which will have to provide full medicale coverage for a

minimum period of 1 year.

Prove of investment must be made through Registry of Property

certificate attesting ownership or, if the ownership title is not registered,

via copy of acquisition public deed and proof of filing the deed in the

Registry.

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THE APPLICANT MUST FULFILL THE FOLLOWING REQUIREMENTS:!

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1 0R e s i d e n c y i n S p a i n

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W H Y I N V E S T I N G

I N S P A I N


1. SPAIN AS A WORLD LEADING DESTINATION

At present, Spain is the third tourist destination in the world, behind France

and the United States alone. During 2016, Spain received more than 75 million

tourists, almost 10% more than the previous year.

It is important to note that Spain is the world’s second country with the most

World Heritage cities, the third in terms of natural areas declared Biosphere

Reserves, and the country with the most Blue Flag beaches in the entire

Northern Hemisphere. These are only a few examples of the attractions that

Spain has to offer to its visitors.

Number of visitors by origin

R E A S O N S T O I N V E S T I N S P A I N

TOURISM & INTERNATIONAL FLIGHTS DATA

75,6 millions of international tourists visited Spain during 2016

6% of the visitors came to Spain for business and 85% for leisure

Spanish airports managed over 1 million international flights


3 . WO R L D C L ASS E D U C AT I O N

Spain holds 3 positions in TOP20 best world business schools.

Source: www.rankings.ft.com

4 . WO R L D ’ S B E ST H E A LT H SYST E M S

Spain ranks in the 7th position of the World’s best health systems.

Source: World Health Organization

5 . ST R AT E G I C A L LY LO C AT E D & CO N N E C T E D

Spain’s airports, seaports, high-speed rail and motorways stand among the

best in the world, representing an optimal resource to promote international

trade & tourism.

World Output

Advanced Economies

United States

Euro Area

Germany

France

Italy

Spain

Japan

United Kingdom

3.2

2.1

2.6

2.0

1.5

1.3

0.7

3.2

1.2

2.2

3.1

1.6

1.6

1.7

1.7

1.3

0.9

3.2

0.9

2.0

3.4

1.9

2.3

1.6

1.5

1.3

0.7

2.3

0.8

1.5

3.6

2.0

2.5

1.6

1.5

1.6

0.8

2.1

0.5

1.4

2015 2016 2017 2018

Estimated Projections

Source: IMF

GDP

2 . T H E S PA N I S H E CO N O M Y

The Spanish economy continues to show signs of strength. The National

Institute of Statistics advanced data for the last quarter of 2016. GDP increased

by 0.7% during the last quarter of the year, accumulating annual GDP growth

of 3.2%. Data on economic growth are reinforced by the good news about the

unemployment rate, which fell to its lowest level in the last 7 years (18.63%). In

the European context, Spain is still one of the countries showing the greatest

growth within the euro zone.


B A R C E L O N A :

T H E C I T Y O F N O W

Barcelona is an open, mixed, cosmopolitan and cross-cultural city that attracts

visitors, talent, investments, technological and scientific innovation and avant-

garde cultural proposals.

To speak of Barcelona is to refer to the mobile capital of the world and to

an international reference regarding the use of technologies as a means to

develop intelligent management of the city.

As a leading city in clinical and human health research, Barcelona is home to

ninety research centers in which more than four hundred research groups are

consolidated and dedicated to the field of life sciences.

The Catalan capital is among the best cities in the world in the classifications

of quality of life, safety and equity.


The property market in Barcelona continued to grow significantly

during 2016 and is widely discussed as a European property

investment ‘hotspot’. New homes are in high demand as are

high-end luxury renovated apartments in the key central districts

of Eixample and The Old Town, particularly among international

buyers, who continue to drive sales. Interest for Barcelona as a

place to invest remained steady from national and international

buyers.

The beachside district of Diagonal Mar is once again becoming

Properties are mainly being bought for rental investment

purposes as potential rental yields are higher than average.

