There’s now just under two months until the official end of Spain’s golden visa, which grants residency to non-EU citizens who purchased a property worth over €500,000 or invested large sums of money in Spanish companies or bank accounts.
This means time is running out for anyone who still hopes to apply for this visa and benefit from it as the official end date is April 3rd 2025.
Law firms across the country have seen an uptick in enquiries about the golden visa mainly from clients from China and the United Kingdom and between January and October 2024, the number of golden visas granted across the whole of Spain totalled 780.
READ ALSO: Deadline to apply for Spain's last golden visas set for April 2025
With so little time left, is it possible to apply for the visa before actually buying a property?
Buying a property in Spain can take anywhere from three to six months, depending on the type of property, location, personal situation and legalities involved, so it’s clear that there’s not enough time to complete a property sale and apply for the golden visa in just under two months.
But, technically you can apply for the golden visa before the full completion of the property purchase and the signing of the deeds. While it may not be the best option, it does still allow you to benefit from one of Spain's best residency options.
The key is that you must have made a start on the process and have reached a certain stage known as the contrato de arras. This is confirmed on the Spanish government's website.
This means that if you still want to apply, you have just under two months to find a property you like, make an offer, have it accepted, pay a deposit and sign this formal contract.
What is the contrato de arras?
A contrato de arras designed to give both parties peace of mind as it confirms that the sale of the property will go ahead and provides you with a monetary safety net.
When you sign the contrato de arras you will usually pay between 5 and 15 percent of the final agreed sale price to the vendor.
If you then subsequently pull out of the sale, you will lose this down payment and the vendor will get to keep it, but if the vendor pulls out or can’t complete the sale, they will have to pay you back double.
READ MORE: What you need to know before making a down payment in Spain
When must I complete this by?
As long as you have paid this deposit and signed the contrato de arras, then you can still apply for the visa. Remember, once all the documents have been submitted, you will have to wait up to 20 days before obtaining a resolution for your Spain Golden Visa, so this means you should really sign the contract and apply by mid-March to be on the safe side. But, it's best to contact as specialist lawyer to help you with the process who can give you an exact date.
What's the catch?
The caveat, however, is the duration of your visa. Normally the golden visa gives you a one-year residency in Spain, but according to the Spain government website, they will only give you a six-month visa if you obtain it by showing your contrato de arras rather than the full deeds upon completion.
“The duration of the permit is 1 year, except for the acquisition of real estate through a deposit contract, which is 6 months”, it states.
Can I still renew my golden visa after April 3rd?
Typically, after this one year you could renew your golden visa or exchange it for another type of residence permit. If you have been issued one that’s only valid for six months, then you will have to renew after this amount of time has elapsed instead.
But are renewals still possible, even after the visa is scrapped?
Yes, according to specialist financial advisors Blevin Franks, "If you have already been granted a golden visa, you don’t need to worry. It will remain valid for the original term and can be renewed in accordance with the original provisions of the programme”.
Once you have been issued your golden visa with the contrato de arras as proof you can enjoy the benefits. It means you're allowed to spend less than 183 days in Spain without losing residency rights and you don't have to become a Spanish tax resident if you spend less than 183 days here.
It also gives you residency for immediate family members and allows to travel around the Schengen Area without the need for more visas.
READ ALSO: Golden visa cancellation spells end of Spain's 'best' residency option
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