A guide to the Spanish Golden Visa system for Gran Canaria property buyers, written by Las Palmas’ foreign buyer specialist Laura Leyshon.
Non-EU citizens can get Spanish residency and even citizenship by investing €500,000 in property anywhere in Spain.
The investment can be in one large property or a portfolio of small ones that add up to the value of 500K. While investing in several properties increases the upfront cost of getting a Golden Visa, it also allows you to build a portfolio of rental investment properties and generate an excellent return on investment.
Golden Visa Rules & Info
The actual law that allows golden visas is called the ‘Ley de Apoyo a los Emprendedores y su Internacionalización 14/2013’.
Spanish golden visas also cover partners, legal spouses and children (including those over 18). Holders of a visa are entitled to a Spanish work permit and can travel freely within the Schengen Area.
You can apply for a golden visa from Spain (provided you are here with a tourist visa or with any other legal status) and the application can begin as soon as you pay a deposit on the property or properties you are buying.
Be aware that the €500K investment does not include property taxes and transaction costs that add up to around 10% of the value of the property you buy.
One huge benefit of a Spanish golden visa is that it entitles the holder to extend residency for as long as they maintain their property investment. After ten years of residency, golden visa holders can apply for Spanish citizenship.
Golden Visa Investment In Las Palmas
Property prices in Las Palmas are rising and rental yield is amongst the best in Spain (especially for short-term or touristic rental). The island as a whole is booming due to record tourist numbers and Las Palmas, as the biggest city in the Canary Islands, has all modern facilities, including international schools, and excellent transport links to Europe and Africa.
The island, and the capital city Las Palmas in particular, is an excellent place for a long term investment in rental property.
Las Palmas Property
As Las Palmas’ foreign buyer specialist I am perfectly placed to help you build a profitable and secure property portfolio that also qualifies you for a golden visa. I work for RE/MAX Cony Overseas, one of the city’s oldest and most prestigious estate agencies.
For more information about Golden Visas and Las Palmas property investment, please contact me.