The Golden Visa scheme
The Spain Golden Visa permit by investment program was launched in 2013 with the adoption of law 14/2013 on support for entrepreneurs and their internationalisation. The government offers six investment options for a residence permit, including buying real estate.
Since 2013, more than 25,000 investors and their relatives have been granted Spain residence permits, giving them the right to live, work, conduct business, and study in the country. Residence permit holders can apply for citizenship after living in Spain for at least 10 years.
5+ Months: Timeframe for getting a residence permit
- Client chooses investment model.
- Prepare and submit an application for Visa. No power of attorney is requested to make the application.
- Applicant visits Spain to submit biometric data.
- Spanish authority reviews and approves application (20days)
- Issuance of Spanish Golden Visa.
- No power of attorney requested to make the application
€500.000 Minimum purchase of a residential or commercial property
Requirements that applicants must meet:
- Unless the investment is made in real estate/property, it must have been made at least a year prior.
- Applicants should be at least 18 years or older and have no criminal record in their current country of residency or citizenship.
- Applicants must also obtain health insurance in Spain before applying to the program.
- Lastly, applicants of the Golden Visa Program must not have been refused a Schengen Visa in the past. If you have previously been refused a Schengen Visa, you will not be eligible for the Golden Visa and should consult a lawyer or your nearest Spanish embassy/consulate.
Schengen: Residency in EU country, EU Schengen zone travel Citizenship, 10Yr+ residency
Once the investor has obtained their Golden Visa, they will have 3 years to reside legally within Spanish territory if they have obtained the Golden Visa while in Spain, by submitting the application electronically.
After five years, it is possible to gain permanent residency and, after ten years, citizenship.
It is not necessary to live in Spain to retain and renew the residency visa permit.
Full family residency
A joint application can also be submitted to include both your spouse and children, so they will also get their residency in Spain with just your investment. Only the main applicant must provide the passport with the entry stamp.
Family members are exempted from the 500,000 € per applicant requirement (real estate investment).
Direct family members include spouses or unmarried partners, children and adult children who remain financially dependent.
Relatives who are in the ascending line and under the care and responsibility of the investor may also be included.
- Visa-free travel to the Schengen countries: Investors with Spain residence permits can travel to other Schengen countries for up to 90 days out of 180 days without a visa. The time spent in Spain doesn´t count.
- Unrestricted access, travel freedom: Spain Golden Visa allows the holder to enter and exit the country at your convenience, a privilege that extends to overriding travel restrictions, such as flight bans, ensuring that you can travel to Spain even during unforeseen circumstances, such as the Covid pandemic.
- Opportunity to work and do business in Spain: Unlike other visas that prohibit work in Spain, the Golden Visa grants you and your family the option to pursue professional opportunities in the country. Whether you wish yo establish a business, seek employment, or engage in entreprneurial endeavors, the Golden Visa provides the flexibility and autonomy to pursue your aspirations.
- Education and medical treatment in Europe: The investor´s children can study at Spanish schools and universities without student visas. All the investor´s family members included in the application can be treated in hospitals and medical clinics in the Schengen countries without applying for a medical visa.
Spanish Golden Visa FAQ´s
Procedure for obtaining a Spain residence permit buying real estate
Our real estate specialists assist the investor in selecting the property for purchase. We check that there are no legal claims by third parties on the properties that we recommend and the reliability of the property developers and sellers.
The investor can examine the properties during a trip to Spain or remotely through pictures and videos.
An attorney acts on the investor's behalf in Spain by proxy prepared by Immigrant Invest Legal Department. The attorney gets an individual taxpayer number for the investor. Real estate cannot be purchased in Spain if the buyer does not have s Spanish taxpayer number.
The lawyers check the terms of the sale and purchase agreement, considering the investor's interests. When the documents are ready, the investor or their attorney by proxy signs the agreement. In either case, a lawyer from Immigrant Invest also follows up on the transaction.
We register the sale and purchase agreement with the Spanish Land Registry when the deal is closed. The investor receives a tittle deed.
Who is eligible for a Golden Visa in Spain?
The first requirement is that you need to be a non-EU national. Beyond that anyone can apply subject to the minimum real estate investment of €500,000.
