Biggest advice is to hire a professional to help you navigate the process...very affordable in both countries. We chose to call Obidos, Portugal our home AND presently in the process of buying a vacation home in Malaga, Spain. Better winters in southern Spain, better summers in Obidos and only a 7 hour drive. Thanks for such a great video! Very informative.
Funny, I have already a vacation home in southern spain , near Malaga (Alhaurin el Grande) and considering an 2nd in Portugal. What my fiscal ersidency will be, I am still thinking about. BTW, mid-Spain (Alicante/Valencia) has somwhat milder winters than Costa del Sol.
The real reason Spain is less attractive is the overall taxation for expats in Spain versus Portugal. As an investment advisor, I always run a tax perspective and for my clients (high net worth types), the tax system is Spain precludes consideration. The global wealth tax is the BIG issue in Spain!
It differs between regions. There are two sides: national and regional (50-50 of the total taxable). Moreover, the autonomous community has competence on heritage/donation and wealth taxes, and some don't tax them. But I am not an expert, I know I don't pay those in Madrid, and I think know Andalucía an others are not taxing those.
@@jabato9779Socialist Sanchez has just introduced a SECOND national wealth tax that the regions cannot mitigate, starting at a rate of 1.5% EVERY YEAR of all global wealth, rising to a thieving 3% ANNUALLY! So now Spain has not just one, but TWO global wealth taxes. Quite an achievement!
So Spanish pay less taxes for foreigners then portuguese... Is a competition on being stupid and subservient while seeing habitation drived to impossible prices?
One of the reasons Portugal removed it was due to gentrification which I’m glad. These are great opportunities but in the other hand it changes the landscape and culture of what makes these countries unique.
the difference between living in caves back then and today is gentrification/change. its also the difference between dying regions (which kills much more culture and btw. concrete buildings. see all the ghost towns in spain, italy, south-east europe etc.) and prospering ones is the same. the most irrational belief is that something remains static. the only consequence will be that more wealthy ppl who commit less crime but bring money will stay away and migrants with no money but also the need to live in an apartment have to be partly subsidized - and commit partly more crime.
Not really. The EU doesn't like golden visa programs, and they hate financial pathways into a citizenship. They dont care about gentrification, it is not purely a negative process anyway. Sure, it is sad to see the disappearance of some lovely fisher villages, and replacement with mass tourism and concrete high-rises, but I don't feel like someone has a better idea how to develop those areas.
Great title! We just visited Southern Spain and we are shocked at how from Malaga to almost Gibraltar, a UK territory, each and every city is ready for tourism with open arms. Many countries do not feel welcoming but Spain is built for tourism and expats as they are very flexible and ready for tourism and expat money as you can see in our last video .
I hope I can add a bit of commentary to share, and for the viewers to know, if you don't mind since I'm in a midst of getting my Spanish citizenship. Though if anything, seek professional help and let them help in the process. Valuable video for everyone to know Josh! :-) 1. One could obtain a fast-track Spanish citizenship in two years of ''continuous stay'', if one is a passport holder from an ex-Spanish colony county with a long term residency status in Spain - except if one is under student, tourist, au pair visa. I'm from the Philippines - native born and passport holder - with too being a Canadian dual national. Currently on an NLV and working towards Spanish Citizenship. Even if Spanish citizenship could be granted in two years, in reality it would take 3 years and more months depending on the person/office handling the case - though turnaround for citizenship applications is one year max. Given that one would be required to take language tests (A1/A2), citizenship test, gathering documents (criminal background checks) and processing. For my nationality, I'll be required to take language test, unlike from other Spanish speaking countries. Its good to know when I naturalize, I can still opt to keep my previous nationalities. 2. Unlike the above, If one is from a ''non ex-Spanish colony passport'' (i.e UK, AUS, US, except Puerto Rico) on a long term visa in Spain, it would be 10 years. With the first 5 years of working toward PR and the following 5 years towards citizenship. Unfortunately when one naturalizes, one will have to renounce or give up their previous nationalities. 3. As it was decided by the Spanish courts in July 2023 (?), iirc, one's temporary status would not be withdrawn if one is outside of Spain for over six months. Though this could change by legislation at anytime, so it is a wait an see type of thing. In my opinion, it would be worthwhile to maintain the Spanish residency status. If one is outside of Spain for over six months, it would affect ones SC prospects. 4. Do keep in mind that taxes and their structure will differ from autonomous communities. So taxes and its rates from i.e Valencia will differ from i.e Madrid / Galicia etc. Source : Qualified and working towards Spanish/EU citizenship (with it being passport/citizenship no. 3).
Spain doesn’t have jurisdiction over who keeps or loses their citizenship. Unless the U.S. said that I’d lose my citizenship if I became Spanish, I’m still an American. And of course, I must file taxes every year for life.
@@djenzo240gamer6 Kasi gusto ko yung flexibility ng movement, especially in times of uncertainty globally. You can look up for flag theory/perpetual traveller. These days having flexibility and having plan B or C is important (and I like to keep my options open). In addition, when you become Spanish citizen, you are also an EU citizen. You have additional rights as an EU citizen conferred and too having the ability to live, study and work in 30 other EU/EEA countries under Schengen convention. Having 3 passports you can enjoy flexibility and travel everywhere. Philippines - ASEAN / Canada - NAFTA / Spain - EU+EEA
@@Mr.S65 As a requirement to be come a Spanish citizen, you'll have to give up your previous nationalities - even as an American, unless you were born in or able to demonstrate ties to Puerto Rico. AFAIK, the Spanish authorities will require proof that you renounced or in a process of renouncing (procedures requirement could change, who knows). I don't know if the IRS would still tax ex-Americans after renouncing, that is something you ask a tax consultant. But logic tells me it wouldn't be the case since you're no longer a citizen. And even if you'd loose your American passport, you'd still be able to visit the US by applying for ESTA with the Spanish passport.
You mean Spain's Golden Visa WILL CRUSH Spain in a few years. I'm glad Portugal made restrictions to Golden Visa. It was about time. So...from now on you all know where to go. You can go all to Spain.
@@carlyndolphin we need investments that creates jobs and develop the country. We need investors, not buyers. Portuguese people cannot afford having a home at the moment. Why would we need that?
@@ldaragao6811 It does create jobs because we spend more money in your economy. Last month was in Portugal for 1 month and spend €11,000 in hotels, restaurants and local shops.
@@carlyndolphinBy "restaurants" and "local shops" you probably mean you went to Indian places. Lisbon is Indian now! Indian, Brazilian, and foreign in general.
Spain didn't cancel their GV. The PM announced they were going to go through the process of striking off the Golden Visa by real estate investment. This needs to go through Parliament, which takes time if Portugal is anything to go by, it'll take months. When Portugal did this, there was a spike of applications...so....You be the judge as to what will happen. - Josh
Yes, because they see you as invaders. When you call Portugal, Italy, Greece and Spain P.I.G.S and say they are lazy, not hardworking and idiots they take note. These countries culturally see the English, Germans and Russians as invaders now. They are increasing their military force, Spanish is already spoken in the USA, they are improving their economy, they are improving their agreements with Asia and Latin America, they don't care about closing the Gibraltar fence and throwing away the key and you can heard in the Portuguese and Spanish population the option of being a single country. *Remember 70% of Spain is uninhabited, they can grow and expand much more, Insulting southern countries has never gone so wrong for northern Europe.*
An important note: anyone aiming for citizenship needs to know that Spain does NOT allow dual citizenship for most countries, including Canada, the US, and UK. Their laws allow for rare exceptions for dual nationality. Please speak to a Spanish immigration lawyer.
How about the “wealth” tax in Spain? If you are a retirement age couple in the US, your house and retirement savings most likely trigger that in most of Spain.
Depends on the region (autonomous community), some have not wealth taxes on savings (unless you cash them) and even heritage/donation taxes, but better check it out with a specialist.
