residency in spain - pam golding · there is no restriction to the use of the property by the...
TRANSCRIPT
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
2R e s i d e n c y i n S p a 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
6R e s i d e n c y i n S p a i n
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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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
K E Y F E A T U R E S
6R e s i d e n c y i n S p a i n
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
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
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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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W H Y I N V E S T I N G
I N S P A I N
9R e s i d e n c y 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
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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.
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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.
1 2R e s i d e n c y i n S p a i n
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
%
1 3R e s i d e n c y i n S p a i n
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
1 4R e s i d e n c y i n S p a i n
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
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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
1 9R e s i d e n c y i n S p a i n
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I N V E S T M E N T H I G H L I G H T S
N E W D E V E L O P M E N T P R O P E R T I E S
18R e s i d e n c y i n S p a i n
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%
19R e s i d e n c y i n S p a i n
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
INVESTMENT HIGHLIGHTS
RENTAL YIELDUP TO 4.5%
20R e s i d e n c y i n S p a i n
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
INVESTMENT HIGHLIGHTS
RENTAL YIELDUP TO 4.6%
2 1R e s i d e n c y i n S p a i n
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
2 4R e s i d e n c y i n S p a i n
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I N V E S T M E N T H I G H L I G H T S
R E - S A L E P R O P E R T I E S
2 5R e s i d e n c y i n S p a i n
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
• 3 bedrooms / 2 bathrooms
• Turnkey project
• 2 bedrooms / 1 bathroom
• 1 apartment per floor
• 2 bedrooms / 3 bathrooms
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
2 4R e s i d e n c y i n S p a i n
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
2 bedrooms / 2 bathrooms
Well connected to the rest of the city via public transport
2 bedrooms / 2 bathrooms
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
2 7R e s i d e n c y i n S p a i n
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I N V E S T M E N T H I G H L I G H T S
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
2 6R e s i d e n c y i n S p a i n
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
2 7R e s i d e n c y i n S p a i n
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
2 8R e s i d e n c y i n S p a i n
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