In addition to the investment, you must also fulfil the following requirements:
- You must be of legal age (+18 years old).
- You must have no history of criminal records.
- You must not have been refused a Schengen Visa in the past.
- You must have health insurance in Spain.
What investment methods are available for the Spanish Golden Visa?
Real estate investment is the dominant choice for investors accounting for over 93% of all applicants for the Spanish Golden Visa. It is also possible to gain the Golden Visa through business investment of at least €1 million or through capital transfer amounting to a minimum €1 million invested into a bank deposit, equity in Spanish companies or Spanish treasury bonds.
How to apply for the Golden Visa?
If you have made any of the investments listed above, then you can submit a visa application to the nearest Spanish Embassy or Consulate. You do not have to be in Spain to apply for the visa, but you need a pre-visit to see your investment options up close, to open a bank account, and meet with lawyers.
Once you are settled on an investment, no power of attorney is requested to submit your Spanish Golden Visa application and secure your deposit.
Application for family members: Your family members have to apply for their own visas to Spain as dependents. They must include documentation that proves family relation, such as birth and marriage certificates.
What Family Members Can Be Included on the Spain Golden Visa?
The family members you can include on the Spain Golden Visa are:
- Your spouse
- Children under the age of 18. If you have any children who are not minors but are nonetheless dependent due to any health or mental conditions, they also classify for the visa.
- Dependent elderly parents.
Your family members will also receive residence permits and be allowed freedom of movement in the Schengen Zone.
How Long is the Golden Visa for Spain Valid?
Once the investor has obtained his golden visa, he will have 3 years to reside legally in the Spanish territory, If you have obtained the golden visa while in Spain, by submitting the application electronically.
If, on the other hand, you apply for the golden visa at the Spanish consulate, the visa is for one year.
Once this temporary period has elapsed, the applicant can request a renewal that will allow him to be a legal resident for an additional 5 years.
How long can you stay in Spain with the Golden Visa?
You are allowed to live full time in Spain if you wish. But there is also no minimum stay requirement.
Where do applicants invest for the spanish golden visa?
Barcelona absorbs over 40% of all inward investment for the golden visa in Spain. In many ways the Spanish government have failed to extract any real political or economic value from the golden visa programme. The investments are almost exclusively the buying of resale property. However, that is often the attraction in that investors face no restrictions.
Can I get a golden visa if I already own a property in Spain?
It is possible to apply for a Spanish golden visa after purchasing a property. In fact, it is possible provided the property was bought since the introduction of the Spanish Golden Visa in 2013. The amount would need to be a minimum of €500,000 in addition to any mortgaged element. Contact La Vida for further details on how to apply.
Do you pay tax in Spain if holding a golden visa?
No, you pay tax on your worldwide income if you live in Spain. (Defined as more than 183 days). Holding a Golden Visa allows you to live in Spain but there is no requirement to do so. In which case you will only pay Spanish tax on income derived in Spain.
Is it possible to obtain Spanish citizenship through investment?
Yes, Spain's Investor Visa is a pathway to citizenship, as long as you live in Spain for at least 10 years.
An application for permanent residence can be submitted after five years of living in Spain. Permanent residence is valid for life, although the residence card must be renewed every five years.
You can apply for citizenship after 10 years of living in Spain. Spain does not usually recognise dual citizenship: applicants have to give up their first passport to get the Spanish one. Spain only allows dual citizenship for citizens of France, Andorra, Portugal, and some Latin American countries.
The highly anticipated "Golden Visa Scheme" has opened the door to thousands of potential investors looking to benefit from Spain's historic low property prices and numerous lifestyle benefits, primarily targeting Russian, Middle Eastern and Chinese investors, with interest also from the USA, India and Latin America.
Lucas Fox offers a bespoke Residency service to non-EU buyers, with a specialised team focusing on ensuring the best possible property for Residency clients.
Our experts will guide you every step of the way including any administrative or language issues, recommending legal services and surveyors as well as help with letting the property once the purchase is complete.
The Spain Golden Visa 2023 continues to provide numerous advantages for affluent investors seeking residency, work opportunities, and potential pathways to permanent residency or Spanish citizenship.
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