The so-called Golden Visa is a residence permit granted to non-EU foreigners who make certain investments in Spain.
These types of investments can be real estate investments, movable investments and business investments. According to the provisions of Article 63.2 of Law 14/2013 of 27 September on support for entrepreneurs and their internationalisation.
Investments in Spain must have a certain amount (which is usually high) and a series of special conditions.
Real Estate Investment
- The minimum amount of this investment is €500,000, without taking into account the taxes applicable to the operation (VAT, ITP).
- It can be made on one or several properties
- The property can also be acquired in joint ownership, as long as the contribution of the person applying for the visa is at least €500,000.
- This investment must be free of charges and encumbrances, at least the first €500,000 must not be encumbered by a mortgage, for example.
Requirements for obtaining the Golden Visa
The requirements that must be justified when applying for the Golden Visa are as follows:
- To have made a real estate, movable or business investment in Spain. In order to justify the real estate investment, the title deed must be provided after payment of the corresponding taxes.
- The person applying for the visa must not be in Spain illegally. He or she must be in a legal situation, such as a tourist or work permit.
- This visa must be applied for within 90 days of the applicant being in Spain (in the case of not needing a Shengen visa) and during the period of validity of the Shengen visa, in the case of needing a Shengen visa.
- The applicant must be over 18 years of age, and there is no age limit for the rest of the family members to whom the Golden Visa applies.
- The applicant must not have a criminal record for crimes in the Spanish legal system and in the countries where he/she has resided in the last 5 years.
- He/she must not be refused by article 11 of the Migration and Foreigners Regulation and article 96 of the Schengen agreement.
- Must have in force a private medical insurance policy from an insurance company authorised to operate in Spain that covers all the coverage of the Spanish national health system.
- The applicant and family members covered by the Golden Visa must prove that they have sufficient resources to live in Spain. Specifically, the applicant is required to have resources corresponding to 400% of the Public Indicator of Multiple Effect Income (IPREM) and each of the family members is required to have 100% of this indicator. As an indication, the IPREM for the year 2021 is €564.90.
- The fee corresponding to the processing of the Golden Visa must be paid, the amount of which depends on whether the applicant is in Spain or not, and the applicant’s age.
Processing of the Golden Visa
The processing of this visa depends on whether the applicant is in Spain or outside Spain at the time of application.
If you are outside of Spain at the time of your application
and the country where you are located belongs to the Shengen territory, you will apply for it at the Spanish embassy in that country.
If the country does not belong to the Shengen Agreement, the application must be made directly to Spain
- If the applicant is in Spain, he/she must:
- Apply for residence by investment in Spain.
- The competent body is the UGE-CE, Unión de Grandes Empresas y Colectivos Estratégicos (Large Companies and Strategic Collectives Union).
- It is granted by the Directorate General for Migration.
- The period for its concession is 20 days and positive administrative silence is applied.
Benefits of the Golden Visa
This residence visa has a series of advantages over other residence visas:
- With the Golden Visa you can stay outside Spain for periods longer than 6 months.
- You can travel throughout Europe without a Shengen visa.
- Family reunification is possible from the moment the Golden Visa is granted.
- Family members over 18 years of age can be included in the visa if they are economically dependent on the applicant, as well as the applicant’s parents over 65 years of age (without having to wait the 5 years established in the ordinary procedure).
- It grants the possibility of acquiring nationality by residence.
- Offers the possibility of working in Spain for the applicant and his/her family members.
- The duration of the visa is 2 years renewable for periods of 5 years.
If you need help in the process of acquiring the property and the processing of the Golden Visa, please contact us.