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Chinese whispers

Posted: Wed Nov 3, 2021 10:34am
3 replies284 views6 members subscribed
ADEKARTER

Posts: 14

4 helpful points

Location: Mojacar

Joined: 12 May 2019

As an English person with a home in Spain 

I have been told if you put Euro 500000 into your Spanish bank account you will have no issues relating to obtaining residency .

If you own your property and put this amount on deposit would it be as a couple or would it be a million euros. 

 Also would you be taxed on this by the spanish government. 

DarioMartin

Posted: Wed Nov 3, 2021 8:38pm

DarioMartin

Legendary helpful member

Posts: 3670

4136 helpful points

Location: Vera

Joined: 16 Aug 2017

Posted: Wed Nov 3, 2021 8:38pm

You’re talking about the “Golden” visa.  Investment of 500.000€ into property portfolio in Spain gets you a Golden Visa.  This does not have to be one property, it can be a portfolio of properties totaling 500.000€

As far as I am aware, the 500.000€ must be invested in property in Spain to qualify, not just sitting in a bank account.

Andymac1951

Posted: Tue Nov 9, 2021 4:43pm

Andymac1951

Helpful member

Posts: 933

387 helpful points

Location: Velez-Rubio

Joined: 14 Oct 2018

Posted: Tue Nov 9, 2021 4:43pm

ADEKARTER wrote on Wed Nov 3, 2021 10:34am:

As an English person with a home in Spain 

I have been told if you put Euro 500000 into your Spanish bank account you will have no issues relating to obtaining residency .

If you own your property and put this amount on deposit would it be as a couple or would it be a million euros. 

 Also would you be taxed on this by the spanish government. 

For a NLV all you need is to show some circa euro 40,000 in the bank.  As Dario says the euro 500,000 figures would get you a 'golden visa' I would suggest you speak with the Spanish Embassy in the UK who will be best placed to advise you.  But as I say, if you have that much cash then there will be no problem with you and family obtaining a NLV.

ADEKARTER

Posted: Tue Nov 9, 2021 6:15pm

ADEKARTER

Original Poster

Posts: 14

4 helpful points

Location: Mojacar

Joined: 12 May 2019

Posted: Tue Nov 9, 2021 6:15pm

Andymac1951 wrote on Tue Nov 9, 2021 4:43pm:

For a NLV all you need is to show some circa euro 40,000 in the bank.  As Dario says the euro 500,000 figures would get you a 'golden visa' I would suggest you speak with the Spanish Embassy in the UK who will be best placed to advise you.  But as I say, if you have that much cash then ...

...there will be no problem with you and family obtaining a NLV.

Thank you both for your help. My brother is being mucked around by the authorities. He tells me the qualifying date was changed to an earlier one whilst his paperwork was going through, his solicitor is handling it. 

I have not applied as yet as quite busy in the UK. I did have a little concern with the tax although as usual you get conflicting accounts from    people as to your liability. My property which has no mortgage would be worth around 250K probably more with the works I have had done. Would I need to purchase another property to get to the gold visa level or could this be banked or would the 40 K suffice.

Sorry one question starts another and your advise is really sound 

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