What are the benefits of applying for the Golden Visa? Who can apply?

 

Spain’s Golden Visa allows non-EU citizens to live and work in Spain

They have to prove that they have a property in Spain of at least €500,000 with no mortgage and demonstrate that they have financial resources.

Most people love Spain and it is one of the favorite tourist destinations for hundreds of people. The main advantages of Spain is its good climate, friendly people, culture, visa cost. Spain is considered one of the best places in the world to live, that’s why there are hundreds of people getting their golden visa. With the golden visa you can stay as long as you want in Spain and stay 90 days within every 180 days in the Schengen zone.

What is a Golden Visa in Spain?

This permit allows you and including your relatives if they meet the expected age labor regulations to live and work legally in Spain (and also bringing your family), without the need to visit the country more than once a year.  In addition, this visa also allows you to move freely you within the Schengen Area.

This type of permit is foreseen for all the citizens from outside the European Union who want to move and live in the Spanish territory and realize a significant investment in Spain.

The law that regulates the Golden Visa is “Act 14/2013, of 27 September, of support to entrepreneurs and their internationalization.

Golden Visa investment options

Spain is one of the most popular destinations in Europe for the  Golden Visa program. There are several different ways to obtain a golden visa and, thus, several different golden visa routes.

The most common route for obtaining a golden visa is property investment. However, there are also other options available, and this guide will cover them all to decide which one is best for you.

Golden Visa Route 1: Property Investment

Real estate investment is the easiest way to obtain a Spanish Golden Visa. You must invest at least 500 thousand euros in a Spanish property or in a commercial entity that owns or leases a property. This investment you have to maintain it for future renewals of the investor visa, the visa is granted for 3 years if it is processed by a lawyer in Spain, if you do it from the Spanish consulate in your country it would be one year.

Golden Visa Route 2: Proof of Business Investment in Spanish companies

This route offers an opportunity to gain citizenship by investment. It is done through an authorized financial institution. The Golden Visa application process starts with selecting a financial institution from which you will buy your property or investment plan.

You will need to provide proof of funds (bank statement) and submit an application form with your passport or ID card number so that they can run some security checks on you before proceeding further with the next step: signing an agreement with them.

 

Why should I choose to apply for a Golden Visa Spain?

Golden Visa Spain offers you to obtain residence in any EU country and allows you to live 182 days in Spain without paying taxes, if you stay longer you will be a tax resident in Spain. On the other hand the golden visa allows you to stay 90 days in the Schengen zone.

Who has to apply for the visa or residence permit?

The investor or his/her legal representative must apply for the visa or residence permit via the golden visa spain application form.

It is important to distinguish WHERE you are at the date of application in order to know if you will apply for your Investor Visa or on the contrary for you Residence Permit:

1. AN INVESTOR VISA, if you are outside of Spain when the application is submitted. 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 (UGE-CE)).
2. A TEMPORARY RESIDENCY PERMIT, if you are currently in Spain when submitting the application. Residence permit applications must be made at the Large Business and Strategic Groups Unit (“Unidad de Grandes Empresas y Colectivos Estratégicos” (UGE-CE).

Can family members benefit from the main applicant investment?

Yes, they can also apply for a golden visa if they are any of the following relationships.

• The spouse or unmarried couple (“civil partner”)
• Children who are minors or those of legal age being financially dependent on the holder.
• Parents in their charge.

How long does the permit last of the golden visa in Spain?

As you will see, the difference between submitting the Golden Visa/ Investor Visa in Spain or outside Spain affects the deadline for the granting of the visa or residence permit:

1. INVESTOR VISA: 1 year.
2. RESIDENCE PERMIT: 3 years

• RENEWAL of the residence permit: 5 years and the renewal does not require effective residence in Spain

How can I obtain my Golden Visa /Investor Visa?

According to the law Act 14/2013, of 27 September, of support to entrepreneurs and their internationalization” for a capital investment to be considered as significant, one of the following criteria must be fulfil:

1. Two million Euros in Spanish public debt securities.
2. One million Euros in company shares or stock of Spanish capital companies with an actual business activity.
3. One million Euros in investment funds, closed-end investment funds or venture capital funds constituted in Spain, included within the scope of application of Act 35/2003, of 4 November, on Collective Investment Institutions, or of Act 22/2014, of 12 November, regulating venture capital entities, other closed-end collective investment entities and the management companies of closed-end collective investment entities, which amends Act 35/2003, of 4 November.
4. One million Euros in bank deposits in Spanish financial institutions.
5. The acquisition of real estate property in Spain with an investment value equal to or greater than 500. 000 Euros  (FREE OF ANY LIENS OR ENCUMBRANCES).
6. A business project intended to be carried out in Spain that is deemed and proved to be of general interest, being necessary to be considered as such the fulfilment of at least one of the following conditions:

• The creation of jobs.
• Making an investment with relevant socio-economic impact in the geographic area where the activity will be carried out.
• A relevant contribution to scientific and/or technological innovation.

