In recent years, many Filipinos have rediscovered Spain not only as a vacation destination, but also as a place where they can relocate and start their lives over. Some Filipino parents are convinced that Spain’s coveted Golden Visa will provide their children with better job prospects and a more stable future.
One of them is dermatologist, ABS-CBN anchor Teleradyo and medical and public service consultant Dra. Luisa Ticzon Puyat. Dr. Luisa herself already holds a Spanish residence permit. His daughter Miguela is now studying architecture in Barcelona where her tuition, the doctor at ANCX says, is much cheaper than tuition in the United States.
There are several reasons why Dr. Luisa pursued obtaining a Golden Visa. “My daughter will receive a European education, obtain Spanish nationality in two years, obtain a world passport and be able to study, work and live in any of the 27 countries of the European Union (EU),” she says. “So what a privilege that she was able to get an architectural education in one of these countries.” Dr. Luisa adds that Miguela will also be able to take advantage of free public health care in Spain which, according to the World Health Organization, is ranked as one of the most efficient health systems in the world.
While working for his Golden Visa, Dra. Luisa sought help from a Filipino group based in Spain called Vive España. The agency specializes in helping Pinoys realize their dream of living in Spain. They understand the unique needs and preferences of their Kababayan. They provide legal and real estate services, yes, but they also offer valuable insight into what it’s like to live in Spain.
From finding schools to looking for job opportunities, the Vive España team has experienced them all. Their first-hand experience as Pinoys living in Spain and their expertise in their areas of specialization have made Dra. Luisa chose the group to accompany her family when she applied for the Spanish Golden Visa investment program. In fact, she was so impressed with Vive España that she decided to join them as Marketing Manager in the Philippines. The real estate investment company is now led by Barcelona Legal Director Atty. Edmund Reyes, real estate director Carlos Pedrosa, and legal director of Madrid Atty. Luis Romero-Salas.
If you don’t already know, a Golden Visa is an investment opportunity open to third-country nationals that grants the visa holder and their immediate family residency and citizenship in Spain. This privilege is offered by Law 14/2013 or the Entrepreneurship Support Law which was enacted to stimulate the economic growth of Spain through the residence of investors. The Golden Visa allows an applicant to acquire residency in Spain without the long list of requirements and bureaucratic delays. In fact, the residence permit is issued after only 20 days from the application.
From the moment the permit is issued, the new Spanish resident has the privilege to study, work and live in Spain and travel to 27 EU countries without visa requirements. There is no minimum stay requirement to maintain the validity of the permit; the initial renewal of the license is done after two years, then every 5 years thereafter.
A Spanish citizen enjoys the benefits of studying, living and working not only in Spain, but also in any of the 27 EU countries, including Germany, France, Italy, Ireland, the Netherlands and Belgium. In addition, a Spanish citizen will have access to free public health care in Spain.
One can apply for Spanish citizenship after living in Spain for an accumulated 183 days per year for two years. This accelerated citizenship is only offered to former colonies of Spain, which includes the Philippines. For other nationalities, says Vive España, it takes 10 years. “Most of my family members took advantage of this privilege and had a great advantage of having European citizenship,” says Atty. Edmund. “The jobs available in Europe can bring good wages to Filipinos; however, if they are not EU citizens, they will not be given priority even if they are better qualified. Now that some of my children are working, they appreciate their European passport and the opportunities available to them.”
According to Vive España, the fastest and most convenient way to obtain Spanish nationality would be to obtain a Golden Visa, and one of the ways to become eligible for the Golden Visa is to invest in real estate in Spain. As a prosecutor. On Edmund’s part, it would take at least 500,000 euros (about 29 million pesos) from the bank to do this. It can be an investment for a single real estate unit or the aggregate value of several real estate assets.
Another way to acquire a Golden Visa is to buy shares in a company in Spain or make a deposit in a bank for a minimum of €1,000,000, invest at least €2,000,000 in the Treasury bill Spanish or create a new business that would generate employment opportunities, socio-economic impact or scientific and technological innovations.
