Are you looking to move to Spain and acquire a residency permit through an investment? Then the Golden Visa is for you. In this article, we detail all the requirements needed to secure your residency easily in Spain.
Since September 2013, the Spanish government aims to attract foreign investment to Spain, by allowing the granting of visas and residence permits to non-EU citizens who make a significant investment in Spain, commonly referred to as “The Golden Visa”.
If you are a non-EU citizen and you have made a significant investment in Spain, you can take advantage of the Spanish migration scheme for investors.
HOW CAN I GET THE GOLDEN VISA AS AN INVESTOR?
1/ Real estate (500,000 euros Net):
- Investing a minimum of 500,000 Euros Net in the Real Estate market in Spain.
- Investing in multiple properties or joint ownership is allowed, provided that each of the joint owners invests a minimum of 500,000 euros.
- All types of property are allowed (residential, touristic, commercial, or industrial).
2/ Financial assets:
- Public debt (€2 million minimum).
- Shares (€1 million minimum).
- Investment funds or venture capital funds set up in Spain (€1 million minimum).
- Bank deposits (€1 million minimum).
3/ Business projects of general interest to Spain:
There is no minimum investment requirement, but you will need to obtain prior approval from the Directorate of Commerce and to demonstrate that your business is of “special interest” to Spain (Creation of jobs, Significant social and economic impact…)
WHAT DOCUMENTS ARE NEEDED TO SUBMIT MY APPLICATION?
- A valid Passport issued from a non-EU country
- Private Medical insurance issued by a company operating in Spain
- Background checks proving you do not have criminal records in Spain
- Proof of sufficient financial resources to support you and your family during the residency in Spain
- Documents demonstrating proof of your investment, depending on the type of investments you made.
- For Real Estate investment, you need to present the certificate of property registration and the purchase deed.
Furthermore, it is important to note that one other requirement is that you should not have entered illegally or remained illegally in Spain, and not have been denied entry in any of the EU countries before requesting the Golden Visa.
WHAT KIND OF VISA OR RESIDENCE PERMIT INVESTORS WILL GET?
- An Investor Visa, if you are outside of Spain when the application is submitted.
- A Residence Permit, if you are currently in Spain when submitting the application.
WHERE CAN I APPLY FOR IT?
- Visa applications must be made at the Spanish Consulate in the country of origin or residence.
- Residence permit applications must be made at the “Large Business and Strategic Groups Unit” (Unidad de Grandes Empresas y Colectivos Estratégicos).
The application process is relatively simple as long as all conditions are met, and the application can even be submitted at the Spanish Consulate in the country of origin or residence. The process is usually completed within 60 days.
WHAT ARE THE MAIN ADVANTAGES OF THE GOLDEN VISA?
- Apply for the Spanish residency for all your family members (Spouse or unmarried couple, children under 18, and parents in charge).
- Travel freely in all EU countries (for a maximum period of 90 days every 180 days).
- Rent or lease freely the properties you purchased to generate income.
- It does not require a minimum period of stay in Spain, you only have to visit Spain at least once during the validity of the visa.
- It does not require actual residency in Spain, meaning that you can spend less than 183 days in Spain and remain a tax resident in your country of usual residence.
- You and your family will be directly authorized to work or set up a business anywhere in Spain.
HOW LONG DOES THE GOLDEN VISA LAST?
- The visa’s initial duration is 1 year.
- The visa can be renewed for 2 years if the investment is maintained.
- The maximum duration of the residency permit is 5 years. After this period, investors can apply for permanent residency in Spain.
For further information, you can check the Spanish Government website on the Golden Visa.
If you are a UK citizen, and you want to find out if you are eligible to get the Golden Visa after Brexit, you can see our article here.
At Barcelo Property Invest, we collaborate with local law firms specialized in obtaining the Golden Visa in Spain for international investors.
If you are looking to invest in a property in Barcelona in order to get the Golden Visa, Contact us today for a free consultation and we will be happy to present you Our Services and see how we can help you with all these procedures in Spain.