In order to successfully obtain the investor visa in Spain, it is important to know in advance what procedures you need to follow, what requirements you need to meet and where to go to formalise it. In this article we clear up all your doubts about the Golden Visa programme and how to obtain residency in Spain through investment.
What is the Golden Visa in Spain?
It is the authorisation as an investor that Spain grants to foreign citizens (outside the European Union) who want to move to Spanish territory and invest in it. In other words, the Golden Visa in Spain is a residence visa for non-resident investors. This permit is regulated by the Entrepreneurs Law 2013.
Who is the Golden Visa for?
This authorisation is aimed at foreign investors residing outside the European Union who wish to obtain Spanish residency.
Features and benefits of obtaining the Golden Visa in Spain
Bearing in mind that this permit is for investors and therefore requires prior investment in the country, it is one of the quickest ways to obtain a residence permit, in addition to other benefits:
It allows you to be absent from Spain for long periods without losing your residency
This residence permit does not oblige the applicant to live in the national territory to maintain it. He or she will only have to come to Spain once a year. In addition, it allows free movement through all the countries that form part of the Schengen area (26 European countries) without having to present visas.
It allows the investor’s family members to accompany him/her from the beginning
The Golden Visa is the most advisable option if the applicant wishes to obtain a residence permit also for his/her entire family (spouse and children).
Obtaining Spanish nationality by residence
Spanish nationality by residence is guaranteed for the applicant and his/her family members with the Golden Visa for the first two years.
Includes work permit for the investor and his/her family members
This residence authorisation also includes an employment or self-employed work permit for the applicant, his/her spouse and children.
What is the duration of this residence permit?
The initial duration of the investor visa in Spain is 2 years. Subsequently, there is the possibility of renewal for a further 5 years, as long as the investment in the country remains in force and the ownership of the assets is maintained. After these 7 years, the residency can be permanent.
How much do I have to invest to obtain the Golden Visa?
Residence in Spain by investment can be obtained through several ways:
Investment in financial assets
One of the ways to access the Golden Visa residence permit is by investing in different financial assets such as public debt, investment funds or bank deposits. Any of these actions require certification of the investment.
Government debt
Investment in public debt requires a minimum of €2 million with a single ownership by the applicant of 5 years or more.
Investment funds
You may also choose to invest a minimum of €1 million in investment funds or venture capital funds incorporated in Spanish territory.
Bank deposits
The amount required to invest in deposits in Spanish financial institutions also amounts to €1 million.
Investments in real estate
Investment in real estate in Spanish territory is the most widely used method. In this regard, the minimum amount required to obtain the permit is 500,000 euros plus taxes. This amount must be in full and free of mortgages and external financing.
In this regard, the Entrepreneurs Act allows the minimum amount to be invested in several properties or in a single property of the investor’s choice, as long as this acquisition has taken place after the entry into force of the Act in September 2013.
Investments in business projects in Spain
Finally, in order to obtain the Golden Visa in Spain, it is possible to make a business investment in which no minimum amount is established but certain requirements must be met and one of these conditions: Create jobs, contribute to technical/scientific advancement or invest with socio-economic effect in the area where the operation is to be executed.
It is also possible to acquire the entrepreneur visa in Spain by means of shares or participations to the value of 1 million euros in Spanish and active capital companies.
What requirements must I meet as an individual?
In addition to the economic requirements mentioned above, the applicant must meet these conditions:
Be of legal age
The Golden Visa requires the principal applicant to be at least 18 years of age, this does not apply to family members.
No criminal record
Both in Spain and in the countries in which he/she has resided during the last 5 years before making the application, the investor cannot have any criminal record.
Not be listed as ineligible in countries that have an agreement with Spain
In order to be able to process the permit, the person concerned must not have a refused application for entry to any country in the Schengen area or any other country that has an immigration pact with Spain.
Have a private health insurance policy
The applicant must have private health insurance coverage through a health insurance company that provides services in Spain.
Having sufficient financial resources
The investor must have sufficient financial resources to cover their own and their family’s expenses during their stay in Spain, in addition to those necessary to carry out the mandatory investment required by the Golden Visa Spain law.
Paying the corresponding processing fee
As is to be expected, the procedure for obtaining residence by investment in Spain has costs and requires the payment of a fee for its validation, which must be paid by the applicant investor. This fee is 87.57 euros per person.
How to apply for the Golden Visa in Spain? Where can I apply for it?
To formalise the process, the visa and authorisation must be requested:
The visa application
The Golden Visa application can be made from Spain or from any other country, in the latter case, from the Spanish consulate of the country of residence.
The following documents are required:
- Passport
- Private health insurance
- Criminal record certificate
- Accreditation certifying the investment made
- Proof that the economic resources exist to stay in Spain (this can be accredited through bank certificates and other resources that are accepted by law).
Application for authorisation
The application for the residence permit for investment is processed through the Large Companies and Strategic Collectives Unit (UGE-CE) and is granted by the Directorate General for Migration. The deadline for a decision is 20 days from the date of submission.
Summary
At this point, if you are interested in applying for the Golden Visa and wish to have expert advice in this process, we encourage you to contact our law firm García Taboada. We will study your case and guide you towards the path that guarantees the best results for you, always backed by experience and professionalism.
