The new law on so-called "golden residence permit", adopted by the Spanish government, was widely approved by Russians, but was perceived ambiguously in Spain. Authorities predict the activation of the housing market, leftists accuse the government of selling the country, and the Russians have found out that after obtaining the residence permits they will have to pay taxes on any property they own to the Spanish treasury, according to ee24.com citing Radio Liberty.
Foto: 114 meter tall "Gates of Europe", headquarters of a Spanish banking conglomerate Bankia
Portal ee24.com has already written about the adoption of this new law on residence permits in Spain. Let us recall: residence permit in Spain will be provided to non-residents of the EU when they buy property in Spain of €500 thousand or more, or in exchange for the purchase of government bonds or making deposits in Spanish banks in the amount of at least €2 million. Residence permit will be valid for two years, after which it can be extended for another two years. Before this law, foreign buyers of property in Spain could only obtain a Schengen multivisa, which doesn't allow to stay in the country permanently.
A close examination of the various nuances of the law shows that possibilities of its application are limited. For instance, potential buyers are not allowed to ask for morgage in Spanish banks, and among documents required for obtaining a residence permit is a police clearance certificate. In order not to lose the permit, its owners must stay in Spain at least six months per year.
In addition, it was found that since last year the Spanish government considers residence permit's holders as its own tax residents. Such investors will be required to declare income and assets priced at more than €50,000, including those abroad, i.e. in Russia or any other country in the world. Notice that taxes in Spain are high enough. Lawyer Ricardo Sanchez Bocanegra believes that for this reason Russians will not rush to obtain the Spanish "golden visa." Bocanegra says that some Russians who already have residence permits, have decided to abandon it after receiving a warrant to declare their property.
It should be noted that there are different points of view on this law in Spanish society. The authorities are claiming that the market needs an impulse: there are 1,5 million houses and flats for sale. Socialists are accusing the government in selling the country to wealthy foreigners, claiming that Spaniards themselves have a need in housing.
Text: Kirill Ozerov, ee24.com
Main photo: "Four Towers", the CBD of Madrid, Spain