Question
My father in law is looking at applying for the Spain golden visa and then we will engage in hiring a lawyer. He is looking at purchasing a granja (farm) but it comes way under the 500k mark, so we thought rather than just the farm, he could purchase a beachside apartment to live in, when farm life got a little too much.
Both portfolios will come to over 500k. Our questions are: 1. Can this be done or does the 500k have to be on ONE property, 2. If we are able to do both properties, do they have to be bought simultaneously or can we do them separately 3. If #2 can be done, for example we bought the farm, how long does he have before he has to buy the other property?
ANSWERS SECTION:
These are the answers of Spainguru’s Facebook group members:
“1. Yes 2. Separately 3. My understanding is that the timeframe is 2 years”
“I have not seen a time limit between properties to qualify. So that means if he buys the farm, between that time and the second property purchase he wouldn’t qualify for the Spain Golden Visa and would fall under some other visa option. When he purchases the second property he’d qualify.”
It’s legal to use any property in Spain as part of this back to a purchase anytime after September 2013 when the law was passed, according to a lawyer who runs an immigration FB site, that makes me wonder about a 2 year limit? Perhaps going forward in time but as we know this doesn’t hold for backwards up to 2013?”
“Your idea is totally feasible. The only issue for the time between purchases would depend on how soon you would move into the farm. The GV is applied for after the purchase completion of minimum 500.000€.”
“I believe the €500k is purchase price only, it doesn’t include the extra taxes and fees that go along with purchasing property. So, rather than spending 500k, plan to add on an additional 10 to 12 percent in fees and taxes.”
“1. He can buy as many properties as he wants to reach the 500k. Remember that 500k is the value of the real estate(s). Administration or mortgage expenses should not be counted in those 500k. 2. They can be separately. 3. As soon as he meets the 500k requirement, he can apply for residency.”
“Yes he can buy 2. No timeline but would need both before applying for the Spain golden visa”
“Yes Yes separately Once portfolio reaches 500k can apply for golden visa. But has to be within 2 years of golden visa application”
Conclusion
The discussion clarifies that for the Spain Golden Visa, investments can indeed be split across multiple properties rather than being confined to a single property. These properties do not need to be purchased simultaneously, offering flexibility to investors.
While there seems to be some uncertainty regarding the exact timeframe between purchases, the consensus leans towards there being no strict limit, allowing for purchases to be made years apart as long as they are done after September 2013.
However, the total investment must reach or exceed €500,000, excluding taxes and fees, before applying for the Golden Visa. This approach provides a viable path for those looking to diversify their investment in Spain while securing residency for themselves and potentially their family.
