Golden Visas have become a popular option for those from outside the European Economic Area (EEA) and their families who want to get Spanish residency.
One way to be eligible for the Golden Visa in Spain is to invest at least €500,000 in property. But can you do so through joint ownership?
What does the Law say?
In this instance, Law 14/2013 (of 27 September) on support for entrepreneurs and their internationalisation encompasses various scenarios for property acquisition, covering individual ownership, legal entity acquisition, and marital community property acquisition.
However, the existing legislation doesn’t regulate investments made by several individuals in joint ownership.
Notwithstanding, a 2019 ruling by the High Court of Justice in Madrid clarified this point. It confirmed that joint ownership of a property investment was possible and shouldn’t disqualify anyone from obtaining the Spanish Golden Visa.
The Spanish Golden Visa and joint property ownership
The case was brought to the attention of the court after a woman contested a decision by the Spanish Embassy in Abu Dhabi to refuse her residence visa because her investment was made in joint ownership.
The woman making the appeal argued that she had indeed invested the required 500,000 euros in a property and that this should grant her permission to live in Spain as an investor.
This woman, from Argentina, had bought a 92.5925925926% share in a property in Mallorca, with the remainder being owned by a British man. This made the appellant’s share worth 500,000 euros (out of the property’s total value of 540,000 euros).
The High Court of Justice therefore sided with the woman, stating that Spanish Law does not prevent a property being acquired jointly by two (or more) people – as long as the percentage of ownership is equal, or surpasses, the capital investment requirement for obtaining the visa.
Need help getting the Golden Visa in Spain?
The Spanish Golden Visa comes with lots of advantages for holders and their family members – but there are also a few limitations to keep in mind.
At CostaLuz Lawyers, we know the requirements inside out and can help you with your application.
So, to avoid any nasty surprises, don’t hesitate to get in touch. We’re here to help!