Spain golden VISA will crush Portugal's golden VISA. Great! Please, do go to Spain, guys. :) We love you to visit us in Portugal, but we have already enough foreigners, we are just a little place, and it's affecting our native Portuguese people in a bad way. I think the British already own Algarve...
Are you not wanting foreigners in Portugal? Do they not do good for the economy? I ask because I have been considering moving there and registering a company etc but I have had enough of not being wanted in my own country of South Africa as an Afrikaans speaking farmer and certainly don’t want to be bringing my family to another country that really doesn’t want us there!
@@Joni.hughes if you come to work and contribute and want to learn the language, you are more than welcome. What we don't want is old people driving house prices up and making use of a national health service they contributed zero to, or smart-ass immigrants from certain countries that don't feel like working a legal job.
You can forget Spain and Portugal in that case, it’s going to be around €500k in both, Spain still allows the investment in property, Portugal has scrapped that.
Sure, this is also the idea behind it. Although it is shocking to me that they have such restrictions, but at the same time allow every unknown random guy without passport to enter on some rubber dinghy. Why not hand out at least PRs for 200k? Those people would still contribute a lot.
Thanks to those who voted for Brexit I now have to find 500,000 to be able to live in Portugal. It looks like I am doomed to stay in broken Britain until my eventual demise.
Hi Steven, if you would like to relocate to Portugal, there are other visa options that do not require the 500 liquidity. Happy to have a chat on this - I have a GV firm with 100% success rate. My Linkedin is here: www.linkedin.com/in/kurran-sachdeva-2ab346168/
As a side note, I came to the U.S. in 1999 on an h1b visa, started green card application in 2001. Well, something happened in 2001, and as a result my green card took 8 years to process. So, 15 months sounds like nothing to me…
Spains wealth tax interferes with them crushing anything! If i moved to spain i would have to pay 60 percent of my income if i combine their income and wealth tax.
Hi, it didn't come up because the video is about the GV data. Sam did bring up that if the applicants passport country is from one of the qualifying countries, it's a 2 year pathway to citizenship, which was applicable to the video itself. - Josh & Kalie
@@ExpatsEverywhere Yes, I saw that, but one very important point is that even if you're not from a qualifying country you can still get Spanish citizenship if you're of Spanish descent via the new Ley de Nietos or Grandchildren Law.
@ExpatsEverywhere We need a question answered: people who have naturalized in one of the former Spanish colonies and now have a passport (no Spanish links)... would they be able to use the 2-year route to citizenship? I've read multiple times that unless you are of Spanish origin or born in one of these colonies, the 2-year citizenship route does not apply (in other words it's a 10 year wait to citizenship). Hopefully, you can provide an answer to this vexing question. Thanks
The time frame mentioned in this video for Portugal is way too optimistic and unrealistic. The bureaucracy moves very slowly from personal experience. Great video though and so much more informative and accurate than the various Facebook groups.
Thanks for sharing, Jeff. I imagine that Sam is speaking on the average that he sees. The surprisingly quick turnaround in Spain was really interesting. Thank you for the comment. - Josh
The unanswered question is: why do this in the first place? Are there any tax advantages? If so, what are these? Otherwise, what’s the point for someone who already holds a European or UK passport?
It's actually aged just fine in the sense that it'll likely take several months to pass through Parliament and there will be an uptick of last minute applications because it'll create urgency and scarcity. - Josh & Kalie
Others in the comments have already mentioned he ignored the overall personal taxation calculations which may not actually be competitive in comparison. Another surprising factor some may not realize is that Spain does not have driver licensing reciprocity with many countries (including the US) - not an issue for those living in major urban areas, but for anyone thinking of driving around to explore or using Spain as your hub for European road trips, you're going to start from scratch (including mandatory driving training like you're 16 again...)
😂🤣 Glad I’m grandfather in Portugal NHR program, Spain tax’s are extremely high. I pay 10% taxes a year on seven figures income and I have less than a year until I’m eligible for Portuguese citizenship. All honesty, Italy or Greece Gold visa is the best depending on income guys
Spain’s visa will absolutely not crush Portugal’s visa. The taxation situation in Spain is the reason why no one is going to move there and those that are there are going to sell their homes and move away.
8.6 million v 1.6 million foreign born population in Spain v Portugal. The taxation situation for foreigners that aren't in Portugal yet but are considering Portugal or Spain are in a similar tax situation now. What you're suggesting doesn't add up.
I applied for my golden visa in December, 2021, and I don't expect to get my residency card until 2025. Currently Lisbon SEF or AIMA is processing biometrics appointments in August or September, 2022. 15 months is misleading..
GRAÇAS A DEUS 👏👏👏🙏🙏🙏🙏 DEVERIA SER 15 ANOS, PARA AFASTAR PICARETAS E GENTINHA SUL AMERICANA, AFRICANA E NORTE AMERICANA ! CHEGA DE PICARETAS, VÃO PARA A COREIA DO NORTE.... 🤡🤡🤡
@@ruimarques7625Because you live there and contribute to the economy! It's the same for someone who was granted a Portuguese passport just because her grandfather was born in Portugal (she has never been to Portugal, she knows nothing about Portuguese culture or history, she doesn't speak any Portuguese, and she doesn't have an interest to even visit Portugal)... what about her?
Yeh nice chat but out of date already. Spain announced last week that golden visas for property is stopped. Side note. Choose your advisors wisely everyone. X
It doesn't just stop like that. It still has to go through Parliament and if Portugal is anything to go by, it'll take months before they're no longer accepting applications. - Josh
It'll likely take several months to go through Parliament the same way it did in Portugal. There's certainly still time but unfortunately, it's an act now kind of situation. - Josh & Kalie
I think one of the big differences is I’m not sure Spain allows dual nationality for naturalization citizens, Ie I can become Spanish after 10 years, but I would have to surrender my British passport
For society, the problem with using property as an investment is that property is also used, believe it or not, as a home to raise a family and not just empty walls waiting for the price to rise. How about making food also an imvestment commodity by freezing it and waiting for prices to rise. The raising costs create a problem for an entire generation who cannot afford to pay for the empty houses. A big gap is being created between the ones who own something and the ones who cannot hope to own anything. If nothing is done about it big social unrest awaits the future generations. And now Spain will follow portugal.
if that was true then ppl who believe that would move to the shrinking towns/villages in which no investor want put money in. no, the reality will be that people who bring more money in will more stay away but migration without money (but higher crime rates) will move in - and also need apartments to live (which partly will then be subsidized by ppl like you) - while prices still will raise and the pressure on the housing market will continue. or do you really think that things are getting cheaper now due to that decision? (too many ppl are too naive. it starts already with voting for left wing parties in the first place - which are antisemitic/antizionist antidemocratic nazis anyway - but worse ones, because being racist against the own population). and keep bin mind that us-americans and like minded western ones are the ones who are mostly also interested in history/culture. one cannot say that too such degrees from many alternative migrants ...
@@publicminx I'm just saying that property investment is needed but must be used for living, not as empty walls. Minimum wage in portugal is €700. The millions who makes this money are very much needed to sustain all the services to keep the rich ones happy. Yet, none of them can afford a house. Many live 5 per room. Obviously they cannot move to an abandoned village 150km away from the city where there is no work. It is a problem that must be solved with private investment, public investment is usually inefficient, but not in a speculative way. Not in a way that assumes only expensive housing solves all the country's problems. There is a lot of profit to be made also in cheaper but large scale housing. Stop calling everyone left, nazy, racist.
