Now that Spain has promulgated legislation which will grant automatic Spanish residency to non-European Union citizens who invest €500 000 in property, Pam Golding Properties is marketing a broad selection of properties ranging from one bedroom apartments and beach cottages to spacious seaside villas and mountain retreats, situated mainly in the prime locations of Barcelona and the Costa Brava as well as the islands of Mallorca and Ibiza.
The impressive La Sagrada Familia cathedral is a landmark in Barcelona, Spain.
This is according to Dr Andrew Golding, CE of the Pam Golding Property group, who says the properties, starting from just under €400 000, are part of an initial offering and comprise both new and existing homes, which they believe will have high appeal as leisure investments for South Africans.
“This is coupled with the fact that investors who acquire properties priced from €500 000 will be entitled to Spanish residency. This in turn qualifies for a Schengen visa which grants unrestricted access to the Schengen zone,” says Dr Golding.
Only a two hour flight from London and Paris, Barcelona is an easily accessible and cosmopolitan, international city with the sandy white beaches of the Costa Brava just an hour and 15 minutes' away, while snow skiing in the Pyrenees is only a three hour drive. As a result residential property in Barcelona is showing strong capital growth and rental yields.
View of the entrance to Sant Josep de la Boqueria Market, one of the most visited tourist attractions in Barcelona, Spain.
“Our International & Projects Division has formed an association with an experienced and reputable local company, which will provide buyers with professional advice regarding the legal aspects of acquiring property in Spain, as well as managing agents to handle the holiday letting of properties.
“In terms of the residency programme in Spain, the minimum amount of €500 000 is payable in cash. Residency is granted initially for one year and we are advised that the application for renewal is a formality, and thereafter is applied for every second year,” says Dr Golding.
Chris Immelman, MD of Pam Golding Properties’ International & Projects Division, says with a number of new residential developments in the pipeline, the first new development they are launching to the South African market in conjunction with Savills is the White Angel in Ibiza, which has an entry level price of just under €400 000 to €700 000 for stylish new apartments.
"Brand new and built to high specifications, this is an ideal buy-to-let investment as it is well equipped for holiday use and for letting for three to four months of the year (June to September) to those who vacation in Ibiza. It offers sound rental returns merely from those four peak months of the year. Rental returns in Ibiza and the upmarket holiday destination of the Costa Brava are in the region of four to eight percent per annum," says Immelman.
Spectacularly scenic and the third of the Balearic islands by size, Ibiza is only 100km from the Spanish mainland. There are several direct daily flights to Ibiza and Mallorca from London. Offering a Mediterranean climate and scenic coastline, Spain, with its café culture and beautiful beaches, is popular among tourists from around the world.
In addition to the Spanish Residency Programme, PGP have just concluded an association with a real estate partner in Portugal to take advantage of the Portuguese Golden Visa programme, says Immelman.
He says this is very similar to the Spanish programme, however, it does seem to fast track the process to obtaining Portuguese citizenship which entitles one to a Portuguese passport. The entry level is also €500 000, which results in permanent residency after five years and citizenship (and by implication a passport) after six years.
“We will be visiting Portugal in January to finalise our associations with other professionals, including lawyers and specialists in obtaining residency and citizenship in this country,” he says.
For more information, contact PGP via email.
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