These types of investment properties are in demand by Northern

European, Middle Eastern and Asian investors interested in

obtaining the residency visa.

DEMAND

T H E B A R C E L O N AP R O P E R T Y M A R K E T

The growth of the economy, coupled with low financing costs , good potent ia l for profitabi l i ty f rom rents and capita l growth

wi l l cont inue to dr ive sa les throughout 2017. This upward trend is not l imited only to new bui ld homes; sa les of second-hand

propert ies wi l l cont inue growing in 2017, fuel led by the return of mortgage credit and low interest rates . We are opt imist ic

about the cont inuing property market recovery dur ing 2017.

Source: CBRE, Datastream, European Central Bank

EUROZONE PROPERTY YIELDS AND INTEREST RATES, 2007-2016

-1

0

1

2

3

4

5

6

2016201520142013201220112010200920082007

Eurozone bond yieldsEURIBOR Five-year swap rateEurozone property yields

%


In 2015, residential New Development projects started

coming onto the market in Barcelona for the first time

since the property market crash. Through 2016 the release

of projects accelerated, increasing the supply of much

needed new development property. In 2016, 50% of

the properties sold by Lucas Fox Barcelona were in new

development projects and we expect this percentage to

maintain or most probably increase through 2017.

2017 will see the release of some large residential

condominium projects in the city center and the Diagonal

Mar area of the city. We expect these projects to be

particularly interesting to investor clients and also clients

looking to take advantage of the Golden Visa scheme. As

well as these larger schemes there are a good number of

smaller new development projects which are renovations of

classic buildings in the Eixample and Old Town areas that

will continue to feed the demand from international lifestyle

investors.

SUPPLY

bases its figures on asking prices), property prices for

property prices. The more prestigious, luxury districts of

average prices between the end of Q2 2016 and the end of

(between 6% and 8%) in the most sought-after areas of the

city centre of Barcelona by the end of 2017 as the strong

demand for new homes continues to outweigh supply.

PRICES

NEW DEVELOPMENTS PIPELINE AVERAGE SALES PRICES PER BCN DISTRICTS

€/SQ

M

Un

its

€/SQ

M

0

1000

2000

3000

4000

5000

6000

7000

Gràcia

Sarrià-Sant Gervasi

Ciutat Vella Eixample

Les Corts Sant Mar

Barcelona City Average

Source: Lucas Fox Source: Idealista.com

984 940 864

551

19192 336

849

0

200

400

600

800

1000

1200

1400

1600

2014 2015 2016 2017

Rest Lucas Fox


G U I D E T O B U Y I N G A P R O P E R T Y I N S P A I N

The first step is to negotiate with the owner the price, terms and conditions of sale. After your offer has been accepted, the next step is normally to put down a reserve deposit to take the property off the market.The amount of the deposit varies depending on the price and other factors.

The private contract will contain all of the relevant details such us a description of the property, purchase price and date of completion.At this stage the buyer will be expected to pay a deposit . Should the buyer decide to withdraw from the sale, the deposit will be lost.

Non-Spanish buyer will need a Spanish tax number or NIE and a bank account in Spain. On the completion date, the balance of the purchase price and any fees payable by the buyer must be paid.The buyer is then issued with the public deed of conveyance in front of a Notary Public, who certifies the property transfer, and a copy of the Public Deed will be passed to the tax office and to the Property Registry.

Prior to completion non Spanish Buyers will need a Spanish tax number or NIE and a bank account in Spain: You are required to obtain a NIE number (Número de Identidad de Extranjero) which is a Spanish tax

identification number that enables you to make financial transaction. A Spanish bank account is needed to be able to provide a bank cheque from this Spanish bank

account for the final signing of the Public Deed (escritura de compraventa) in front of the Notary Public

in Spain.