@@publicminx Lets see an example. Imagine a foreigner coming with $1M to build a new house. During 6 months he employs 8 people, who only afford to live 5 per room. When it's finished the house stays empty hoping for prices to rise. Eventually it's sold to another foreigner so no money stays in the country, he even gets a tax break because he is a foreigners. But imagine that he is forced to live at least 6 months in the country, then he needs a maid, gardener, food, transportation, medicine and other services leaving some money in the country. But better, imagine he builds 4 smaller houses instead of 1 big one or even various apartments and sells or rents them at a profit. In this case low wage people can afford to buy them. Everyone is happier, he gets a Schengen visa, new housing is created, bank loans are given and more taxes are collected. You see, I explained this without calling you a right-wing extremist or fascist. You seem fixated against the left but answer me this, who paid for your primary and secondary schooling, did you ever need the police, courts, fire department, who paid for the street you live on and the lighting, the mega bridge you cross everyday, the national parks you use, public hospitals and so on?Taxes, that's who, which is nothing but a left policy, a redistribution of wealth. Of course investment, big capital and a market economy is needed but in the end its about everyone having a decent life not just the investors.
Just an interesting piece of info, Hong Kong had in last month lifted all property transaction taxation against short-term sale and buyer's nationality which had been in place in the past 12 years, leaving only the simple stamp duty only ranging from 12 Euros to 4.25%. With the previously slumping market re-triggered, it is not difficult to earn the whole or part of 500k Euros required by Portugal or Spain just by pure eye and skills on distressed property in the short to mid run. That's why I sold part of my property portfolio in Porto and transferred the money back to the all big Asian property casino. Will be back to Portugal soon in a year or so.
Thanks for the reply. I need to explore the channels more. A lot of the advisors focus only on the wealthy. While it's understandable that countries would favour immigrants (or "expats") who bring their wealth into the destination, there are clearly many others who can bring skills and more importantly, can bring an existing income (and spending) stream into a country through remote clients, but who may not have vast funds of savings or other wealth to bring in.
@@B_Ruphe Oh, by in large, on the aggregate, non-investment visas are what bring the majority of people into most countries. Portugal's had 20k-30k enter the country on the GV while boasting 10x the immigration via non-lucrative visas and the same can be said for Spain. There have probably been a decent amount of foreigners in since covid that have come into Portugal on a D7 that could qualify for a GV based on net wealth but their intent to live in Portugal and the speed at which the D7 is processed compared to the GV took them down the D7 route.
@@ExpatsEverywhere Thanks for the further observations. It is encouraging to hear abouit the numbers. Presumably a similar preference for the non-lucrative route and speed of processing will apply with the Spanish visa options.
I'm an IFA, here in Jamaica and currently advising on a particular investment vehicle, Portuguese Solar Park, which, of course, the Golden Visa is an option!!
I hope portuguese goverment finish with visa gold ,good luck spain..thas the reason we dont haves houses in portuguese and when you find a house its expensive.
Do you really think that Portuguese people selling houses are now going to lower their prices? Never! The government should have used the billions generated by the Golden Visa to build affordable housing for Portuguese residents! Ask your government what they have done with all the money? Most foreigners were buying property that the average Portuguese person would be unable to buy anyway!
Two questions: when one buys a property in Spain, must it be 1 property for €500k or can one buy more than one, totalling €500k? Also, to acquire citizenship in Spain, is there a language and requirement and at what level? Any ballpark figure on costs associated with buying a property? If so, where would be the cheapest place to buy? Money is not endless for the middle classes! Thanks
Hi Grant, these are all great questions and one that Sam could answer pretty easily. You wouldn't pay him to schedule a call btw. What we can tell you is that the final price isn't necessarily €500k as investment commissions can be paid up front. We know in Portugal it could have been a portfolio (multiple properties) and we think it's like that in Spain but it would be best to talk to Sam. If you'd like Kalie to introduce you to Sam, please email her at info@expatseverywhere.com - Josh & Kalie
Glad you enjoyed it, Jen! Thanks for watching as always. We've got a decent little mix of content coming up. Next up should be a cost of living update. :-) We hope you enjoy it. - Josh & Kalie
That's not what the news says. The news that broke yesterday was that Spain was getting rid of the real estate option much like Portugal did. Further to that, it still has to go through Parliament. If you see the date on this video, you'll see it came out before the PM's announcement as it was filmed in February. If this is anything like what Portugal just experienced when they announced they were ending the GV by real estate option, a flood of applications came in at the last minute, which this would inadvertently strengthen the case that Spain's GV will crush Portugal's IN 2024. - Josh
I would say Portuguese are way better to deal with than the Spaniards. Also the requirement to denounce home country citizenship and the demanding stay requirement (for citizenship) would be a serious hurdle for some if not most people. Having taken the last train for the Portuguese NHR last year, I would rather hug Portugal for a final 10 years and then leave for another country when the time comes.
"Foreign nationals who acquire Spanish nationality must renounce their previous nationality, unless they are natural-born citizens of a Latin American country, Andorra, the Philippines, Equatorial Guinea, or Portugal" (wikipedia) while Portugal allows dual citizenship for all. That's an important difference to consider.
By all accounts, it seems like they're ending the GV by real estate investment, which could lead to a rush on it the same way it did in Portugal. It'll likely take several months to go through Parliament the same way it did in Portugal. - Josh & Kalie
Portugal will probably allow it because of how slow they have been to process them. Spain is processing people's paperwork fast enough where it shouldn't end up being a problem. A lawyer should be able to assist in the case of Portugal. Where things could get sticky is traveling other parts of European on your PT GV while it's being processed but before being issued and after your 90 days has passed. We hope that helps. Sam from this video would be much better equipped to answer these kinds of questions because he works boots on the ground on a daily basis. Kalie can introduce you if you'd like info@expatseverywhere.com - Josh & Kalie
What happens to your current citizenship to other countries when you get a golden visa to Spain? What happens after that becomes a passport? Do you need to renounce any? (UK, CAN, US)
If you want to obtain Spanish citizenship, unfortunately at the moment for those countries, yes. You'll need to renounce your citizenship. Your current citizenship remains when you get a golden visa. It's just a visa at that point. - Josh
@@MightyMeaty-ff5bc You're welcome. Are you asking can a Portuguese citizen also be a Spanish or does Portugal allow dual citizen? Portugal does allow dual citizenship. Spain allows Portuguese citizens to gain Spanish citizenship. - Josh
Re: The "Former Spanish Colony Clause"... What's the policy with respect to individuals who are direct descendants of Puerto Ricans? As you may be aware, Spain ceded the colony of Puerto Rico to The United States in 1898. Nineteen years later, in 1917, Puerto Ricans were finally "granted" U.S. Citizenship. With a name like Pedro Aguayo, obviously my paternal roots originate in Spain. However, my more immediate ancestors (from both parents to several generations prior to) were born and raised in Puerto Rico. In fact, I'm almost certain that all eight of my great-grandparents were born in Puerto Rico in the 19th Century as Spanish subjects. Thank you for the very informative video and if anyone can provide some info regarding Puerto Rican descendants (with respect to the 2-year "Short Cut"), it would be greatly appreciated.
Either. Or a real estate fund that can pay a return up front and/or have a guaranteed buy back after a certain amount of time. Developers have created some interesting products for this from what we know. - Josh & Kalie
@ thank you - I think I might be best suited for the D7 in Portugal.. does Spain offer anything to people who just meet a certain income or savings level?
@@grant5059 Sam's company is one of the largest companies in the industry that helps people acquire GVs so they have a variety of products. If you email Kalie (info@expatseverywhere.com), she can put you in touch with Sam. - Josh
First, yes they do allow dual citizenship but the other answer is that it depends. One on what country your asking to be dual citizenship with and the other is if they'll actually enforce it. - Josh
They're going through the process now but they haven't officially done it. It's likely to take months. And so far it's just GV by real estate investment. - Josh
@@ExpatsEverywhere ahhh I see! Do you think they will do what Portugal has done? 500k invesment into a business or starting a business (no more real estate) to get a golden visa?
