Tuesday, 21 January 2014

Visa applications for Spain

What were the changes to Visa application rules in Spain in 2013

Back in 2013 the Spanish Government announced changes to and a relaxation of the requirments for a non EU National to apply for a residency Visa in Spain.

Aimed predominatley at the Chinese, Russian and Indian market the legislation allowed for an application to live in Spain to be made by the buying of an asset of a value in excess of € 500k.

What types of Visa are available

Broadly thereare three types of Visa an applicant can apply for and the process of application is different for each one. You can apply for a lucrative, non lucrative and working Visa. A Spanish Lawyer can prepare the necessary paperwork and assist throughout the process, including legal support for buying in Spain.

In general it is expected that most applicants will apply for a non lucrative Visa which requires that an asset is bought, but does not allow for other fiscal activity to take place. Any property bought can have a Spanish mortgage but the cash input from the applicant must be at least € 500k.

What is the process of application

Before an application can be made the applicant must demonstrate they have met the requirements as laid down in the legislation. This means any asset, business or work contract must first be secured.

Firstly a permit to travel is granted and after that a visit to Spain to secure the residents card must be made.

How long do the Visas last

Initially the residents Visa is for one year. Each year the holder may re-apply to extend the card and must at that point show that the basis on which the Visa was first granted remains in place.

The applicant will become a fiscal resident in Spain and must pay Spanish taxes on all worldwide incomes.

Read the full article : Visa applications in Spain






Wednesday, 15 January 2014

Transfer of Property and House sales data for Spain

November 2013 property transfer data was issued yesterday

What was the trend for November 

November showed another month of declines in both the total trasnfer of property rights and the sales of residential property.

Sales of homes were down both year on year and month on month a trend seen throughout the whole of 2013. The drop in sales of new builds was higher than that of resales but this will partially be due to the increase in 2012 of sales within the last two months of the year as those buying in Spain brought forward purchases to beat the deadline for the discounted IVA.

Is there any growth in House sales in Spain

The Canary Islands, perhaps reflecting that non resdients are still buying in Spain has showed an increase in house sales both month on month and annually. Other Coastal areas are down but by lower amounts than the cities and other regions.

Do Bank respossessions figure in the data

Spanish Banks continue to take over properties from defaulted Spanish Mortgages at an increased pace. Under the "Other Title" section of the report which includes transfer of property rights to Banks the levl of transfers is now nearly as high as the level of overall sales.

Read the full article: Transfer of Property rights Spain