Golden Visa in Spain – FAQs – all you need to know
The Spanish Golden Visa is a type of residence visa that was approved in Spain by the Law 14/2013, of the 27th September. This Visa allows non-residents to obtain the residency by investing in Spain.
WHICH ARE THE REQUIREMENTS TO OBTAIN IT?
- Not to be in an irregularly situation within the Spanish Territory.
- Must be of legal age.
- Lack of criminal records in Spain and in the countries where the applicant has lived in the last 5 years.
- Not to appear as rejected in any country with which Spain has signed an agreement in this regard.
- Have a public insurance or private health insurance arranged with an insurer authorised to operate in Spain.
- Have sufficient financial resources for themselves and their family members during their period of residence in Spain.
- Pay the fee for the processing of the visa.
- DIFFERENT TYPES OF GOLDEN VISA:
- a) An initial investment for a value equal to or greater than 2 million euros in Spanish public debt securities, or for a value equal to or greater than one million euros in shares or shares of Spanish companies, or bank deposits in financial institutions Spanish.
- b) The acquisition of real estate through purchase and sale in Spain with an investment of equal to or greater than 500,000 euros for each applicant.
- c) A business project that will be developed in Spain and that is considered and accredited as being of general interest.
- d) It will also be understood that the visa applicant has made a significant capital investment when the investment is carried out by a legal entity, domiciled in a territory that is not considered a tax haven according to Spanish regulations, and abroad owns, directly or indirectly, the majority of its voting rights and has the power to appoint or dismiss the majority of the members of its administrative body.
Most of our clients are interested in obtaining the Golden Visa via acquisition of a property.
In addition to the aforementioned general requirements, the applicant must prove the ownership of the property through a certificate issued by the Land Registry.
The certificate must be issued within 90 days prior to the application of the Golden Visa. If at the time of the visa application the acquisition of the property is in process of being registered in the Land Registry, it will be sufficient to present the certificate stating the validity of the acquisition document, accompanied by the documentation confirming the payment of the corresponding taxes. The applicant must prove having an investment in real estate of 500,000 Euros free of any charge or lien. The part of the investment that exceeds the amount required may be subject to charge or lien.
- HOW LONG DOES THE PROCCESS TAKE?
In general, it will take ten working days for the resolution and notification of the visa applications for investors’ residence.
- WHICH ADMINISTRATION GRANTS THEM?
The visas will be issued by the Diplomatic Missions and Consular Offices of Spain.
- HOW LONG CAN SOMEONE STAY IN SPAIN WITH THE GOLDEN VISA?
The Golden Visa allows the investor to reside in the country for ONE YEAR.
The foreign investor wishing to reside in Spain for a period of more than one year must apply for residence authorization for investors. This authorization cannot be requested directly, to obtain it you must first have the residence visa. The residence permit for investors will be valid for all the national territory and, in order to be granted, the applicant must continue to comply with the aforementioned generic requirements among other conditions. The residence permit may be renewed for successive periods of five years.
The application can be done through a legal representative, having granted Power of Attorney, if you would like to discuss your situation or have further questions/doubts regarding the process, do not hesitate contact us.