@@danad91 Sam, would be more of the expert on that. If you're really interested, you should book a call with him. I'm also about to do a podcast episode with him tomorrow. We're going to record and try to get it turned around for Tuesday's drop next week. www.youtube.com/@ExpatsEverywherePodcast - Josh
Wild times, which likely means, they'll be more last minute applications the same way there was in Portugal when they ended their GV via real estate investment. - Josh & Kalie
Hi Yuri, Sam jumps on calls to explain this but it's basically prepaid returns to get people's initial investment up to the €500,000 amount. - Josh & Kalie
I am from Seychelles only interested in the golden Visa not the passport, my country passport is ok for me can travel in many countries visa free, the strongest in Africa. Next year I will go for Spain or Portugal. Seychelles I can stay in all Schengen and UK for six months per year visa free
Can anyone recommend an advisor who can walk me through the process of expatriating? I've never been abroad, am about to retire (only have SS and equity in my home [to be sold), but I know I can't afford to retire here in the US. I'm just overwhelmed with the process. TIA!!
QUESTION: What if I don't want Spain's citizenship (because I don't want to denounce my American citizenship)? Can I still get this visa in order to live in Spain instead of becoming a citizen? I really don't need Spain's passport. Thanks!
Yes and you could consider going for a permanent resident status. You can speak more to Sam and his team about this as they'll know the legal process. - Josh
That's fantastic news, only people really willing to create value in Spain or Portugal should be welcome, including contributing with taxes. Cheers from Spain.
What wasn't talked about is that not only is Spain's citizenship take 10 years (unless you're from a Hispanophone country, which BTW, you can't just have that passport; you have to have been born there, so it's tough luck for all the Americans who wanted to just move to Puerto Rico for a year and get a citizenship certificate from them to jump to Spain), but that Spain doesn't allow dual citizenship. Portugal is 5 years plus allows dual citizenship, which is just way better in every way. BTW, _route_ is pronounced identically to "root" (like the British guy is pronouncing); _rout_ (as you're pronouncing it) means something totally different.
Spain will not crush anything, because the golden visa in Portugal will end, the system of buying a property and having the right to residency is over, in the future buying a property just does not give you the right to obtain residency. We already have too many foreigners without paying taxes.
Yes, kind of. The EU citizen should register as a resident and get a NIE. Once the foreigner has lived in Spain for 183 days, they official become a tax resident. - Josh & Kalie
You can get a mortgage on what's above the €500,000 from our knowledge. Sam would have the details though as there is that €350,000 option. - Josh & Kalie
I'm ok if Spain crushes Portugal for their Golden Visa. I plan, in about 10 years, to retire in Portugal and to earn my citizenship the old-fashioned way.. I'll live there, bank there and integrate into the community there... at least that's my hope. It's a matter of principle, not money or ease for me.
SMH. Again, that video was made off the back of an article that made the prediction and it got shared to us so we wanted to give context to what the article was saying. So you either didn't watch the video because we say at the beginning of it that the information is from an article, or you didn't understand it. The information and topic in this video is from Holborn Assets predictions based off the data their company got at the end of 2023 and the trends they've seen so far in 2024. These aren't ExpatsEverywhere opinions. - Josh
@@ExpatsEverywhere Fair enough. So whoever wrote that article was completely wrong, how the data was compiled was unreliable! As to regards of the “house market bubble” yesterday on the CNN News they said that the house prices in Lisbon increased 150% in the last 8 years.
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Biggest advice is to hire a professional to help you navigate the process...very affordable in both countries. We chose to call Obidos, Portugal our home AND presently in the process of buying a vacation home in Malaga, Spain. Better winters in southern Spain, better summers in Obidos and only a 7 hour drive. Thanks for such a great video! Very informative.
You're welcome. Thank you for watching and commenting. Congratulations on the new home. Málaga is such a cool city. - Josh & Kalie
But Portuguese are racist where spanish are more welcoming!
A 7-hour drive would take you from one edge of Portugal to the next 😂
Funny, I have already a vacation home in southern spain , near Malaga (Alhaurin el Grande) and considering an 2nd in Portugal. What my fiscal ersidency will be, I am still thinking about.
BTW, mid-Spain (Alicante/Valencia) has somwhat milder winters than Costa del Sol.
Sounds like a good life!
I'd like to get a 3rd property in a 3rd country too.
The real reason Spain is less attractive is the overall taxation for expats in Spain versus Portugal. As an investment advisor, I always run a tax perspective and for my clients (high net worth types), the tax system is Spain precludes consideration. The global wealth tax is the BIG issue in Spain!
It differs between regions. There are two sides: national and regional (50-50 of the total taxable). Moreover, the autonomous community has competence on heritage/donation and wealth taxes, and some don't tax them. But I am not an expert, I know I don't pay those in Madrid, and I think know Andalucía an others are not taxing those.
@@jabato9779you chose wisely!! The one exception is Madrid!!!
@@jabato9779 that said, there are efforts to make the wealth tax applicable countrywide. Stand by for that result.
@@jabato9779Socialist Sanchez has just introduced a SECOND national wealth tax that the regions cannot mitigate, starting at a rate of 1.5% EVERY YEAR of all global wealth, rising to a thieving 3% ANNUALLY! So now Spain has not just one, but TWO global wealth taxes. Quite an achievement!
So Spanish pay less taxes for foreigners then portuguese... Is a competition on being stupid and subservient while seeing habitation drived to impossible prices?
Please keep in mind that residency means you pay taxes on worldwide income in Spain. That is not always advisable.
One of the reasons Portugal removed it was due to gentrification which I’m glad. These are great opportunities but in the other hand it changes the landscape and culture of what makes these countries unique.
Finally someone concerned
the difference between living in caves back then and today is gentrification/change. its also the difference between dying regions (which kills much more culture and btw. concrete buildings. see all the ghost towns in spain, italy, south-east europe etc.) and prospering ones is the same. the most irrational belief is that something remains static. the only consequence will be that more wealthy ppl who commit less crime but bring money will stay away and migrants with no money but also the need to live in an apartment have to be partly subsidized - and commit partly more crime.
@@publicminx I confirm: we were living in caves before... This is the very respectfull people we have to deal now in Portugal...
@@luisfilipe534he’s right.
Not really. The EU doesn't like golden visa programs, and they hate financial pathways into a citizenship. They dont care about gentrification, it is not purely a negative process anyway.
Sure, it is sad to see the disappearance of some lovely fisher villages, and replacement with mass tourism and concrete high-rises, but I don't feel like someone has a better idea how to develop those areas.
Great title! We just visited Southern Spain and we are shocked at how from Malaga to almost Gibraltar, a UK territory, each and every city is ready for tourism with open arms. Many countries do not feel welcoming but Spain is built for tourism and expats as they are very flexible and ready for tourism and expat money as you can see in our last video .
I hope I can add a bit of commentary to share, and for the viewers to know, if you don't mind since I'm in a midst of getting my Spanish citizenship. Though if anything, seek professional help and let them help in the process. Valuable video for everyone to know Josh! :-)
1. One could obtain a fast-track Spanish citizenship in two years of ''continuous stay'', if one is a passport holder from an ex-Spanish colony county with a long term residency status in Spain - except if one is under student, tourist, au pair visa. I'm from the Philippines - native born and passport holder - with too being a Canadian dual national. Currently on an NLV and working towards Spanish Citizenship.
Even if Spanish citizenship could be granted in two years, in reality it would take 3 years and more months depending on the person/office handling the case - though turnaround for citizenship applications is one year max. Given that one would be required to take language tests (A1/A2), citizenship test, gathering documents (criminal background checks) and processing. For my nationality, I'll be required to take language test, unlike from other Spanish speaking countries.
Its good to know when I naturalize, I can still opt to keep my previous nationalities.
2. Unlike the above, If one is from a ''non ex-Spanish colony passport'' (i.e UK, AUS, US, except Puerto Rico) on a long term visa in Spain, it would be 10 years.
With the first 5 years of working toward PR and the following 5 years towards citizenship.
Unfortunately when one naturalizes, one will have to renounce or give up their previous nationalities.
3. As it was decided by the Spanish courts in July 2023 (?), iirc, one's temporary status would not be withdrawn if one is outside of Spain for over six months. Though this could change by legislation at anytime, so it is a wait an see type of thing.
