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Spain's GOLDEN VISA IS ENDING...but you may still be in time to apply | Pellicer & Heredia
Nov 25, 2024
There has been much speculation about the scrapping of Spain's GOLDEN VISA since the initial announcement in April 2024. However, it now appears that a date has been set...and it's fast approaching!
Ignacio and Pedro from @Pellicerheredia were in with Moody this week to explain what's happening and how it may not still be too late to get your application in.
Note: There is a dedicated Webinar on Wednesday 27th November that you will be able to watch back online afterwards, but don't leave it too late!
Be sure to Like 👍 this and Subscribe to our channel if you found it useful.
You can see more at www.alicantelawyers.es, where you can also watch back some of their previous webinars covering a whole range of topics.
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0:00
next week it's an extraordinary uh
0:02
webinar um because we're back to talking
0:05
about the golden visa and let's talk
0:07
about it today because we may have some
0:10
more information about it's been it was
0:11
moted that it was going to be scrapped
0:13
and then you're saying that they have to
0:14
put it through with the new law and all
0:15
that sort of thing but it looks like
0:17
there could be a date for it maybe
0:18
January next year I mean this is what we
0:20
understand obviously it's been approved
0:22
a law now is right now in the Congress
0:24
approved now it has to be then approved
0:26
in the Senate and should be on maybe we
0:30
this is what we understand some
0:33
amendments um or maybe rejections we
0:36
don't know what is going to happen but
0:37
obviously this put the scenario that is
0:38
going to be eliminated is going to be
0:41
erased obviously and so this would be we
0:44
understand it's going to be in
0:45
January and um and obviously those ones
0:49
who already made investment or those on
0:51
who are at this time on the on the on
0:55
the transaction transition in order to
0:56
buy the property maybe this week next
0:58
week so they have to hurry up and
1:00
rapidly make applications because if you
1:02
already made application even though you
1:04
don't have any resolution that will be
1:07
respect respected in in terms of okay
1:10
they will wait they will approve it or
1:11
not accordingly to requirements or or
1:13
you should substate it and this new law
1:16
what it says right now at it is written
1:19
it those ones who already have a golden
1:22
Visa given they will have the right to
1:25
renew if they maintain the investment
1:28
okay so those one on who already had it
1:31
okay that's perfect those one who are
1:33
going to get it this this this weeks
1:36
they will keep it and they will have the
1:37
right to renew it and um and well that
1:41
that's going to be that's what what is
1:44
going to happen and and and obviously
1:46
those ones and the the webinar that
1:48
we're doing is focused not just for
1:50
those ones who are right now in a hurry
1:52
but those on who already got it
1:55
obviously is just to give them the
1:57
scenario to give them obviously
1:59
confidence security and inform and be
2:01
transparent on what the law says
2:03
literally we will read it we will talk
2:05
about that we will discuss and obviously
2:06
we will have some conclusions on on what
2:08
it says on what we understand about that
2:10
so they can go on and renew it even
2:12
though it you know after January it may
2:13
not exist anymore yeah the good thing
2:15
that the law has protected is the
2:17
acquired rights so if they already had
2:20
under the previous law this is going to
2:23
carry On and On so all of those so this
2:26
is good news all of these people who
2:28
managed to do it on time and still time
2:30
to do it I expect for sure I think
2:34
January might be still but it will
2:36
depend on contesting and appealing and
2:39
position but I mean let's budget just a
2:43
month or it could be two but uh so
2:46
people needs to hurry up why wait get
2:49
you know we've been discussing this with
2:50
our department as well this morning and
2:53
I think if you pretty much have most of
2:55
the requirements is worth it lodging it
2:58
through so you are in and then if there
3:01
is something that is missing then you
3:03
could provide it within the time given
3:06
hopefully uh so it's a matter of buying
3:09
time but it is one of those things where
3:10
a bit like getting a license for
3:11
something as long as your application is
3:13
in then you can probably carry on until
3:15
actually get the physical yeah that that
3:17
will be the way around it now is is for
3:19
everybody to try to get all their
3:21
requirements on time uh we still on time
3:25
but we will submit it uh whenever we can
3:29
set it is due to protect your
3:31
application and then if you're missing
3:34
some of the documents you just provide
3:36
it afterwards yeah and but obviously
3:39
without a given time normally they give
3:41
you 10 days after the submission but the
3:43
golden Visa is a very fast um I would
3:47
say is one of the fastest I ever seen
3:50
visas uh it's 20 working days pretty
3:53
much yeah so we need to hurry up that's
3:55
from lodging and um but yeah I think I
4:00
think um this is in in some cases I mean
4:04
the bad news that you cannot apply for
4:05
it but the the good news is that the
4:08
acquired rights are protected MH and
4:10
it's the whole thing being scrapped
4:11
because we were talking about maybe just
4:13
it would be the property side of it this
4:15
is what we understood it was going to
4:16
happen but at the end I think it's a
4:17
politic uh decision I mean it has no
4:20
argument on on on property I was making
4:23
the calculation some weeks ago and
4:25
because in Spain normally more or less
4:27
every year is around 600 50,000
4:30
transactions so there are 650,000 Deeds
4:33
of buying and selling properties right
4:36
um
4:37
so for Golden Visa is around an average
4:41
of a,
4:43
1,200 those 90% is on property rest is
4:46
could be in in in investments in Bank
4:49
deposits bank accounts and 90% of those
4:53
ones are over 500,000 properties because
4:56
in goldena you can invest on properties
4:59
which all of them together can be
5:01
500,000 yes but many of them many of the
5:03
golden Visa which is attached is
5:06
properties which is more than 500,000
5:08
which means that these a very few amount
5:10
of properties that are less than 500,000
5:13
EUR um so we are talking about and I
5:16
calculated is
5:19
0.0015 percentage that affects on the
5:22
property Market yes on this on this is
5:24
150,000 properties boat so it is it does
5:27
not affect at all to to those ones who
5:30
can access who want to have access to
5:32
your own people who want to have access
5:33
to property but it's a it's a politic
5:35
decision yeah it was kind of dragged
5:37
into the argument with about tourist
5:38
rentals and but it's still totally
5:39
different because it's as you say that's
5:41
tiny percentage and the cost of those
5:43
properties it's not really having effect
5:45
on generally on the property Market not
5:46
at all it it's like a politic agreement
5:49
in order to put a Caron on all those
5:51
problems that they have and it it is
5:54
just it is just that I mean they will
5:55
say all the time oh we have said we have
5:57
done that to protect the the poor people
5:59
we we don't want to give things easily
6:01
to rich people they want to increase
6:03
taxes and they want to will right now
6:05
for there is a some investment funds on
6:08
real estate which is called Simi I'm not
6:11
going to explain that now but it's like
6:13
he's like very very important issue in
6:14
order to invest on real estate and it
6:16
has a very attractive tax um situation
6:20
scenario in Spain well the government
6:21
wants to erase that tax benefits that
6:24
they have so they're going to put all
6:26
these investment out of out of Spain
6:28
easily rapidly yeah
6:30
but is really aain this decision has
6:32
been aain in know to avoid or erase and
6:34
have a arguments you know to say well
6:36
we've done this in your favor against
6:38
the Reach people whatever it is it's
6:40
some publicity but uh it is what it is
6:46
[Music]
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