STEPS TO BUYING A HOUSE IN SPAIN

STAGE 1: HOLDING DEPOSIT

STAGE 2: PRIVATE CONTRACT

STAGE 3: COMPLETION OF PUBLIC DEED

ADMINISTRATIVE REQUIREMENTS

EXAMPLE OF TOTAL COSTS TO BUY A TWO BEDROOM APARTMENT IN A NEW DEVELOPMENT AT A PRICE OF € 520,000 FOR A FAMILY OF FOUR

STAGE 1: Holding Deposit

STAGE 2: Private Contract

(10% of agreed purchase Price)

STAGE 3: Completion of Public Deed

VAT (10%)

Stamp Duty (1,5%) (only applicable for

New Development properties)

Notary Fee

Solicitors’ Fee (1%)

€ 6,000 to € 10,000

(deducted on next stage)

€ 52,000

€ 52,000

€ 7,800

€ 2,000

€ 5,200

GOLDEN VISA COSTS:

RUNNING COSTS

Local Taxes (IBI)

Community Fee

Non Residents Income Tax

Wealth Tax (exemptions up to € 500,000)

Property and Golden Visa package

Expenses (including taxes, documents

translation and property certificates)

0,2% Ratable Value of the Land

€ 300 - € 600

24% (if rented)

Starting from 0,2%

€ 15,000

€ 1,250

TOTAL PURCHASE & VISA COSTS: € 603,250


C O M P A R I S O NS P A I N V S P O R T U G A L

REAL ESTATE AS A SMART INVESTMENT

GDP GROWTH

PORTUGAL

SPAIN

SPAIN AS A WORLD LEADING TOURIST DESTINATION

AVERAGE TIME TO GET A VISA

GDP PER CAPITA

2ND MOST IMPORTANT LANGUAGE BY NUMBER OF SPEAKERS

Source: INE. Eurostats, Idealista.com, Nationalencyklopein

(estimates year 2010)

1 MONTH

SPAIN

SPAIN

405 215

€ 23,200

MILLION MILLION

SPANISHSPEAKERS

PORTUGUESESPEAKERS

1 YEAR

PORTUGAL

PORTUGAL€ 17,300

Total Nights Spent atTourist Accommodation (non-residents)

PORTUGAL 38,897,000

SPAIN 269,418,000BARCELONA

PRICE GROWTH2016

LISBONPRICE GROWTH

2016

+14,36%

+2,59%

0,9%

1,2%

1,6%1,8%

2,7%

3,2%

3,5%3,3%

3,6% 3,5%3,3%

1,3%

0,4%

1,7%1,5% 1,6% 1,5%

0,9% 1,0%

1,4%

Q 1 20 14

Q 2 20 14

Q 3 20 14

Q 4 20 14

Q 1 20 15

Q 2 20 15

Q 3 20 15

Q 4 20 15

Q 1 20 16

Q 2 20 16

Q 3 20 16

Ann

ual G

row

th

S PAIN PO RTUG AL

0,8%

1,1%


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I N V E S T M E N T H I G H L I G H T S


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N E W D E V E L O P M E N T P R O P E R T I E S


Modern flats with terraces, infinity pool and

stunning sea, mountain and city views

Capital growth of min of 20% during

construction phase

Bank guaranteed development – safe

investment

Completion Q3 2018

Parking and storage available for all units

58% of units sold in 3 months

Instalment payment option - ideal for

golden visa applicants

DIAGONAL PORT

INVESTMENT HIGHLIGHTS

RENTAL YIELDUP TO 5%


Prime location in the centre of Barcelona

Capital growth of min 10% during

construction phase

Completion Q3 2017

Limited number of units available

ATAULF 7


RENTAL YIELDUP TO 4.5%


Prime location of Eixample – next to Enric

Granados street

Capital growth of min 15% during the

construction phase

Completion Q3 2018

Communal garden of 300m2 – oasis in the

city centre

ROSSELLÓ 170


RENTAL YIELDUP TO 4.6%


Stunning New Development located in

Barcelona’s desirable Eixample district

Key features

Ultra-modern apartments designed by

prestigious architect firm GCA Architects

Modern, luxury kitchens, fully

equipped with high-end appliances

ose to Plaça de Catalunya and well

connected to the rest of the city

Easy access to the airport via nearby

train and bus services

ose to the desirable Passeig de

Gràcia with its designer stores and

exclusive restaurants

AUSIÀS MARCH 49

COMIN

G SOON


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R E - S A L E P R O P E R T I E S