In my opinion, it would be worthwhile to maintain the Spanish residency status. If one is outside of Spain for over six months, it would affect ones SC prospects.
4. Do keep in mind that taxes and their structure will differ from autonomous communities. So taxes and its rates from i.e Valencia will differ from i.e Madrid / Galicia etc.
Source : Qualified and working towards Spanish/EU citizenship (with it being passport/citizenship no. 3).
Kabayan, since canadian ka na (among the top 5-10 passports), bakit kukuha pa ng Spanish one? Do you have a specific reason?
Spain doesn’t have jurisdiction over who keeps or loses their citizenship. Unless the U.S. said that I’d lose my citizenship if I became Spanish, I’m still an American. And of course, I must file taxes every year for life.
@@djenzo240gamer6 Kasi gusto ko yung flexibility ng movement, especially in times of uncertainty globally. You can look up for flag theory/perpetual traveller. These days having flexibility and having plan B or C is important (and I like to keep my options open).
In addition, when you become Spanish citizen, you are also an EU citizen. You have additional rights as an EU citizen conferred and too having the ability to live, study and work in 30 other EU/EEA countries under Schengen convention. Having 3 passports you can enjoy flexibility and travel everywhere.
Philippines - ASEAN / Canada - NAFTA / Spain - EU+EEA
@@Mr.S65 As a requirement to be come a Spanish citizen, you'll have to give up your previous nationalities - even as an American, unless you were born in or able to demonstrate ties to Puerto Rico. AFAIK, the Spanish authorities will require proof that you renounced or in a process of renouncing (procedures requirement could change, who knows).
I don't know if the IRS would still tax ex-Americans after renouncing, that is something you ask a tax consultant. But logic tells me it wouldn't be the case since you're no longer a citizen. And even if you'd loose your American passport, you'd still be able to visit the US by applying for ESTA with the Spanish passport.
You mean Spain's Golden Visa WILL CRUSH Spain in a few years.
I'm glad Portugal made restrictions to Golden Visa. It was about time.
So...from now on you all know where to go. You can go all to Spain.
Spain and Portugal need foreign investment.
Greece is the best option
@@carlyndolphin we need investments that creates jobs and develop the country. We need investors, not buyers. Portuguese people cannot afford having a home at the moment. Why would we need that?
@@ldaragao6811 It does create jobs because we spend more money in your economy. Last month was in Portugal for 1 month and spend €11,000 in hotels, restaurants and local shops.
@@carlyndolphinBy "restaurants" and "local shops" you probably mean you went to Indian places. Lisbon is Indian now! Indian, Brazilian, and foreign in general.
Great video considering Spain canceled their Golden Visa two weeks after this came out.
Spain didn't cancel their GV. The PM announced they were going to go through the process of striking off the Golden Visa by real estate investment. This needs to go through Parliament, which takes time if Portugal is anything to go by, it'll take months. When Portugal did this, there was a spike of applications...so....You be the judge as to what will happen. - Josh
Yes, because they see you as invaders. When you call Portugal, Italy, Greece and Spain P.I.G.S and say they are lazy, not hardworking and idiots they take note. These countries culturally see the English, Germans and Russians as invaders now. They are increasing their military force, Spanish is already spoken in the USA, they are improving their economy, they are improving their agreements with Asia and Latin America, they don't care about closing the Gibraltar fence and throwing away the key and you can heard in the Portuguese and Spanish population the option of being a single country. *Remember 70% of Spain is uninhabited, they can grow and expand much more, Insulting southern countries has never gone so wrong for northern Europe.*
An important note: anyone aiming for citizenship needs to know that Spain does NOT allow dual citizenship for most countries, including Canada, the US, and UK. Their laws allow for rare exceptions for dual nationality. Please speak to a Spanish immigration lawyer.
True. Spain requires you to renounce your existing citizenship(s) elsewhere.
Is that really true? That is a crazy insane if there's any truth to it
It isn’t upheld though. You just need to go in and out on your Spanish passport
How about the “wealth” tax in Spain? If you are a retirement age couple in the US, your house and retirement savings most likely trigger that in most of Spain.
Maybe but that's why it would be really good to talk to a specialist that knows what will be triggered and when. - Josh & Kalie
Depends on the region (autonomous community), some have not wealth taxes on savings (unless you cash them) and even heritage/donation taxes, but better check it out with a specialist.
Spain golden VISA will crush Portugal's golden VISA. Great! Please, do go to Spain, guys. :) We love you to visit us in Portugal, but we have already enough foreigners, we are just a little place, and it's affecting our native Portuguese people in a bad way. I think the British already own Algarve...
Not so fast!
Are you not wanting foreigners in Portugal? Do they not do good for the economy? I ask because I have been considering moving there and registering a company etc but I have had enough of not being wanted in my own country of South Africa as an Afrikaans speaking farmer and certainly don’t want to be bringing my family to another country that really doesn’t want us there!
@@Joni.hughes Compared to the rest of Europe, those two Iberian countries are probably still the most welcoming ones
@@Joni.hughes if you come to work and contribute and want to learn the language, you are more than welcome. What we don't want is old people driving house prices up and making use of a national health service they contributed zero to, or smart-ass immigrants from certain countries that don't feel like working a legal job.
Great info for anyone thinking about moving to a new country! Good one, Josh!
Thanks! 👍 We appreciate the comment. - Josh
Absolutely love Spain however 500K in cash just prices most out imo.
You can forget Spain and Portugal in that case, it’s going to be around €500k in both, Spain still allows the investment in property, Portugal has scrapped that.
Sure, this is also the idea behind it. Although it is shocking to me that they have such restrictions, but at the same time allow every unknown random guy without passport to enter on some rubber dinghy.
Why not hand out at least PRs for 200k? Those people would still contribute a lot.
@@marcind4644 "Allow every unknown ramdom guy to enter with some rubber dinghy". What bullshit is that? How you police a coastline of 5000 km?
Most that bought a 500 house some months agow already have a 1.1M property..... portuguese here....
Portugal was the first Visa country and they know how bad was for the prices in urban proprieties. I hope Portugal change for better.
Just a note: NHR is not over. There are schemes that enable it using a fund combined with Golden Visa
Thanks to those who voted for Brexit I now have to find 500,000 to be able to live in Portugal. It looks like I am doomed to stay in broken Britain until my eventual demise.
Well, I think most people in England voted to leave, while most people in Scotland voted to stay.
Hi Steven, if you would like to relocate to Portugal, there are other visa options that do not require the 500 liquidity. Happy to have a chat on this - I have a GV firm with 100% success rate. My Linkedin is here: www.linkedin.com/in/kurran-sachdeva-2ab346168/
As a side note, I came to the U.S. in 1999 on an h1b visa, started green card application in 2001. Well, something happened in 2001, and as a result my green card took 8 years to process. So, 15 months sounds like nothing to me…
Spains wealth tax interferes with them crushing anything! If i moved to spain i would have to pay 60 percent of my income if i combine their income and wealth tax.
California used to be Spanish colony; can I get my Spanish citizenship in 2 years?
Ask for reparations
A very important item not discussed here is that it’s also 2 years if you have Spanish ancestry and wish that would’ve been brought up too!
Hi, it didn't come up because the video is about the GV data. Sam did bring up that if the applicants passport country is from one of the qualifying countries, it's a 2 year pathway to citizenship, which was applicable to the video itself. - Josh & Kalie
@@ExpatsEverywhere Yes, I saw that, but one very important point is that even if you're not from a qualifying country you can still get Spanish citizenship if you're of Spanish descent via the new Ley de Nietos or Grandchildren Law.
My grandparents were born in the Azores and emigrated to the US. I have some first cousins who are thinking of going that route. Kathleen
@ExpatsEverywhere We need a question answered: people who have naturalized in one of the former Spanish colonies and now have a passport (no Spanish links)... would they be able to use the 2-year route to citizenship? I've read multiple times that unless you are of Spanish origin or born in one of these colonies, the 2-year citizenship route does not apply (in other words it's a 10 year wait to citizenship). Hopefully, you can provide an answer to this vexing question. Thanks
The time frame mentioned in this video for Portugal is way too optimistic and unrealistic. The bureaucracy moves very slowly from personal experience. Great video though and so much more informative and accurate than the various Facebook groups.
