What is a Golden Visa in Spain?

 

The law 14/2013, of the 27nd of September, supporting enterprising and its internationalization, introduces a new type of visa and residence permit in Spain for investors known as Golden Visa.

 

The main target of this measure is to facilitate foreign investments in Spain made by foreigners who are not citizens of the European Union, through an agile and flexible method focused on those who have the consideration of investors in his legal concept, enterprising, high qualified professionals or workers who execute transactions within the same company.

 

Benefits of a Golden Visa in Spain

 

• A new type of visa which allows entering and staying in Spain for a period of 1 year, increasing the actual period of 90 days for non-residents.

 

• Allows to circulate freely and without restrictions in the ‘Schengen area’ (Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland).

 

• A new type of residence permit, which can be requested at the end of the visa, and which is valid for two years renewable for a further period of two years.

 

• Does not entail a minimum period of residence in Spain of 183 days for its renovation (the beneficiary can keep his tax address out of Spain).

 

• Together with the investor, his familly: spouse and children under 18 years of age or dependent adults due to health reasons, can request the visa.

 

Types of Golden Visa in Spain

 

The different types of investment included in law as a way to obtain the stay and residence visa form a group about the concept of significant investment, considering as significant those which fulfil any of the following assumptions:

 

• An investment equal or higher than 2 million Euros in Spanish public debt titles.

 

• With the aim of acquisition of shares of Spanish companies, or bank deposits in Spanish financial entities, for an amount equal or higher than one million Euros.

 

• Consisting in the acquisition of a real estate asset valued in 500.000 Euros or higher.

 

• With the purpose of developing a business project in Spain considered and confirmed being of general interest to fulfil one of the following requirements: creation of work positions; carrying out an investment with a relevant socioeconomic impact; relevant contribution to the scientific and/or technology innovation. In case of being realized by a legal entity, it cannot have its registered address in a tax haven and the petitioner should have the majority of the votes.

 

This last assumption is considered by law as a different type of significant investment due to its amount, since the obtaining of the visa is determined by social importance reasons or other economic benefits not financially valued in money or capital. Also are included within this range the professional highly qualified and those who realize transactions within the same company.

 

General Requirements to obtain a Golden Visa Residence permit in Spain

 

The investor’s visa obtained in the corresponding diplomatic or consular office constitutes a valid title to live in Spain at least during one year, after this period a specific residence authorization can be requested for investors which will have a duration of two years, being possible to request its renovation for two more years.

 

In this case, the following requirements have to be fulfilled:

 

• Not having entered o stayed illegally in Spanish territory.

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• Being of legal age (more than 18 years)

 

• Not having criminal records in Spain and in the countries where the petitioner has lived during the last 5 years due to crimes provided by the Spanish legal system.

 

• Not appear as refused in any country which has a valid agreement with Spain in this sense.

 

• Have a health insurance with an authorized entity to operate in Spain.

 

• Have sufficient economic resources for the person and for the members of his family during his residence period in Spain.

 

• Be a holder of a valid investor’s visa or being within the period of 90 calendar days subsequent to its expiration.

 

• Having visited at least once Spain during the applicability period of the visa.

 

• Pay the tax for the authorization process.

 

* In case of a residence application for relatives (spouse, children under 18 years or children older than 18 years who are not objectively able to provide their own necessities due to their health condition) they have to fulfil the general requirement.

 

 

Specific Requirements to obtain the Residence Permit Golden Visa in Spain

 

a) Investment in real estate assets

 

• Submission of certificate including the continuous information of the possession and charges of the Land Registry Office corresponding to the property or properties.

 

• Investment of 500.000 euros free of charges and encumbrances (the amount that exceeds the required investment can be subject to charges and encumbrances).

 

b) Investment in public debt

 

• Submission of certificate issued by the financial entity or Banco de España where it states that the petitioner is the sole holder of the investment for a period of 5 years or more.

 

c) Investment in social shares of Spanish companies or bank deposits.

 

• Copy of the investment statement carried out in the Registry of Foreign Investment of the Ministry of Economy and Competitiveness, in case of not valued social shares investment.

 

• Certificate of the intermediary financier, duly registered by the National Commission of the Securities Market or by the Banco de España where its states that the petitioner has carried out the investment, in case of not valued shares investment.

 

• Certificate issued by the financial entity or the Banco de España where it states that the petitioner is the sole holder of the investment for a period of 5 years or more, in case of public debt investment.

 

* For the assumptions considered in sections b) and c) the petitioner should confirm that they have carried out the investment for the minimum amount required, in a period not longer than 60 days before the submission of the application, through aforementioned manners.

 

d) Other types of investment

 

• Business activity / Enterprising: Favourable report to confirm that in the submitted business project, reasons of general or economical interest for Spain concur. This report will be issued by the Economical and Commercial Office corresponding to the geographic area where the petitioner submits the visa application.

 

• High qualified professionals / Transactions within the same company: The Company has to carry out a previous process of residence authorization in Spain for high qualified professionals, which will be issued by the Big Companies and Strategic Group Unit, being subject to its acceptance by the General Management of Migration.