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Spanish Golden Visa - Real Estate investment in Spain

Josep Conesa. abogado laboralista (Barcelona)

 

Written by Josep Conesa and Abigail Sked

English speaking lawyer

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Abigail Sked

The visa which has become best known as the 'Golden Visa' was created by the Law 14/2013, from 27 of September, in support of entrepreneurs and internationalisation (particularly article 61 and beyond).  This visa gives foreigners permission to live and work within European territory, and some other territories such as Switzerland and Norway. 

Contact our team if you need any help to apply for the Golden Visa.  We can help you with the application, the property purchase, obtraining health insurance, bank account procedures, etc.  

 

How long will my golden visa in spain last?

The Golden Visa residency permit will last 3 yearsOnce this period has finished, it can be renewed and, after 5 years, you may be able to apply for permanent residency. The investment that led to the granting of the permit must not change, and it will be necessary to prove it is still remaining when applying for renewal.

If the investment still has not yet been made, the investor can apply for a visa for one year, giving time to complete the investment, and then apply for residence permit.

The expat must demonstrate that he or she still has ownership of the asset that was the object of investment.

Additionally, they must have visited Spain at least once during the year.

After 10 years of residing legally in Spain, the investor will be eligible for Spanish citizenship.

 

Where can I move in europe with the spanish golden visa?

The Golden Visa in Spain gives you the right to free movement throughout all of the Schengen territory. See below the map of all of the member states of this Treaty:

Golden Visa Schengen

Link to check Shengen Visa Info

 

does the spanish golden visa give me the right to work?

With the visa and residence permit, you may live and work anywhere in Spain.  This also applies to any applicable relatives who may join you.  

 

Does the golden visa obligE me to stay in spain for long periods?

The Golden Visa, in contrast to other visa permits, allows the applicant and his or her relatives to stay outside Spanish territory for almost all of its validity without losing the permit. Therefore, the applicant may travel all over Europe and non-European territories throughout its duration even for tourist or business purposes.

There is also no need to apply for a Schengen Visa each time you enter Europe.  This makes it possible to avoid various Embassy and Consulate applications for visas.

 

can relatives BENEFIT FROM spanish GOLDEN VISA?

Families of a Golden Visa applicant can benefit from residence in Spain (article 62.4 Ley 14/2013):

Family-1

  • The spouse or a person with an analogous emotional relationship, is able to benefit from the residence and work permit.
  • Minors, and also children older than 18 years who are economically dependent on the applicant and who have not constituted a family unit by themselves, are able to benefit from the residence and work permit.
  • Dependent ascendants older than 65 years old who join or accompany the foreigners applying for the Golden Visa, are also able to benefit from the residence and work permit.

These benefits are substantially better than any other visa permits in Spain which would require that relatives wait for more than one year before being able to apply to join the applicant within Spanish territory.

 

Can I apply for nationality after being granted the Spanish Golden Visa?

Golden Visa residents may apply for nationality according to article 22.1 of the Spanish Civil Code.

If the citizen is from Latin America, they can apply after two years of Golden Visa validity and legal residence in Spain. Other nationalities will need to wait 10 years before being able to apply for Spanish citizenship.

Ask our expert immigration lawyer any questions that you might have regarding this process through the following link:

extranjería redondito-1Link to Immigration Lawyers in Spain

WHO CAN apply FOR the GOLDEN VISA IN SPAIN?

  • Investors
  • Enterpreneurs.
  • Highly qualified professionals
  • Employees that move within the company or to others from the same group. 

It is not necessary for the applicant to be physically in Spain when applying for the Golden Visa. The applicant may designate a representative.

 

general requirements for visas in spain:

  1. Not being in an irregular position in Spanish territory. That means you can enter as a tourist, make the investment and apply for the Golden Visa, but you can't apply after the 90 days tourist visa deadline.
  2. Being over 18 years of age.
  3. Not having criminal records in Spain and in the countries where you have resided during the last five years (for crimes provided for in the Spanish legal system).
  4. Not appearing as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard.
  5. Having public insurance or private health insurance arranged with an insurance company authorized to operate in Spain.
  6. Having enough financial resources for yourself and for your family members during your period of residence in Spain.
  7. Paying the official fee for processing the authorization or visa.

 

additional requirements for golden visa investors in spain:

  • Valid passport.
  • Health insurance documents issued by a company operating in Spain.
  • Background checks.
  • Proof of sufficient resources.
  • Documents providing proof of the investment, depending on the kind of investment:
    • Public debt: certificate from the financial institution or the Bank of Spain.
    • Unlisted shares and equity: statement of investment filed with the Investments Register of the Directorate-General for International Trade and Investments (DGCOMINVER)
    • Listed shares: document from a financial broker registered with the National Securities Market Commission (CNMV) or the Bank of Spain
    • Investment funds: certificate from the fund manager.
    • Bank deposits: certificate from the financial institution.
    • Property: certificate of property registration and real estate purchase deeds.
      If the purchase is not formalized: engagement contract formalized in public deed.
    • Business project: a favourable report from the DGCOMINVER.

 

How much investment must be made to benefit from the spanish golden visa?