Thanks for sharing, Jeff. I imagine that Sam is speaking on the average that he sees. The surprisingly quick turnaround in Spain was really interesting. Thank you for the comment. - Josh
The unanswered question is: why do this in the first place? Are there any tax advantages? If so, what are these? Otherwise, what’s the point for someone who already holds a European or UK passport?
It’s not really about people who already have a EU passport but for us that don’t and are seeking a better quality of life, taxes or not.
Well this aged well they announced today that they are also scrapping it
It's actually aged just fine in the sense that it'll likely take several months to pass through Parliament and there will be an uptick of last minute applications because it'll create urgency and scarcity. - Josh & Kalie
Others in the comments have already mentioned he ignored the overall personal taxation calculations which may not actually be competitive in comparison. Another surprising factor some may not realize is that Spain does not have driver licensing reciprocity with many countries (including the US) - not an issue for those living in major urban areas, but for anyone thinking of driving around to explore or using Spain as your hub for European road trips, you're going to start from scratch (including mandatory driving training like you're 16 again...)
Very interesting stuff, would probably lean towards retirement route vs golden visa, interesting to see the options though! 🙏
😂🤣 Glad I’m grandfather in Portugal NHR program, Spain tax’s are extremely high. I pay 10% taxes a year on seven figures income and I have less than a year until I’m eligible for Portuguese citizenship. All honesty, Italy or Greece Gold visa is the best depending on income guys
Spain’s visa will absolutely not crush Portugal’s visa. The taxation situation in Spain is the reason why no one is going to move there and those that are there are going to sell their homes and move away.
8.6 million v 1.6 million foreign born population in Spain v Portugal. The taxation situation for foreigners that aren't in Portugal yet but are considering Portugal or Spain are in a similar tax situation now. What you're suggesting doesn't add up.
I applied for my golden visa in December, 2021, and I don't expect to get my residency card until 2025. Currently Lisbon SEF or AIMA is processing biometrics appointments in August or September, 2022. 15 months is misleading..
Don't come!
You don't get your passport in Portugal when you apply for it. It is currently taking more than 2 years to get the passport after the application.
GRAÇAS A DEUS 👏👏👏🙏🙏🙏🙏
DEVERIA SER 15 ANOS, PARA AFASTAR PICARETAS E GENTINHA SUL AMERICANA, AFRICANA E NORTE AMERICANA ! CHEGA DE PICARETAS, VÃO PARA A COREIA DO NORTE.... 🤡🤡🤡
Great! You're not Portuguese anyway, so why should you have a PT passport?
@@ruimarques7625 because he can, haha
@@ruimarques7625 stop being rude.
@@ruimarques7625Because you live there and contribute to the economy! It's the same for someone who was granted a Portuguese passport just because her grandfather was born in Portugal (she has never been to Portugal, she knows nothing about Portuguese culture or history, she doesn't speak any Portuguese, and she doesn't have an interest to even visit Portugal)... what about her?
Interesting! Thanks for making this video.
Yeh nice chat but out of date already. Spain announced last week that golden visas for property is stopped. Side note. Choose your advisors wisely everyone. X
It doesn't just stop like that. It still has to go through Parliament and if Portugal is anything to go by, it'll take months before they're no longer accepting applications. - Josh
Well unfortunately they look to have just ended this was just about to start the process but now it looks like it's done
It'll likely take several months to go through Parliament the same way it did in Portugal. There's certainly still time but unfortunately, it's an act now kind of situation. - Josh & Kalie
I heard that you have to be a citizen of a former Spanish colony by BIRTH in order to qualify for the citizenship in 2 years route.
I've heard this too on a number of occasions... still haven't received a clarifying response!
Great vid Josh, it actually made me click into the Spain session of Idealista for a brief moment, keep it up
Glad you enjoyed it! Did you find anything interesting in Spain? ;-) - Josh
I think one of the big differences is I’m not sure Spain allows dual nationality for naturalization citizens, Ie I can become Spanish after 10 years, but I would have to surrender my British passport
For society, the problem with using property as an investment is that property is also used, believe it or not, as a home to raise a family and not just empty walls waiting for the price to rise. How about making food also an imvestment commodity by freezing it and waiting for prices to rise. The raising costs create a problem for an entire generation who cannot afford to pay for the empty houses. A big gap is being created between the ones who own something and the ones who cannot hope to own anything. If nothing is done about it big social unrest awaits the future generations. And now Spain will follow portugal.
if that was true then ppl who believe that would move to the shrinking towns/villages in which no investor want put money in. no, the reality will be that people who bring more money in will more stay away but migration without money (but higher crime rates) will move in - and also need apartments to live (which partly will then be subsidized by ppl like you) - while prices still will raise and the pressure on the housing market will continue. or do you really think that things are getting cheaper now due to that decision? (too many ppl are too naive. it starts already with voting for left wing parties in the first place - which are antisemitic/antizionist antidemocratic nazis anyway - but worse ones, because being racist against the own population). and keep bin mind that us-americans and like minded western ones are the ones who are mostly also interested in history/culture. one cannot say that too such degrees from many alternative migrants ...
@@publicminx I'm just saying that property investment is needed but must be used for living, not as empty walls. Minimum wage in portugal is €700. The millions who makes this money are very much needed to sustain all the services to keep the rich ones happy. Yet, none of them can afford a house. Many live 5 per room. Obviously they cannot move to an abandoned village 150km away from the city where there is no work. It is a problem that must be solved with private investment, public investment is usually inefficient, but not in a speculative way. Not in a way that assumes only expensive housing solves all the country's problems. There is a lot of profit to be made also in cheaper but large scale housing. Stop calling everyone left, nazy, racist.
@@publicminx Lets see an example. Imagine a foreigner coming with $1M to build a new house. During 6 months he employs 8 people, who only afford to live 5 per room. When it's finished the house stays empty hoping for prices to rise. Eventually it's sold to another foreigner so no money stays in the country, he even gets a tax break because he is a foreigners. But imagine that he is forced to live at least 6 months in the country, then he needs a maid, gardener, food, transportation, medicine and other services leaving some money in the country. But better, imagine he builds 4 smaller houses instead of 1 big one or even various apartments and sells or rents them at a profit. In this case low wage people can afford to buy them. Everyone is happier, he gets a Schengen visa, new housing is created, bank loans are given and more taxes are collected. You see, I explained this without calling you a right-wing extremist or fascist. You seem fixated against the left but answer me this, who paid for your primary and secondary schooling, did you ever need the police, courts, fire department, who paid for the street you live on and the lighting, the mega bridge you cross everyday, the national parks you use, public hospitals and so on?Taxes, that's who, which is nothing but a left policy, a redistribution of wealth. Of course investment, big capital and a market economy is needed but in the end its about everyone having a decent life not just the investors.
Because poor people hold fiat currency
Neither countries are competitive with taxes
Just an interesting piece of info, Hong Kong had in last month lifted all property transaction taxation against short-term sale and buyer's nationality which had been in place in the past 12 years, leaving only the simple stamp duty only ranging from 12 Euros to 4.25%. With the previously slumping market re-triggered, it is not difficult to earn the whole or part of 500k Euros required by Portugal or Spain just by pure eye and skills on distressed property in the short to mid run. That's why I sold part of my property portfolio in Porto and transferred the money back to the all big Asian property casino. Will be back to Portugal soon in a year or so.
Stay the f*ck away with your monetary schemes. Come to contribute or don't come at all.
would a Dominican Republic be one of the Spanish colonies that would apply towards the 2 year wait to get residency?
thanks
Yes. The Dominican people declared independence from Spain in November 1821.
