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Golden Visa Spain

Residence by Investment

Minimum Investment

€500,000

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The Golden Visa or Residency by Investment in Spain is a permit which allows the holder to live in the country for a certain amount of time, and is granted through the investment of at least €500,000 euros.

If you are interested learning more about this type of visa, we invite you to continue reading the following guide which takes on issues like:

  • What is the residency by investment, and what are its benefits?
  • A thorough breakdown of the different investment options available with which you can obtain a temporary residency in Spain
  • The requirements you must meet and the steps to follow in order to process a Golden Passport in Spain

At the end of this article we have prepared a section of Frequently Asked Questions (FAQ) to clear any doubts you may have about this document.

Spain’s Residency by Investment Visa

The Golden Visa or Spain’s Investment Visa is a permit that allows foreigners to both live and work in Spain, under the condition that they invest a significant amount of capital in said country, as well as meeting a number of requirements established by the Spanish Judicial Ordainment.

Who is eligible for Spain’s Golden Visa Program?

Only foreign individuals, who also retain no other residency in a EU country, will be eligible for the Golden Passport in Spain.

Benefits of Spain’s Residency by Investment Visa

The following list of benefits will be available to you once you become a resident by investment in Spain:

  • Possibility to leave the country: Under other visa types, you are required to remain in country for at least 6 months every year. Otherwise, you may lose your residency or simply become ineligible for renewal. This does not happen with the Golden Visa, since you will be able to stay out of Spain for long periods of time without it affecting you ability to either keep or renew your investor residency.
  •  Residency for family: Your immediate family will also be granted the Spanish residency, which means you can stay together and not have to wait for the mandatory one year period that applies with other visa types.
  • Spanish nationality: If you are able to hold you residency by investment for a period of 10 years, you will have the chance to apply for the Spanish nationality. (For Spanish American citizens, the period goes down to only two years)
  • Work permit: In addition to the previous points, the Golden Visa includes an authorization so that, both the investor and any relative in working age, can not only reside in Spain, but also work in this country without the need to go through any kind of additional process with the local authorities.
  • Duration of the residency permit: As a general rule, all residency authorizations in Spain are initially valid through one year, with renewals valid for two years. However, the golden passport in Spain has an initial duration of two years, with renewals valid for five years.

Spain’s Golden Visa Requirements

Up to this point, it is most likely that you understand that a significant capital investment is the top requirement for obtaining a golden visa in Spain. Nonetheless, there are some additional requirements that you must meet, so let’s cover those right now:

Significant Capital Investment

The main idea is that you are in a position to invest, whether it is in the purchase of property, stocks, investment funds, bank deposits and public debt deeds, or by establishing a start up or company. The minimum investment required is 500 thousand euros, but this amount could shift upwards depending on the investment sector that you choose, but more on that later.

Having no prior illegal stays in Spanish territory

It is possible to apply for the Golden Visa while visiting Spain as a tourist, however, it is very important that you have never been in Spanish territory illegally over a period preceding your application for the investor residency.

Being 18 years of age or older

According to the Spanish Civic Code, the legal age is set on 18 years. From that moment on, all persons are considered to be capable of performing any kind of legal process.

Clear criminal record

This means that you cannot be listed in any of the following countries’ “No Admission” list:

  • Spain
  • Austria
  • Belgium
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Italy
  • Latvia
  • Lithuania
  • Liechtenstein
  • Luxemburg
  • Malta
  • The Netherlands
  • Norway
  • Poland
  • Portugal
  • Slovakia
  • Slovenia
  • Sweden
  • Switzerland

Private health insurance policy

It is also necessary that you purchase a private medical insurance for you and your family with an insurance company that covers Spain. This policy must remain active throughout the duration of your temporary residency and should provide similar coverages to those offered by the National Health System.

Availability of sufficient fundings

You will have to prove and be in possession of sufficient funds for you and your family’s living expenses in Spain. This is measures by using the Multiple Effect Leasing Public Index (IPREM) which is currently set in 538€ euros. Local legislation indicates that, for subsistence purposes in Spain, the investor must prove to be in possession of a monthly amount (in euros) equal to 400% of the IPREM’s standard, plus 100% of that amount for each family member.

This means that if an investor is living in Spain with his wife and two children, they should retain a monthly amount equal to 700% of the IPREM’s standard (400% for the investor and 300% for the additional family members), giving a current total of 3,766€ euros.

Payment of all applying processing fees

Finally, you will have to cover the corresponding fee of the residency by investment application process, which amounts to 80€ euros per person.

Investment Options for Spain’s Golden Visa

There are three main options you may choose from for your investment in Spain as you go about obtaining your investor visa.

  1. Purchase of real estate
  2. Acquisition of stocks, investment funds, bank deposits, and public debt deeds
  3. Establishment of a company

Application Process for Spain’s Residency by Investment

Let’s take a look at the steps you will have to take tp get the Spanish residency by Investment.