BCN2409

Apartment with a terrace in Barcelona’s Eixample Left area

Key features

• Located in the Eixample area

• 30 m² terrace with decking

Key features

• Located in a period building

• Access to a communal terrace

Key features

• Located in a Modernist building

• Well connected to the rest of the city via public transport

Key features

• Includes Domotic system

• Designed by aclaimed architect

115m2 / €635,000

• Modern elements combined with attractive period features

• 2 bedrooms / 2 bathrooms

• Includes Domotic system


• Turnkey project

• 2 bedrooms / 1 bathroom

• 1 apartment per floor


BCN2743

Apartment in Barcelona’s Gothic neighborhood

94m2 / €525,000

BCN2628

Brand new apartment at the heart of Barcelona

83m2 / €510,000

BCN2747

Luxury modern apartment in Barcelona’s exclusive Paseo de Gracia

129m2 / €799,000


BCN2948

Renovated apartment with a terrace at the heart of Barcelona

Key features

Open plan spaces

40 m² terrace

Key features

Located in a Modernist building

Includes Domotic system

Key features

Located in a charming square

Plenty of natural light

Key features

Located in a period building

25 m² terrace

90m 2 / €595,000

Period architecture and modern features

1 bedroom / 1 bathroom

With concierge service

3 bedrooms / 2 bathrooms

High-end finishes and furniture


Well connected to the rest of the city via public transport


BCN4380

Pristine new apartment in the heart of Barcelona

160m 2 / €1,050,000

BCN4324

Newly renovated apartment

95m 2 / €560,000

BCN4390

Spacious apartment with a decked terrace and period features

95m 2 / €530,000


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E X C L U S I V E P R O P E R T I E S – P R I M E P R O P E R T I E S


Exceptional development designed by

the renowned Catalan architect Carlos

Ferrater

Key features

Privileged location in the uptown area

of Bonanova

A sensational luxury villa of 800 m2

With garage, gym, storage room and

entertainment areas

Fabulous garden with swimming pool

One of Barcelona’s most exclusive and

sought-after districts

VILLAS BONANOVA


Unique luxury penthouse in a prestigious

landmark building

Key features

tstanding luxury property

Wonderful sea and city views

Sold fully equipped and furnished

Two separated terraces with views over

Plaça Catalunya

Near Barcelona’s best designer stores

and exclusives restaurants

PENTHOUSE IN PL. CATALUNYA


Magnificient free standing villa to buy

off-plan in a priviliged location

Key features

Designed by an architectural firm

responsable of many celebrity and

award-winning homes

The villa sits on a generous 2,680 m2

plot

Spectacular garden with a unique 112

m2 designer swimming pool

Located in the leafy parkland of

Pedralbes

One of the most exclusive location in

the uptown area of Barcelona

VILLA IN PEDRALBES

2 9 R e s i d e n c y i n S p a i n

Luxury apartments in Casa Burés, a

Modernista masterpiece in Barcelona’s

Eixample district

Key features

e of the world’s most impressive

and best preserved Modernista buildings

Exquisitely refurbished properties

including lofts, apartments and

penthouses

Fantastic communal facilities including

a swimming pool, gym and home cinema

ose to train stations and around 30

minutes from the airport

Michelin star restaurants, designer

stores and exclusive bars all within

walking distance

CASA BURÉS


+27 21 762 2617 - [email protected]

www.pamgolding.co.za/spain

residency in spain - pam golding · there is no restriction to the use of the property by the...

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