Golden Visa
The Golden Visa also commonly referred to as investor visa, was first introduced in Spain in 2013 and was subsequently modified in 2015 allowing foreign citizens from non-EU countries, to reside, together with their family, in Spain, by showing that a significant capital investment has been made in the country.
The main requirement for the Golden Visa in Spain is either of the following;
- Minimum investment of €500,000 in real estate
- €1 million in shares or investment funds
- €2 million in Spanish public debt
In case of investment in real estate, it can be any type of property: home, commercial, land, or a combination of properties, but it is essential that it is free of charges (without having used a bank loan or mortgage), the €500.000 euros cannot include the closing costs, only the price of the real estate.
In addition to the investment, the following requirements must be met by the applicants:
- Not to be found illegally in Spanish territory
- To have no criminal record in Spain and in the countries where they have resided during the last 5 years, for offences under Spanish law
- To have a private health insurance policy taken out with an insurance company authorised to operate in Spain
- To prove having enough economic resources for themselves and their family members during their period of residence in Spain
Beneficiaries:
Not only the investor can benefit from the Visa, but also the following family members:
(1) spouse or common-law partner
(2) children under 18 years of age
(3) children of full age who are financially dependent on the investor and have not created their own family
(4) dependent relatives in the ascending line
Benefits:
The Golden Visa is by far the most beneficial visa you can obtain in Spain for the following reasons;
- A Golden Visa does not automatically make you tax resident in Spain, so you can continue paying your taxes in your own country
- It allows the investor's family members to accompany the investor from the outset
- It includes work permit(s) for the investor and his family members
- Allows you access to Spain and all of Europe
- No minimum stay is required. It allows you to be absent from Spain for long periods without losing your residence permit
- It can lead the investor and family to permanent residency (optional)
- It can lead the investor and family to Spanish citizenship (optional)
What is the procedure to obtain a Golden Visa and is it straight forward?
If the applicant for the Golden Visa is outside Spain, the process will begin with the application for an investor's visa at the Spanish Consulate in the country of origin. This visa has a duration of one year, during which the investor and their family can come to Spain and apply for a 2-year residence permit.
There is also the possibility of applying for a 2-year residence permit, without the need to apply previously for an investor's visa, if the applicant is legally in Spain.
The application can also be made through a legal representative.
The Law also allows the investor to come to Spain with a tourist visa in search of a property, and that when he/she finds it, and once the pre-agreement ( contrato de arras) is signed and corresponding funds are deposited, they can apply for the golden visa, and if needed, the authorities can grant the investor a permit for six months to complete the process of buying a property.
The resolution period is 20 days from the application, and once the residence permit has been obtained, the investor and his/her family must apply in person for the Foreigner's Identity Card in Spain.
One of the greatest difficulties is the presentation of the documentation accrediting compliance with the requirements, which, if it comes from a country outside Spain, must be duly translated into Spanish and apostilled.
Hot Properties España, will assist the solicitors to assist you throughout the process of obtaining the documentation, making the application, and obtaining the TIE once the visa has been approved.