The residence visa for investors may be obtained by a representative, appointed by the investor, and duly accredited, for the management of a project of general interest provided that the project fulfils any of the conditions listed in letter c).

1. It shall also be understood that a foreign national applying for a visa has made a significant capital investment when the investment is carried out by a legal person established in a territory which is not considered a tax haven under Spanish law and on which the foreign national directly or indirectly holds the majority of the voting rights and has the power to appoint or dismiss the majority of the board of directors.

What documents do I need to submit with the application?

• The application form duly filled-in and signed.
• Copy of the complete passport in force, and, if applicable, that of the applicant’s relatives.
• Proof of sufficient economic resources for the applicant and his family members during their period of residence in Spain, which may be justified. Normally monthly 400% of the IPREM ( for 2023 the IPREM is €600 so that around € 2.400 monthly) Furthermore, for the main applicant must prove at least 400% of the IPREM for the 2 years (€57.600) and for the support of each of the family members in charge, monthly, 200% of the IPREM, which in 2023 amounts to €600 (around €28.800 per family member)

**The documents must be translated into Spanish.

• Documents proof of the investment. It depends on the kind of investment
• Unlisted shares or participation units: a copy of the declaration of investment made before the Registry of Foreign Investments at the Ministry of Economy and Competitiveness.
• Listed shares: certificate issued by the financial intermediary registered with the National Securities Market Commission or with the Bank of Spain, in which the investment is recorded.
• Public debt: certificate issued by the financial institution or the Bank of Spain showing that the applicant is the sole holder of the investment for a period equal to or greater than 5 years.
• Investment funds or venture capital funds: certificate issued by the management company, incorporated in Spain, duly registered with the National Securities Market Commission, showing that an investment was made for an amount of at least one million euros in one or more funds under its management.
• Bank deposits: certificate issued by the financial institution in which it is attested that the applicant is the sole holder of the bank deposit
• Acquisition of Real Estate: certification of domain and encumbrances from the Land Registry corresponding to the real estate property or properties dated earlier than 90 days prior to the date of application and real estate purchase deeds.
• Business project: a favourable report from the DGCOMINVER.
• Proof of legal residence in Spain at the time of application (e.g. a notarial deed before the Spanish notary or stamp of the entry in Spain in your passport))
• Have a public or private health insurance with an insurer company authorized to operate in Spain. Taking into account that the insurance policy does not contain any co-payments and it offers full coverage within the whole Spanish territory.
• Have no criminal record in Spain or in the countries where they have resided for the past five years, for criminal offenses defined in the relevant Spanish legislation.

The certificate must be duly legalised and translated into Spanish by sworn translator.

• Proof of payment of the fee.
• Signature of the document designating the legal representative for the submission of all documents and the application form
• In the case of the FAMILY MEMBERS:
• The application form duly filled-in and signed by the familiar (in case of minor, must be signed by its legal representative).
• Copy of the complete passport in force.
• Have a public or private health insurance with an insurer company authorized to operate in Spain
• Criminal records of the family members must be duly apostilled and translated into Spanish by sworn translator.
• Marriage certificate must be duly apostilled and translated into Spanish by sworn translator.
• Birth Certificate (Children who are minors) must be duly apostilled and translated into Spanish by sworn translator.
• For children over 18 years of age, any document proving economic dependence (payment of university fees, living at home, etc.)
• Proof of payment of the fee (as a minor , the legal representative must pay it)

Frequently asked questions about the Spanish Golden Visa

What is the difference between Golden and Entrepreneur visas and residence authorisations?

The Visas (both investor/Golden and Entrepreneur visas are applied for at the Spanish consulate of the applicant’s country of residence and are granted for one year).
However, if you are legally in Spain at the time of application, you can apply directly online to the “Unidad de Grandes Empresas (UGE) “ (competent authority) for your initial residence authorisation, which is granted for three years instead of one year.

