Golden Visa in Spain; everything you need to know
The Golden Visa is one of the most suited and popular options for those non-EU investors looking to move to Spain for several reasons. Keep reading to find out what it has to offer.
Residence by investment in Spain
The Spanish Golden Visa is an excellent opportunity to establish a home in Spain, particularly if you are planning to invest in properties. This visa allows you to legally reside and work throughout Spanish territory.
Unlike other visas, there is no obligation for the applicant to reside in Spain for more than six months a year to renew the residence permit; it is only necessary to stay one day a year in the country.
Benefits of the Spanish Golden Visa
The most important advantages offered by the Spanish Golden Visa are:
- It offers a 3-year initial residency that can be renewed after 2 years provided that the holder can prove that he/she continues with the investment made.
- Residence in Spanish territory is not compulsory, the applicant is only required to travel to the country once a year.
- Allows the applicant and family members to work and reside legally in Spain.
- It provides complete freedom of movement throughout the Schengen area.
- Family members and spouses can benefit from the applicant's investment. They will be able to process their residence permits with a joint application.
- It is not necessary for the applicant to apply for the Golden visa physically in Spain. The option of granting a Power of Attorney to appoint a legal representative for this purpose is very common.
What type of investment is eligible for a Golden Visa?
As mentioned before, in order to apply for the Golden Visa in Spain, a considered investment in the country is necessary.
Depending on the asset in which the investment is made, the amount considered for the visa application will be higher or lower. Therefore, a non-resident foreigner may apply for the visa when the capital investment deposited in the country complies, in accordance with article 63 of Law 14/2013, with any of the following events:
Depending on the asset in which the investment is made, the amount considered for the visa application will be higher or lower. Therefore, a non-resident foreigner may apply for the visa when the capital investment deposited in the country complies, in accordance with article 63 of Law 14/2013, with any of the following events:
- An investment for a value greater than or equal to:
- 2 million euros in Spanish public debt.
- 1 million euros in shares or social participations of Spanish capital companies.
- 1 million euros in Spanish investment funds under certain requirements.
- 1 million euros in bank deposits in Spanish financial institutions.
- Acquisition of Real Estate in Spain with a value greater than or equal to € 500,000.
- Business project to be developed in Spain and which is considered to have a significant impact on society. The creation of jobs, relevant contribution to scientific innovation, socio-economic impact, etc., will be assessed.
Property investment for Spanish Golden Visa
The most preferred option is to buy a property to ensure that you can establish your home in the country. As the visa offers the possibility to live and work legally in Spain, many applicants end up moving here with their family.
It is important to know that the investment you are making can be in more than one property. As long as the minimum amount required (currently €500,000) is free of financing, you can invest in as many properties as you wish.
In case you want to make a larger investment and still want to apply for your investor visa, you will be able to finance the part that exceeds the minimum amount. That is, you can ask for a €150,000 mortgage for example if you want a property of €650,000.
On the other hand, if the property you are looking for does not reach the required limit, garages also count towards your Golden Visa investment. For example, you can apply for the visa if you buy a €485,000 house plus a €15,000 garage.
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Request a consultationHow to apply for a Golden Visa in Spain?
You can apply for the residence permit in Spain or in your country of origin.
If you reside in a country other than Spain, you will be able to apply for the Investor Residence Visa at the Spanish Consulate in your country of residence. On the other hand, if you reside legally in Spain, you will apply for the residence permit in the “Unidad de Grandes Empresas y Colectivos Estratégicos” (UGE-CE).
Documentation required for the Golden Visa
In order to apply for a Golden Visa in Spain you must prepare the following documentation:
- Complete passport (original and copy)
- Public or private health insurance with entity operating in Spain.
- Clear criminal record certificate apostilled and sworn translated.
- Proof of financial means.
- Proof of the investment.
- Marriage certificate
- Payment of the fee
All applications are different and the authorities may require additional documentation. We recommend that you consult with your lawyer to avoid rejection of your application.
How long is the Golden Visa valid?
Depending on the type of investment you have made, the visa will have a different duration.
In case you apply in Spain, and with the purchase of a property, the residence authorisation for investors will be valid for three years with a renovation for 2 years more. Then you will be able to apply for a permanent residence.
It is different in the case of non-formalised property purchases. As dictated in article 66.3 of Law 14/2013 of 2013, the residence authorisation for an investment in real estate assets that has not been made effective, with an earnest money contract authorising it, will have a maximum duration of 6 months.
Once the purchase of the property has been completed, the residence permit for the investor is requested at the Large Companies and Strategic Groups Unit (UGE-CE), at which point the applicant may request the residence permit for investors.
Finally, for those who have invested in other assets, the visa will be valid for 1 year.
How long does it take for a Golden Visa to be accepted?
Waiting times are not a cause for concern. The visa application at the Spanish consulate takes 10 days from the time it is received, and the application for authorisations takes 20 days.
Both for the residence authorisation and for its renewal, it will be necessary to present the appropriate documents to the UGE-CE in Spain.
If you are considering a new life in Spain with your family and have sufficient economic means, the Spanish Golden Visa is the ideal choice. At Your Visa in Spain, our team of lawyers and professionals will help you in all process necessary.
Please contact us with any questions you may have and we will help you apply for your Spanish Golden Visa.