I know that DR was once a Spanish colony, but I've also read that DR people cannot use this route. Not sure why... need to do some research on this.
What are the options for people who are not stinking rich? Do skills count, for example? Loyalty and integration? Anything else?
D7 and D8 visas are the two main options, which are topics we've covered a lot on the channel. - Josh & Kalie
Thanks for the reply. I need to explore the channels more. A lot of the advisors focus only on the wealthy. While it's understandable that countries would favour immigrants (or "expats") who bring their wealth into the destination, there are clearly many others who can bring skills and more importantly, can bring an existing income (and spending) stream into a country through remote clients, but who may not have vast funds of savings or other wealth to bring in.
@@B_Ruphe Oh, by in large, on the aggregate, non-investment visas are what bring the majority of people into most countries. Portugal's had 20k-30k enter the country on the GV while boasting 10x the immigration via non-lucrative visas and the same can be said for Spain. There have probably been a decent amount of foreigners in since covid that have come into Portugal on a D7 that could qualify for a GV based on net wealth but their intent to live in Portugal and the speed at which the D7 is processed compared to the GV took them down the D7 route.
@@ExpatsEverywhere Thanks for the further observations. It is encouraging to hear abouit the numbers. Presumably a similar preference for the non-lucrative route and speed of processing will apply with the Spanish visa options.
I'm an IFA, here in Jamaica and currently advising on a particular investment vehicle, Portuguese Solar Park, which, of course, the Golden Visa is an option!!
How can I get more info?
Portugal please make it even harder for people to become naturalized citizens. They're there for that reason only.
So what! The government is making money and foreigners are contributing to the Portuguese economy...
I hope portuguese goverment finish with visa gold ,good luck spain..thas the reason we dont haves houses in portuguese and when you find a house its expensive.
Do you really think that Portuguese people selling houses are now going to lower their prices? Never! The government should have used the billions generated by the Golden Visa to build affordable housing for Portuguese residents! Ask your government what they have done with all the money? Most foreigners were buying property that the average Portuguese person would be unable to buy anyway!
Is there a desent visa you can obtain if a great grandparent was a Portuguese citizen for an American citizen?
Two questions: when one buys a property in Spain, must it be 1 property for €500k or can one buy more than one, totalling €500k? Also, to acquire citizenship in Spain, is there a language and requirement and at what level? Any ballpark figure on costs associated with buying a property? If so, where would be the cheapest place to buy? Money is not endless for the middle classes! Thanks
Hi Grant, these are all great questions and one that Sam could answer pretty easily. You wouldn't pay him to schedule a call btw. What we can tell you is that the final price isn't necessarily €500k as investment commissions can be paid up front. We know in Portugal it could have been a portfolio (multiple properties) and we think it's like that in Spain but it would be best to talk to Sam. If you'd like Kalie to introduce you to Sam, please email her at info@expatseverywhere.com - Josh & Kalie
Interesting interview. Appreciate this type of content... (as well as all the other, of course). Thanks Josh & Kalie :)
Glad you enjoyed it, Jen! Thanks for watching as always. We've got a decent little mix of content coming up. Next up should be a cost of living update. :-) We hope you enjoy it. - Josh & Kalie
@@ExpatsEverywhereAlways!!
The stay requirements is the most challenging part of any passport program.
Why do you think that, Jason? - Josh & Kalie
Read the news. Spain’s Golden Visa scheme is being abolished by the end of July 2024.
That's not what the news says. The news that broke yesterday was that Spain was getting rid of the real estate option much like Portugal did. Further to that, it still has to go through Parliament. If you see the date on this video, you'll see it came out before the PM's announcement as it was filmed in February. If this is anything like what Portugal just experienced when they announced they were ending the GV by real estate option, a flood of applications came in at the last minute, which this would inadvertently strengthen the case that Spain's GV will crush Portugal's IN 2024. - Josh
Can you still become a citizen without the stay of you choose the Spain option?
Great and informative video, thanks for sharing.
I would say Portuguese are way better to deal with than the Spaniards. Also the requirement to denounce home country citizenship and the demanding stay requirement (for citizenship) would be a serious hurdle for some if not most people. Having taken the last train for the Portuguese NHR last year, I would rather hug Portugal for a final 10 years and then leave for another country when the time comes.
Eu diria que vc parece uma andorinha do mar... para não dizer pirata ! 😂😂😂😂
We bailed on Spain even though we have a 2 year Iberoamericano fast track route to a passport the effective tax rate for us would have been > 60%
So where are you now? - Josh & Kalie
"Foreign nationals who acquire Spanish nationality must renounce their previous nationality, unless they are natural-born citizens of a Latin American country, Andorra, the Philippines, Equatorial Guinea, or Portugal" (wikipedia) while Portugal allows dual citizenship for all. That's an important difference to consider.
It is an important consideration (depending on your home passport). - Josh & Kalie
This didn't age well, 3 weeks later and Pedro Sánchez
announces Spain is scrapping the Golden Visa.....
By all accounts, it seems like they're ending the GV by real estate investment, which could lead to a rush on it the same way it did in Portugal. It'll likely take several months to go through Parliament the same way it did in Portugal. - Josh & Kalie
Can you live in Spain or Portugal (i.e., longer than the 90 day Schengen limit as an American citizen) while your golden visa is being processed?
Portugal will probably allow it because of how slow they have been to process them. Spain is processing people's paperwork fast enough where it shouldn't end up being a problem. A lawyer should be able to assist in the case of Portugal. Where things could get sticky is traveling other parts of European on your PT GV while it's being processed but before being issued and after your 90 days has passed. We hope that helps. Sam from this video would be much better equipped to answer these kinds of questions because he works boots on the ground on a daily basis. Kalie can introduce you if you'd like info@expatseverywhere.com - Josh & Kalie
What happens to your current citizenship to other countries when you get a golden visa to Spain? What happens after that becomes a passport? Do you need to renounce any? (UK, CAN, US)
If you want to obtain Spanish citizenship, unfortunately at the moment for those countries, yes. You'll need to renounce your citizenship. Your current citizenship remains when you get a golden visa. It's just a visa at that point. - Josh
@@ExpatsEverywhere Thanks for the fast reply! What happens if it is a Portugal citizenship instead? Same rules or do you keep your other passports?
@@MightyMeaty-ff5bc You're welcome. Are you asking can a Portuguese citizen also be a Spanish or does Portugal allow dual citizen? Portugal does allow dual citizenship. Spain allows Portuguese citizens to gain Spanish citizenship. - Josh
@@MightyMeaty-ff5bcPortugal allows dual citizenship, Spain doesn't.
@@grant5059 Thanks!
Little detail Spain have higher taxes.
Great...go all to Spain!
I don't want to. I felt in love with Portugal and it has nothing common with the money 😅 or golden visa 😉
I agree, everyone go to Spain. I also recommend you take your English friends in Portugal to Spain with you.
Re: The "Former Spanish Colony Clause"... What's the policy with respect to individuals who are direct descendants of Puerto Ricans?
As you may be aware, Spain ceded the colony of Puerto Rico to The United States in 1898. Nineteen years later, in 1917, Puerto Ricans were finally "granted" U.S. Citizenship.
With a name like Pedro Aguayo, obviously my paternal roots originate in Spain. However, my more immediate ancestors (from both parents to several generations prior to) were born and raised in Puerto Rico. In fact, I'm almost certain that all eight of my great-grandparents were born in Puerto Rico in the 19th Century as Spanish subjects.
Thank you for the very informative video and if anyone can provide some info regarding Puerto Rican descendants (with respect to the 2-year "Short Cut"), it would be greatly appreciated.
New housing bubble happening in Spain 3, 2, 1...
😄 exactly.
good... the less people that move to Portugal the better.
Just means I will spend less money in Portugal if I’m not welcome.
Oh, you are welcome. We are just not for sale so know your place and respect us, and comments like these are not a good start
@@mendesjosr4438Lots of Europeans, including Spanish own property in the UK and I am happy for them.