Can I acquire several properties in order to get the Golden Visa?

The main point is that the total investment is worth €500.000 or more, so you can buy several properties/assets (parking, commercial premises) whose total value is €500.000 or more.

What is the duration of the Golden Visa in Spain?

• If you are outside of Spain when the application is submitted., the Investor Visa is for 1 YEAR
• If you are currently in Spain when submitting the application, the RESIDENCE PERMIT is for 3 YEARS.

What are the benefits of having the Spanish Golden Visa?

The Golden Visa offers these advantages over other types of visas:

• Get easy the Spanish Residency.
• You do not need to stay for a period of time per year in Spain to keep your Spanish Golden Visa.
• Free movement in the Schengen Area
• You can bring your family with you
• You can work and reside legally in Spain.
• Is a pathway to citizenship is you comply with some requirements

Should I buy the property by cash or could I use financing?

No, you must invest €500.000 by cash with your own funds.  However, for the part exceeding €500,000 you can use a loan/mortgage.

In which language should the documents be submitted?

All the documents must be translated into Spanish. In addition, the official documents (such marriage certificate, birth certificate, criminal records) must be duly legalised.

If I apply for an Investor visa/Golden Visa, do I have to stay in Spain for a certain period of time?

No, this permit does not require a minimum stay of 6 months for renewal.

Who can benefit from the Investor visa/Golden Visa of the main applicant?

The spouse or civil partner, minors under 18 years of age, children over 18 years of age who are economically dependent of the main applicant and dependent ascendants of the main applicant.

Can I obtain the Spanish Citizenship by Investment?

Yes, the Investor Visa is a way to get afterward the Spanish citizenship, as long as you live in Spain for the period required by the law.

Spanish law requires the person to have resided in Spain for ten years legally, continuously and immediately prior to the petition. However, there are cases in which the required period of residence is reduced:

• Five years: for granting of Spanish nationality to those who have obtained refugee status.
• Two years: for nationals of Latin American countries, Andorra, the Philippines, Equatorial Guinea, Portugal or persons of Sephardic origin.

However, we must not lose sight of the fact that although the Investor Visa /Golden Visa does not require a continuous stay,  if you subsequently wish to obtain Spanish Citizenship, and obtain a Spanish passport , you must live in Spain for at least 6 months out of the year for the required time (10 years, 5 years or 2 years). Besides, you should comply with all the requirements in order to get the Spanish citizenship, among other, knowing the Spanish language.

How do I have to prove financial means?

Bank certificate with updated balance of your account and bank statements. All the documents must be translated into Spanish.

Spain golden visa requirements?

You are required to go through all of these stages to apply for a Golden Visa for Spain:

      1. Choose one of the acceptable investment opportunities. You may need to travel to Spain during this time with a standard Spain Visa to finalize your investment.

2. Apply for a Golden Visa. Within the first three months after investing, you should submit your application to the Spanish Embassy closest to you. You can submit your application on your own or through legal counsel.
3. Obtaining the TIE Card in Spain. After you have been granted your Spain Golden Visa, you will be required to go to the country to exchange it for a Spanish residence permit and provide your biometric information.

Is it possible to renew the Spanish golden visa?

Yes, the Spanish Golden Visa can be renewed and if you are living with the golden visa for 5 years in Spain and meet the requirements you can obtain permanent residency.

How Long Does It Take to Get a Golden Visa in Spain?

The Spanish golden visa can be obtained in two ways:

• Obtain it at the Spanish consulate in your country, it is granted for one year and the process usually takes between 1 and 3 months.
• Obtain it telematically with our lawyer, but you have to be in Spain. It is a process that takes a maximum of 30 days, plus the visa is granted for 3 years and you avoid paying the consulate costs for the golden visa which are more than 900€.

Is it possible to obtain a mortgage to apply for a golden visa in Spain?

It is possible to get a mortgage for the golden visa as long as it exceeds €500,000, i.e. you use €500,000 in cash and the rest can be used for the purchase of the house, so you could get your golden visa.

What is the amount considered sufficient to prove sufficient economic resources?

• For the support of the main applicant (investor), 400 % of the IPREM which in 2023, the IPREM amounts to €600, being €2.400 per month. Furthermore, for the 2 years, the main applicant must prove %400 IPREM (around €57.600)
• For the support of each family member, monthly, 200% of the IPREM, which in 2023 amounts to €600. Furthermore, for 2 years, around € 28.800 per family member.