24 October, 2017
Catalan Independence: Golden Visa to continue to exist regardless of result
Due to the political situation with the catalan independence, there has been some hesitancy with buyers in the Real Estate market. You are probably wondering if the golden visa will continue if Catalonia declares independence. Here are a few reasons to take advantage of the current state.
- The general commotion can help buyers to negotiate a better price.
- Regardless of the political situation, the attractions of Barcelona remain thanks to the sea, climate, culture and architecture.
- The margin of growth for the real estate market in Barcelona and its surrounding areas is still high.
The Golden Visa is a great benefit to those from other countries looking to invest in Spain, but will it continue if Catalonia declares independence? The legal consequences according to Raisa Venermo, partner at AvaLaw, Barcelona are the following :
Golden Visa system – Legal security
Independent or not, the Golden Visa will continue to exist with the same guarantees. Catalonia has the most to gain from keeping the Golden Visa system. In fact, half of all Golden Visas in Spain have been granted for investments in Catalonia. If there is still a doubt, you must not forget that when it comes to the renewal of the Golden Visa, owners will have the opportunity to sell their properties in Catalonia and invest in another area of Spain.
From the legal understanding, investment is completely secured. In the case that independence is declared, and the Spanish state does not accept this, then Spanish law will continue to be applied in Catalonia. If the Spanish state recognizes independence, the Spanish law remains until negotiations are complete.
Free circulation of goods and people
We have no doubt that Catalonia will continue to be in the Schengen Area. In fact, it’s an important area of passage between the Iberian Peninsula and the South of Europe.
The protest of companies is only for show
The change of social and fiscal headquarters hardly affects the Catalan economy due to the production activity and supply of services that remains in Catalonia. Furthermore, the majority of foreign companies, whose headquarters are based in Catalonia, have not announced any change.
The rights of the buyers will not be lost. If there is a Catalan independence, all residents will continue to have their buyers’ rights protected, as specified by the law of transience approved by the Catalan parliament.
At Casamona, we believe that Golden Visa will continue to exist Independence or not! For more information about the golden visa, please take a look at our blog posts.