Post-Brexit, British citizens applying for the Spain Golden Visa must be aware of changes as third-country nationals and seek guidance from immigration experts.
Brexit has brought significant changes for British citizens who wish to apply for the Spain Golden Visa. Here are the key implications:
1. Loss of EU Citizenship Benefits
- Non-EU Status: As of January 1, 2021, British citizens are no longer considered EU citizens. This change means that British nationals now need to apply for visas, including the Golden Visa, to reside in Spain for extended periods, just like any other non-EU nationals.
- No Free Movement: British citizens no longer have the right to free movement across EU countries. To live and work in Spain, they must secure a residence visa, such as the Golden Visa, which requires a significant financial investment.
2. Eligibility for the Spain Golden Visa
- Same Eligibility as Non-EU Nationals: Post-Brexit, British citizens are eligible to apply for the Spain Golden Visa under the same conditions as other non-EU nationals. They must invest a minimum of €500,000 in real estate or meet other qualifying investment criteria (such as investing €2 million in government bonds or €1 million in shares or bank deposits).
3. Tax Implications
- Dual Taxation Concerns: British citizens must carefully consider tax implications when applying for the Golden Visa. As non-EU residents, they may face different tax treatments, including the risk of double taxation. Spain and the UK have a double taxation agreement, but applicants should consult with tax advisors to fully understand their obligations.
- Wealth Tax: British nationals who become tax residents in Spain (spending more than 183 days per year) may be subject to Spain’s wealth tax, which applies to their worldwide assets. This is an important consideration for high-net-worth individuals.
4. Healthcare and Social Services
- Access to Healthcare: Before Brexit, British citizens could access healthcare services in Spain as EU citizens. Post-Brexit, this access is not automatic, and Golden Visa holders must have private health insurance to meet visa requirements. However, Spain and the UK have agreements that may allow retirees with a Golden Visa to access healthcare services under specific conditions.
5. Residency and Citizenship
- Path to Permanent Residency and Citizenship: The process for British citizens to transition from a Golden Visa to permanent residency and eventually citizenship in Spain remains similar to that for other non-EU nationals. They must maintain their investment and meet the residency requirements (e.g., living in Spain for five years for permanent residency and ten years for citizenship).
6. Travel Within the Schengen Area
- Schengen Area Access: While the Golden Visa grants residency in Spain, it also allows British citizens to travel visa-free within the Schengen Area for up to 90 days within any 180-day period. This is a significant benefit for British nationals who now face restrictions on free movement in the EU post-Brexit.
Summary
Brexit has reclassified British citizens as non-EU nationals, requiring them to apply for visas like the Spain Golden Visa to live in Spain. While the eligibility criteria remain the same as for other non-EU applicants, British citizens must now consider the implications of non-EU tax treatment, healthcare access, and the loss of free movement rights within the EU. For more detailed guidance, consulting resources like Movingto.io and official Spanish immigration websites is advisable.