The investment options which open the door to residency are as follows: 

Financial assets, making an initial investment of a value equal to or greater than:

  • Two million euros in Spanish public debt securities, or
  • One million euros in shares or equity investments in Spanish capital companies with a real business activity, or
  • One million euros in investment funds, closed-end investment funds or venture capital funds incorporated in Spain, included within the scope of application of the following laws: Ley 35/2003, de 4 de noviembre, de Instituciones de Inversión Colectiva, or Ley 22/2014, de 12 de noviembre, por la que se regulan las entidades de capital-riesgo, otras entidades de inversión colectiva de tipo cerrado, y por la se que se modifica la Ley 35/2003, de 4 de noviembre, or
  • One million euros in bank deposits in Spanish financial institutions.

 

Acquisition of real estate in Spain with an investment value of 500,000 euros or more for each applicant.  The 500,000 euros may be invested in one or several properties.

 

Business project.  A favourable report must be obtained prior to the application for the visa or residence authorization.  This is perhaps the most complicated route to choose because, in order to obtain this report, the project must be justified by satisfying at least one of the following conditions:

  • Creation of jobs.
  • Making an investment with a relevant socio-economic impact in the geographical area in which the activity is to be developed.
  • Relevant contribution to scientific and/or technological innovation.

when and how should I proceed with the application for a Golden Visa from within Spain or from abroad?

HOW LONG DOES IT TAKE TO GET THE SPANISH GOLDEN VISA?

  • First step: We can be your enforced advisory for the investment, but if you are the one who will personally complete the purchase you have to be in a regular situation in Spain. That is to say that you can enter Spain with a tourist visa (90 days) or, if needed, apply for a Golden Visa or Schengen Visa from abroad because of nationality (which should be resolved within 10 working days).
  • Second step: Residence permit application.  You should receive a resolution to this application within 20 working days.

There is positive silence if there is no resolution.

You can then apply for residence permits and renewals to extend the validity of the stay or residence status until the procedure is terminated.

 

VISA PROCEss IF APPLyING FROM outside spain:

  • If you are outside Spain, it will be necessary to apply for a Schengen Visa at your local Spanish Consulate or Embassy in order to enter any of the Schengen countries.  The visa resolution should be given within 10 days (rather than 15 which is the regular timeline for Schengen visas).
  • If you are outside of Spain but do not need a Schengen visa, it is more likely that you will want to apply from Spain though our expats and immigration expert lawyers.

 

Permit OF RESIDENCE authorisation IF applying from within SPAIN:

  • If the purchase of property or the investment has been completed and this can be proven then the investor can apply directly for the permit of residence
  • The permit for the investment in Spain is applied for through the Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE) and it is the Ministery of Immigration who authorises it.  However, this application can and should be done online from all over Spain. So, we can help clients to set up the application no matter where the client or investor is from.
  • The resolution from the public authority should be given within 20 days and, if there is no resolution, it can be understood by law as being accepted because of the positive silence rule of law. If the application is not accepted,  there is the possibility to appeal.

 

 

how does the REAL eSTATE GOLDEN VISA work in spain?

real estate purchase certificaton:

The Golden Visa applicant has to certify the real estate purchase via a certificate (containing the price of the property) issued by the Public Property Register or through the public Notary deed. 

 

MINIMUM INVESTMENT IN REAL eSTATE FOR GOlDEN VISA

The amount invested in real estate in order to benefit from the Golden Visa in Spain must be 500.000€ net.  This investment can be made through the purchase of one or several properties. 

By saying 'net', we mean that if property is new or first-hand, the buyer may pay VAT generally (rather than if it is second-hand), and it also means that there will be around 10% Transmission Tax due depending on the region where the purchase is made.

 

How should the Real eState investment be made for the Spanish Golden Visa?

  • The investment can be made by means of several properties and the applicant can be the sole buyer or they can purchase the property with other buyers (in which case, several Golden Visas can be granted, if each investor contributes at least 500k)
  • This also means that the 500k investment should be made in real estate free of any charges or liens up to that amount.

 

Which kind of Real eState investment may I make for the Golden Visa?

  1. Land, buildings, roads and constructions of all kinds added to Spanish soil.
  2. Trees, plants and pending fruits added to soil or integrated into the the real estate property.
  3. All additions and fixtures to real estate that would lose value if they were separated it from that real estate property. 
  4. Statues, reliefs, paintings or other objects of use or ornamentation, placed in buildings or estates by the owner of the property in such a way as to reveal the purpose of permanently joining them to the estate.
  5. The machines, glasses, instruments or utensils destined by the owner of the farm to the industry or exploitation that is carried out in a building or estate, and that directly meet the needs of the exploitation itself.
  6. Nurseries for animals, lofts, hives, fish ponds or similar hatcheries, when the owner has placed or conserved them for the purpose of keeping them attached to the farm, and forming part of it in a permanent way.
  7. Fertilizers intended for the cultivation of an inheritance which are on the land where they are to be used.
  8. Mines, quarries and slag, while their matter remains attached to the deposit, and living or stagnant waters.
  9. The dikes and constructions that, even when they are floating, are destined for their purpose and conditions to remain in a fixed point of a river, lake or coast
  10. Administrative concessions for public works and easements and other real rights over real estate

All info about Spanish Golden Visa:

You can check out all of the info at the Spanish Immigration Office through this link.

 

Expert immigration lawyer help for Golden Visa:

At our legal firm we deal with immigration, real estate, investment, taxes, etc. but, most importantly of all, we deal with people and we know what it is like to be a newcomer in a new city.  Contact us if you are interested in a legal and quality service through our legal specialists and lawyers:

Abigail Sked

 

Fecha de publicación: 1 May 2021

Última actualización: 9 January 2024