Considerations

  • You must apply for this visa in person or through a duly accredited representative.
  • Your application must be presented no more than 90 days in advance.
  • All payments are non-refundable, even if the visa is cancelled or denied.

Documentation

Make sure you have all the following documents ready before you start your application process:

  • Document checklist (2 copies)
  • National Visa Application, filled in caps and signed accordingly (original and copy)
  • Passport size photo (black and white, formal wear)
  • Valid passport or travel document (original and copy)
  • Valid ID card showing your current place of residence (original and copy)
  • Criminal background certificate, translated into Spanish, no older than 3 months (original and copy)
  • Bank statement showing sufficient funds to cover your stay in Spain
  • Health insurance policy issued by a Spanish insurance company, covering for the investor and accompanying relatives
  • Release Form duly filled and signed
  • Payment for all applying fees addressed to Spain’s General Consulate. At the moment of this post’s writing, the corresponding charge for Spain’s property visa is 122 euro. You may check the following site for updated information.
  • Documentation to accredit the investment

Process

  1. The first step is visiting the official website for Spain’s General Consulate for your country
  2. Navigate the website to schedule an appointment for your procedure, through the site you will be able to consult upcoming available dates and times for you to choose from
  3. Show up to your appointment on time and present the documentation mentioned previously
  4. An adviser will receive you and conduct an interview (additional information or documents may be required at this point)
  5. After a period no longer than 20 business days, you will receive a notification regarding your application’s resolution

How to prepare yourself to apply for Spain’s Golden Visa Program

The following are some recommendations that can help your Golden Visa process:

  1. Double-check all the documentation you will present before the Consulate, Embassy, and UGE-CE
  2. Prepare yourself for you interview with the Spanish official, it is crucial that you can explain your investment in a concise manner, as well as your motives for applying for the residency
  3. Secure the health insurance policies for you and your family beforehand, remember they have to be under a Spanish insurance company
  4. Make sure you open an account in a Spanish bank

Renewal for the Spanish Residency by Investment

Once you have obtained the Golden Visa, you will have two years to reside legally in Spanish territory. After that, you will have to go through the renewal process and, to do that, all you have to do is prove that you are still in possession of either property, shares, investment funds, bank deposits, public debt deeds or company in which you initially invested.

Once your renewal goes through, you will have an additional five years to continue living in Spain. once ten years of legal residence have gone by, you will be able to apply for the Spanish nationality.

Other Countries Similar Residency by Investment Programs

Purchasing Property in Spain as an Investment

By now you know that it is possible to buy a house in Spain, and secure a temporary residency in this country. The only condition needed is that the value of the purchased property matches the minimum amount established by the Spanish authorities.

Real Estate Residency by Investment Law in Spain

The Real Estate Residency by Investment Law in Spain dictates that foreign individuals may reside in Spanish territory once a significant capital investment is made in the country. According to said legislation, a real estate investment is defined as the acquisition of real estate property in Spain with a purchase value amounting to or above 500 thousand euros before taxes, per applicant.

This law also establishes that, in order to be granted the residency by investment visa, the applicant must provide proof of possession of the real estate property through certification via the Property Registry which indicates said property is free of grievances or taxes and that, in addition, includes an electronic verification code for online validation.

Overview of the Spanish Real Estate Market

If you are considering investing in the purchasing of property in Spain, we recommend you analyze the workings of the real estate market in this country:

  • High value properties are concentrated in large cities and the Mediterranean coast.
  • According to some experts, prices will rise between 5% and 6% by 2022.
  • The choice between buying new or used properties can be settled by considering the following:
  1. Newer housing opportunities offer better construction features like open and brightly lit spaces, as well as desirable common areas like parks and pools
  2. On the other hand, older properties are more affordable and tend to be better located
  • The top 5 most expensive cities to purchase property in Spain are: San Sebastián, Barcelona, Madrid, Bilbao and Palma de Mallorca, while the most affordable ones are Lugo, Soria, Palencia, Ciudad Real and Castellón.
  • The average price of housings in Spain amounts to 2,500 euros per square meter

Frequently Asked Questions (FAQ)

What is the Golden Visa?

The Golden Visa is a permit that allows foreign individuals to reside and work in Spain. They are granted on the condition that the applicant makes a significant capital investment in the country.

What is the duration of this residency permit?

The residency by investment has an initial duration of two years, with renewals being valid for five years.

How long does it take to get the Golden Visa?

Once you have submitted your application to the appropriate Spanish authorities, the determination should reach you in approximately 20 business days.

Can I bring my family along with this Visa?

Your immediate family (parents and children) will also have the chance to reside in Spain once you have been authorized the residency by investment.

Which taxes will I be subject to as a Spanish resident?

If the total value of your properties in Spain exceeds 700 thousand euros, then you are subject to an estate tax which ranges from 0.2% to 2.5%