Spanish Golden Visa - Residence by investment
The Golden Visa has become one of the most comfortable and popular options for those non-EU investors looking to move to Spain for several reasons, including the advantages it offers. In this post we will tell you everything you should know about the Golden visa.
The Spanish Golden Visa is a great opportunity to establish a home or residence in Spain, especially if you want to invest in real estate. The investor visa gives permission to reside and work throughout the Spanish territory, and also the applicant has no obligation to be in the country more than 6 months a year to be able to renew the residence as is the case with other visas, in fact, it does not require a minimum period.
In 2013, Spain launched the plan to support entrepreneurs and their internationalization with the entry into force of Law 14/2013 of September 27, seeking to attract foreign investors interested in investing in one way or another in the country. Thus, currently, those investors from outside the European Union who make a significant investment in Spain can now apply for a special residence.
What is so special about the Golden Visa ?
The number of applications that have been registered for visas of this type over the years has experienced considerable growth and not surprisingly.
The most notable advantages provided by the Spanish Golden Visa are:
- It offers the opportunity of residence in Spain for 2 years that can be renewed for 5 years provided that the holder demonstrates that he continues with the investment made.
- In order to obtain the visa, and unlike other visas, residence in Spanish territory is not required; the applicant or holder is only required to travel to the country once a year.
- It allows you to work and reside legally in Spain.
- It provides complete freedom of movement throughout the Schengen area.
- The residence of the spouse and children can be processed at the same time as that of the investor and owner of the Golden visa, which is a great privilege for those families looking to live in Spain.
- It is not necessary for the interested party to apply for the Golden visa physically in Spain. It is usual to appoint a representative for this purpose by means of a power of attorney.
What is the investment required to apply for a Golden Visa?
As mentioned above, in order to apply for a gold or investor visa, a significant investment in the country is required. But, what is considered a necessary investment?
Depending on the asset in which the investment is made, the amount considered for the visa application will be higher or lower, therefore, a non-resident foreigner may apply for the visa when the capital investment deposited in the country complies, in accordance with article 63 of Law 14/2013, with any of the following events:
- An investment for a value greater than or equal to:
- 2 million euros in Spanish public debt.
- 1 million euros in shares or social participations of Spanish capital companies.
- 1 million euros in Spanish investment funds under certain requirements.
- 1 million euros in bank deposits in Spanish financial institutions.
- Acquisition of Real Estate in Spain with a value greater than or equal to 500,000€ for each applicant.
- Business project that is developed in Spain and has an impact on society that is considered relevant, and therefore the creation of jobs, relevant contribution to scientific innovation, socio-economic impact, etc. will be assessed.
Normally, the most common option is the purchase of a property to ensure that you can establish your home in the country, as the visa offers the possibility of residency in Spain and most applicants seek to realise this possibility.
Bearing this in mind, we can solve some frequent doubts that arise to all those who are thinking about this investment:
- Real estate investment can comprise more than one property.
- The minimum amount set (€ 500,000) must be free of charges, however, the part of the investment that exceeds the amount may be mortgaged.
- You can apply for the Golden Visa if you bought the property after 2014, however, if you acquired the property before the publication of this regulatory regulation, it will not be possible.
- The visa can be applied for before the final deed.v
How do I apply ?
There are two ways to apply for the Golden Visa, depending on where you are at the time of application.
If you reside in a country other than Spain, you must apply for the Investor Residence Visa at the Spanish Consulate in your country of residence. On the other hand, if you reside legally in Spain or have an investor visa, you will apply for the residence permit for an investor in the Large Companies and Strategic Groups Unit (UGE-CE).
To request it you must prepare the following documentation:
- Passport.
- Public or private health insurance with entity operating in Spain.
- Criminal record certificate.
- Economic means necessary to cover the expenses of stay and, where appropriate, those of their relatives, for one year, according to the following amounts:
- For its support, monthly, 400% of the IPREM (Public Indicator of Income of Multiple Effects), which in 2022 amounts to € 579.02, being € 2,316.08 or its legal equivalent in foreign currency.
- For the support of each of their dependent relatives: monthly 100% of the IPREM, which in 2022 amounts to € 579.02 or its legal equivalent in foreign currency.
- Proof of realisation of the investment.
- This varies depending on the type of investment:
- Public debt: certificate from a financial institution or the Bank of Spain.
- Unlisted shares: declaration of investment made in the Register of Foreign Investments of the Directorate-General for International Trade and Investment (DGCOMVINER).
- Listed shares: certificate of financial intermediary registered with the National Securities Market Commission (CNMV) or the Bank of Spain. – Investment funds: certificate of the Management Company.
- Bank deposit: certificate from the financial institution.
- Real estate: certificate of the Land Registry and deed of purchase.
- If the purchase of the property has not been formalized: deposit contract formalized in public deed.
- Business project: Favorable Report issued by DGCOMINVER
How long is the Golden Visa valid ?
The validity of your investor visa will differ depending on the type of investment made or planned.
The initial residence authorisation for investors will be valid for two years.
It is different in the case of non-formalised property purchases, as dictated in article 66.3 of Law 14/2013 of 2013, the residence authorisation for an investment in real estate assets that has not been made effective, with an earnest money contract authorising it, will have a maximum duration of 6 months.
Once the purchase and sale of the property has been completed, the residence permit for the investor is requested at the Large Companies and Strategic Groups Unit (UGE-CE), at which point the interested party may request the residence permit for investors.
Finally, for those who have invested in movable assets, the visa will be for 1 year.
What are the deadlines?
Probably one of the most impatient issues for visa applicants is the waiting time before the visa is finally granted. Well, it is interesting to note that it really does not take that long to be granted compared to other visas.
The visa application at the Spanish consulate takes 10 days from the time it is received, and the application for authorisations takes 20 days.
Both for the residence permit and for its renewal, it will be necessary to present the appropriate documents to the UGE-CE in Spain.
If you are thinking of starting a new stage in Spain, you have the necessary means and you want to bring your family with you, the Spanish Golden Visa is undoubtedly the most recommended option at the moment. At Legal Iuris we provide you with a team of lawyers and professionals who will help you to streamline all the processes to ensure that your visa is applied for and granted under the Spanish legal framework.
You can contact us with any questions you may have by calling +34 865 750 154 or sending an email to info@legaliuris.eu who will help you with everything you need.