Presentation on theme: "Spanish Golden Visa “A fixed 5 year single lump-sum investment to achieve Permanent EU Residency at the end of five years”"— Presentation transcript:
Spanish Golden Visa “A fixed 5 year single lump-sum investment to achieve Permanent EU Residency at the end of five years”
Spanish Golden Visa 1. Background 2. Product Overview 3. What is included 4. Schengen Zone 5. The properties 6. Location, location - Marbella and Puerto Banus 7. Investment amounts and options 8. SGV 9. Other residency schemes 10. Conclusion and next steps
Background From 30 th September 2013 Spanish legislation passed granting a residency visa for Non EU international investors investing at least €500k into property. Holders of the visa are free to travel freely within the Schengen zone A spouse and dependent children are included in the visa No minimum stay in Spain is required (although maybe one visit per visa).
Background continued Investors need to demonstrate they hold sufficient funds in Spain so they will not claim social security and health insurance is required even if you are not living in Spain. It is possible for an investor to pay for the SGV product to be in another person’s name The scheme is the most affordable, attractive and flexible EU residency scheme
Product Overview Spanish Golden Visa (SGV) is a fixed 5 year investment with the option to apply for Permanent EU Residency at the end of the 5 years SGV have packaged a scheme to include property acquisition costs, running and maintenance costs for 5 years and all the legal and administrative expenses involved in securing the first one year visa, then the second two year visa and subsequent two year visa all for one initial lump sum consideration.
Product Overview At the end of 5 years the client can obtain Permanent Spanish/EU residency, The Gold Visa, and the property could be sold or kept with another lump sum payment to cover running costs for another 5 years. After this subsequent 5 year period the client can apply for a Spanish passport Although there is no requirement for a minimum stay in Spain, as an EU resident you are eligible for EU rates for university fees (instead of overseas student rates) which can mean savings of up to €20k pa per student (depending on course/university).
SGV What is included The acquisition of an apartment in the area between Marbella and Estepona including transfer taxes and notary/legal expenses. The property will be registered in the individual investor’s own name or by a SPV or corporate structure owned 100% by the investor. All property maintenance, management, service fees, utilities, insurances and expenses for 5 years.
SGV What is included All legal fees relating to initial one year residency visa, then two year visa and subsequent two year visa. Health insurance and wealth statements from the banks as required. Time scales are a maximum of 60 days for the property purchase and Spanish title deed plus a further 60 days for the first one year visa (SGV cannot apply for the visa without the title deed in the correct name).
The properties The properties will be resale apartments typically 6-10 years old in the area west of Marbella, east of Estepona. The developments would have been constructed to a very high standard and the apartments either refurbished or fully redecorated. Furniture packs will be included (a basic pack for vacant properties, full pack for lettable option). The properties are specifically selected for long term capital growth
Location, location Marbella & Puerto Banus The area known as west Marbella is one of the most sought after real estate locations in Spain. A golfer’s paradise the area around Marbella has 27 golf courses with a total of 40 along the coast. Puerto Banus is famous for it’s marina, designer shops, restaurants and bars.
“Location, location”- Marbella & Puerto Banus Property prices have held up well since 2008 and have seen increases recently particularly due to Russian expat purchases. In Spain location is key – there are still many areas where property is effectively worthless and any capital appreciation is unlikely
Investment amounts and options Standard 5 year Spain Gold Visa (vacant property option) €600k investment 5 year Spain Gold Visa with lettable property €660k
Spain Golden Visa SGv has been formed specifically to offer the Gold Visa product and a packaged lump sum scheme leading to permanent EU residency after 5 years. Designed with a private bank for their non-EU HNW and UHNW clients The partners are property and investment entrepreneurs with many years experience in finance and real estate in Spain. All stake holders including lawyers and banks are highly reputable and secure ensuring peace of mind for investors.
Other schemes - Spain If a client purchases a €500k property from an estate agent in Spain they could easily spend a further €400-500k over five years on the property to gain Permanent Residency. When you factor in transfer taxes, legal fees, utilities and legal fees for the visa the client really has an open-ended liability Service charges on properties in Spanish developments can be very high and utility standing charges are very high due to the number of holiday and second homes in Spain.
Other schemes - Spain Obtaining health insurance for non Spanish speakers can be challenging as can wealth statements from banks Bureaucracy is rife in Spain making many tasks very difficult for non- Spanish speaking non residents If a client purchases a more expensive property they could be dragged into Spanish wealth tax that currently starts at around €700k net worth.
Conclusion and next steps Spain Gold Visa is a unique product in the market representing the most affordable and flexible route to Permanent EU Residency. SGV will only be available from small number of select intermediaries and banks to accept the first tranche of investors from 1 st May 2014 Subsequent tranches will be available bi-monthly SGV is not open directly to investors or available via the internet or other channel. Client offer documents and initial application packs will be distributed shortly.