A golden opportunity at Spain: the Golden Visa
Spain is one of the most popular destinations for visitors, who flock to the sunny beaches every year. This has naturally attracted a stream of investors following this opportunity.
To promote this niche, the Spanish government has launched the Residency by Investment program in Spain, which allows a set number of visas for people who wish to invest significantly in the Spanish economy. The program is ranked a remarkable 5 out of 24 on the Global Residency Program Index!
Let us explain what this could mean for you and your investments.
1. What is a golden visa?
The golden Visa program grants non EU-members and their families, that are intending on making an investment of minimally €500.000 temporary residency in Spain. This residency lasts up to a year, with the option of renewing the visa to extend the stay. It does not require staying in Spain for more than 183 days, like other visas require. One visit to the country during the period of residence will suffice.
This grants the possibility of working, living, and study in the country without the long list of requirements and paperwork. Moreover, successful applicants and their families are provided with visa free access throughout Europe’s Schengen area.
2. What are the benefits of a golden visa?
- The possibility of legally living/working/studying in Spain
- Easy application process
- No necessity to reside in Spain all year round (but you may if you want too.)
- Joint application: spouse, children, dependent parents can be included in the application.
- Access to the public services like healthcare and education.
- Access to one of the most beautiful and healthy countries in Europe.
- Free access throughout Europe's Schengen area
- Non-resident tax rate of 24% on worldwide income
- The possibility of citizenship after 10 years of effective residency.
3. What are the requirements to obtain a golden visa?
To be eligible for a golden visa in Spain, you must meet one of the following requirements:
- The purchase of real estate with a value of no less than €500.000. This may be one or more properties. You cannot use a loan for these purchases.
- Buy company shares or deposit in a Spanish bank the amount of no less than €1.000.000.
- Make a government bond investments of no less than €2.000.000.
- Invest in business projects that support ‘general interests’. This comprises projects that generate employment opportunities, contribute to scientific innovation, or make a relevant socio-economic impact on the area where the business takes place.
Moreover, besides the investment, you must meet the following requirements:
- Be of legal age (18+ years old)
- Have no history of criminal records.
- Have no refusal of a Schengen Visa in the past.
- Have health insurance in Spain.
4. How to apply for a golden visa?
After you have made one of the earlier described investment options, Hansson & Hertzell can help you apply for the Golden Visa through the prescribes forms, fees, and documentation. This can be done at the Spanish consulate or embassy in your country of residence or origin, or by power of attorney. Our lawyers can fill out the application for you and your family, with the required documentation to prove familiar relationships.
After this procedure, it takes approximately 20 days to be issued a Visa. You could do this yourself, but we recommend to always utilize legal support to ensure the process goes seamlessly.
Once you have received your visa, it is required to make one visit to Spain to obtain the first residence. However, afterwards, there is no minimum stay requirement to maintain residence.
5. Who is included in the golden visa?
The visa ensures residency for:
- The main investor
- Spouse (including unmarried)
- Children under 18 years of age
- Children over 18 years of age that are dependent due to health conditions
- Children over 18 years old who are full-time students, that are financially dependent.
- Dependent parents and / or their spouse that are over 65 years old.
6. How long is the golden visa valid?
The golden visa you and your family members receive has a validity of one year. In this year, you have to visit Spain at least once to renew your residency for another two years. This residence permit can then be renewed indefinitely, as long as you keep your investment, and you are in Spain each time you renew your permit.
If you intend on living in Spain, you can obtain permanent residency after 5 years of continuous residency and Spanish citizenship after 10. The requirement is that you spend six months out of the year in Spain. Furthermore, the minimum investment must be maintained.
7. What documents are required for a golden visa?
- Identity document
- Spanish Visa Application Form
- Proof of Visa fee payment.
- Proof of health insurance (public or private) with a Spanish insurance company.
- Police records proving no criminal background (issued within three months before applying).
- Proof of sufficient income to support yourself and your family during your stay in Spain.
- Two passport-size photographs.
- Proof of investment: ownership of the property through the certificate issued by the Land Registry (must be issued within the three months before applying). This certificate must include the purchase price of minimum €500.000.
- In case of family members applying: documentation that proves familiar relations, like marriage certificates and birth certificates.
- In case you have no citizenship in the country where you live: a residence permit.
If the purchase has not been completed in the Land Registry, proof of the documentation that is entered for filing together with the proof of payment will suffice.
Hansson & Hertzell can take all the stress out of your hands and provide you with a team of competent lawyers that will take on the application. With more than 13 years of experience and a wide network of professionals on location; we are always available for you. Please don’t hesitate to contact us for more information.
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