To be eligible to apply for Golden Visa, one must provide proof that he has made one of the investment options mentioned above. The applicant must also be of legal age (over 18), without a criminal record, have private health insurance in Spain and have never been refused a Schengen visa. (See this link for the list of required documents.)
Once a Golden Visa is obtained, the visa holder can already bring their immediate family to Spain. A spouse can be included as a dependant, as can children under 18. Parents of the Golden Visa holder as well as children over the age of 18 may also be considered dependents, but only if they are still economically dependent on the applicant. Children over 23 will generally need to secure their own investment of €500,000 to qualify for the Golden Visa.
While this investment isn’t cheap, Vive España insists that the benefits ultimately outweigh your expense. A Spanish resident and citizen could enjoy free primary and secondary education in public schools. In the meantime, sending your children to a public university will only cost an average of around 1,200 euros (about 69,000 pesos) per year.
Atti. Edmund personally attests to the benefits of studying in Spain after taking family members through the citizenship process before they even graduated from high school. They obtained their Spanish nationality when they graduated from high school and university and were quickly able to find employment in Europe.
“Their work allows them to be self-sufficient from day one,” says Atty. Edmund. “They could live in a very decent apartment, feed themselves, clothe themselves and have money to entertain themselves. If they had chosen to stay in the Philippines, I don’t believe an entry-level job outside of college would give them that kind of financial freedom right away.
Top notch healthcare
Another factor why Dra. Luisa and her company believe that more Filipinos should consider applying for a Golden Visa, which is the advantage of getting healthcare in Spain. Medical expenses become a major concern as we reach old age.
“With the limited insurance coverage offered in the Philippines, many wealthy families have seen their financial situation suffer when they have to pay medical bills for loved ones,” Atty said. said Edmond. “And that’s something you can avoid once you’ve obtained Spanish nationality and become a contributor to social security.” Contributors to social security in Spain include them in the Spanish national health system which guarantees universal coverage and free public access to health care.
The Vive España team provided us with proof of the quality of health care in Spain. The 2021 edition of CEOWorld magazine’s healthcare index placed Spain in eighth place among the countries with the best healthcare system.
More than 90 hospitals in Spain are included in Newsweek’s 2022 list of “Best Hospitals in the World”. And data from the Spanish National Organization for Transplantation suggests that Spain continues to be a world leader in organ donation and transplantation for 28 consecutive years, which means that if an organ is needed, there is a good supply to rely on.
Cancer treatment is also ‘universal’, ‘equal’ and ‘free’ through the Spanish National Health System (SNS). “A Spanish citizen only has to pay 10% of the total cost of their maintenance medication,” Dra suggests. Louisa.
“Being a citizen of a first world country like Spain gives you more peace of mind because you are backed by a very strong social security system which includes a very good health care system,” says Atty.Reyes.
How to invest
Over the past year, Vive España has helped Filipino families obtain properties in Spain. Its property manager, Carlos Pedrosa, assures that the process of buying properties in the European country is relatively simple, and Vive España has both a property team and a legal team to guide investors through every step of the process. process.
“The Spanish real estate market is a mature market”, proposes Pedrosa. “So you are looking at a more stable return for investments. The tourism industry here is very diverse. Data from worldpopulationreview.com shows that Spain is the second most visited country in the world. It recorded 83.7 million visitor arrivals in 2019 alone. The country expects to hit some sort of tourism peak again as the Covid situation around the world improves.
“The money you invested will surely come back to you, not just in the form of citizenship, which is actually priceless,” says Atty. Edmund. “You also have property that is steadily increasing in value, particularly those in Madrid and Barcelona, which you can choose to sell later.”
Meanwhile, for those who don’t wish to stay put and put down roots in Spain and simply wish to travel the world, a Spanish passport is an indispensable friend: it currently ranks as the third most powerful passport in the world.