@@carlyndolphin nobody gives a f*ck what money you will spend or not. Like he said, know your place and respect us.
@@HomemdaFaina just because I’m wealthier than you 😂
I am having a hard time of deciding between Spain, Portugal, and Italy
All fun choices and difference. All the best! - Josh & Kalie
When you say investing $500k in property.. is this a property that I can live in or an investment property that's rented out?
Either. Or a real estate fund that can pay a return up front and/or have a guaranteed buy back after a certain amount of time. Developers have created some interesting products for this from what we know. - Josh & Kalie
@ thank you - I think I might be best suited for the D7 in Portugal.. does Spain offer anything to people who just meet a certain income or savings level?
@@ExpatsEverywhereHow does one get more info on these creative options?
@@grant5059 Sam's company is one of the largest companies in the industry that helps people acquire GVs so they have a variety of products. If you email Kalie (info@expatseverywhere.com), she can put you in touch with Sam. - Josh
Fabulous info! Thanks Josh!❤😊
Glad you liked it!! Thanks for watching. - Josh
Thank you, Josh. Any idea what are the challenges in getting Portuguese residency in case I apply with an EU passport?
Heard golden visas will disappear this year 2025.
to me the main issue is TAXES. Can I get Beckham's law tax rate in Spain as a TH-camr??
If you are not willing to pay taxes in Spain, stay away from our country.
Is it true that spain doesn't allow dual citizenship? I just read in the comments
Under most circumstances, no, Spain doesn’t. - Josh & Kalie
But Spain doesn’t allow dual citizenship right?
First, yes they do allow dual citizenship but the other answer is that it depends. One on what country your asking to be dual citizenship with and the other is if they'll actually enforce it. - Josh
I think I read that Spain just discontinued their Golden Visa..
They're going through the process now but they haven't officially done it. It's likely to take months. And so far it's just GV by real estate investment. - Josh
@@ExpatsEverywhere ahhh I see! Do you think they will do what Portugal has done? 500k invesment into a business or starting a business (no more real estate) to get a golden visa?
@@danad91 Sam, would be more of the expert on that. If you're really interested, you should book a call with him. I'm also about to do a podcast episode with him tomorrow. We're going to record and try to get it turned around for Tuesday's drop next week. www.youtube.com/@ExpatsEverywherePodcast - Josh
How money speaks!
Agree
Great video. Some more info on taxes would have been nice
Update- Today, 8th April 2024, Spannish government have declared they're scrapping their golden visa for property purchases.
Wild times, which likely means, they'll be more last minute applications the same way there was in Portugal when they ended their GV via real estate investment. - Josh & Kalie
can you explain please the option of 350K to obtain a Spanish Visa?thanks
Hi Yuri, Sam jumps on calls to explain this but it's basically prepaid returns to get people's initial investment up to the €500,000 amount. - Josh & Kalie
@ExpatsEverywhere How can one contact Sam?
I am from Seychelles only interested in the golden Visa not the passport, my country passport is ok for me can travel in many countries visa free, the strongest in Africa. Next year I will go for Spain or Portugal. Seychelles I can stay in all Schengen and UK for six months per year visa free
Would Jamaica constitute a former Spanish colony or would it’s more recent history as a British colony supersede that?
Its Latin America (spanish speaking), the Philippines and Equatorial Guinea.
No. Period
Did it end in Portugal?
No. The real estate option did. - Josh & Kalie
Hi
Tried emailing but getting nowhere with the email address
Spain had announced last year itself that it will review the golden visa process. Now they have scrapped it altogether. 🤣
No problem! Let them win...
Can anyone recommend an advisor who can walk me through the process of expatriating? I've never been abroad, am about to retire (only have SS and equity in my home [to be sold), but I know I can't afford to retire here in the US. I'm just overwhelmed with the process. TIA!!
Email Kalie at info@expatseverywhere.com and she can get you started. - Josh & Kalie
Very Good
I am interested in Golden Visa
How can you help me move to Spain.
Thank you
As a portuguese I'm very glad to know that
QUESTION:
What if I don't want Spain's citizenship (because I don't want to denounce my American citizenship)? Can I still get this visa in order to live in Spain instead of becoming a citizen? I really don't need Spain's passport. Thanks!
Yes and you could consider going for a permanent resident status. You can speak more to Sam and his team about this as they'll know the legal process. - Josh
@@ExpatsEverywhere thanks Josh! Will do.
@@ashvoj You're welcome. Let us know if you need any introductions. - Josh
Just been approved - all investment types including real estate have been eliminated. It is literally the end.
That's fantastic news, only people really willing to create value in Spain or Portugal should be welcome, including contributing with taxes. Cheers from Spain.
Worldwide wealth tax in Spain is not good!
you're no good bro
What wasn't talked about is that not only is Spain's citizenship take 10 years (unless you're from a Hispanophone country, which BTW, you can't just have that passport; you have to have been born there, so it's tough luck for all the Americans who wanted to just move to Puerto Rico for a year and get a citizenship certificate from them to jump to Spain), but that Spain doesn't allow dual citizenship. Portugal is 5 years plus allows dual citizenship, which is just way better in every way.
BTW, _route_ is pronounced identically to "root" (like the British guy is pronouncing); _rout_ (as you're pronouncing it) means something totally different.
Go to Spain
Spain will not crush anything, because the golden visa in Portugal will end, the system of buying a property and having the right to residency is over, in the future buying a property just does not give you the right to obtain residency. We already have too many foreigners without paying taxes.
Is it possible to apply for both of them?
Yes. Definitely
Interesting. I have a Panamanian passport and also speak Spanish but not Portuguese .
Então vai aprender... ou preferes ser burro ?
So nice that I don't need any Golden Visa, because I have the right of residency in all EU countries. As all EU citizens do, btw.
Yes but you’re probably poor
I guess any EU citizen can simply buy property (or rent) and just start living in Spain, being tax resident in Spain automatically?
Yes, kind of. The EU citizen should register as a resident and get a NIE. Once the foreigner has lived in Spain for 183 days, they official become a tax resident. - Josh & Kalie
Does the 500,000 property purchase allow to carry a mortgage on the property? Or does it need to be paid in full as a purchase?
You can get a mortgage on what's above the €500,000 from our knowledge. Sam would have the details though as there is that €350,000 option. - Josh & Kalie
If a person is naturalized in a former Spanish colony, can he/she still get naturalized in two years in Spain?
I've often asked this question. But never received a response
I think the two years is for a natural latin only. But if you are married to a latin, they can sponsor your residency
Now we approach the end of 2024.... so, did it crush the Portuguese Golden visa ?
We're actually going to speak to Sam again in a week and find out what happened. - Josh & Kalie
I'm ok if Spain crushes Portugal for their Golden Visa. I plan, in about 10 years, to retire in Portugal and to earn my citizenship the old-fashioned way.. I'll live there, bank there and integrate into the community there... at least that's my hope. It's a matter of principle, not money or ease for me.
Hi Guy's, where are your housing project updates? Checked your other channel, but nothing there either??
Just google squatters in Spain before going any further.
I would think it twice before buying property in a country so squatter friendly as Spain
Another title for baitclick. NO, IT WONT.
You were wrong with the prediction of th “bubble
Market”,
And are wrong again with the Golden Visa.
SMH. Again, that video was made off the back of an article that made the prediction and it got shared to us so we wanted to give context to what the article was saying. So you either didn't watch the video because we say at the beginning of it that the information is from an article, or you didn't understand it.
The information and topic in this video is from Holborn Assets predictions based off the data their company got at the end of 2023 and the trends they've seen so far in 2024. These aren't ExpatsEverywhere opinions. - Josh
@@ExpatsEverywhere Fair enough. So whoever wrote that article was completely wrong, how the data was compiled was unreliable! As to regards of the “house market bubble” yesterday on the CNN News they said that the house prices in Lisbon increased 150% in the last 8 years.
@@ExpatsEverywhereHolborn is reputable