There are different ways to live legally in Spain, but undoubtedly, the best one is the Golden Visa or Investment Visa in Spain.
In this article, we will provide you with in-depth information on everything you need to know about the Golden Visa in Spain (its benefits, criteria, process, and much more).
We can also assist you with matters such as legal representation for the property purchase, obtaining necessary healthcare, opening bank accounts, enrolling your childrens education, and more.
In this post we cover the following: (click any section to see its content)
Everything you need to know about the Golden Visa in Spain.
- WHAT IS THE GOLDEN VISA IN SPAIN »
- ADVANTAGES OF THE GOLDEN VISA IN SPAIN »
- INVESTMENT REQUIREMENTS FOR THE GOLDEN VISA »
- REAL ESTATE INVESTMENT »
- TAXES FOR OBTAINING THE GOLDEN VISA THROUGH REAL ESTATE INVESTMENT »
- ALTERNATIVES TO REAL ESTATE INVESTMENT »
- OTHER LEGAL REQUIREMENTS FOR OBTAINING RESIDENCY BY INVESTMENT »
- APPLYING FOR THE GOLDEN VISA »
- CONCLUSION »
- OTHER TYPES OF RESIDENCY AVAILABLE IN SPAIN »
- SCHEDULE AN APPOINTMENT WITH A SOLICITOR »
WHAT IS THE GOLDEN VISA IN SPAIN:
The Golden Visa is a residency authorization which allows non-European Union immigrants to live and work, along with their families, in Spain. This is granted by demonstrating a substantial capital investment in the country and meeting all other conditions.
ADVANTAGES OF THE GOLDEN VISA IN SPAIN:
Comparing the Golden Visa with other residency options, it stands out as the best visa for foreigners in Spain.
Let’s explore the wonderful advantages it offers compared to less favorable visas.
- EXTENDED ABSENCES FROM SPAIN
Unlike other residency permits that require constant residence in Spain (more than 6 months per year), the Golden Visa allows you and your family to be absent for most of your stay without jeopardizing your residency. This flexibility, as per the sixth additional clause of Law 14/2013, enables you and your family to travel within and outside of Europe for leisure or business without the need for frequent visa applications.
- ACCOMPANYING FAMILY MEMBERS FROM THE START
Unlike other residence permits, the Golden Visa in Spain allows investor families to benefit simultaneously from this form of residency. There is no waiting period of 1 year to exercise the right of family reunification, as required by ordinary family reunification procedures.
- OBTAINING SPANISH CITIZENSHIP BY RESIDENCY
Golden Visa holders can opt for Spanish citizenship in accordance with the Organic Law 4/2000. The usual 10-year requirement for residency does not apply to Ibero-Americans, who can now qualify for Spanish nationality with just 2 years of citizenship.
- WORK PERMIT INCLUDED
Golden Visa holders and their family members of working age (16 years and above) are granted the right to work without the need for additional procedures. This is in contrast to the usual complexities of obtaining authorization for foreign nationals to work in Spain.
- DURATION OF THE GOLDEN VISA IN SPAIN
While most residency permits have a validity of 1 year, the initial residence authorization for investors under the Golden Visa is for 2 years. After this period, renewal can be sought for successive periods of 5 years, as stated in Articles 67.1 and 2 of Law 14/2013.
INVESTMENT REQUIREMENTS FOR THE GOLDEN VISA:
The Golden Visa requires a substantial capital investment, as outlined in Articles 62, 63, and 64 of Law 14/2013. There are a total of 8 requirements, with the most significant being a substantial investment in real estate, which can be done in various ways »
REAL ESTATE INVESTMENT:
The value of the real estate investment must amount to 500,000 euros plus taxes. The investor must certify ownership through the corresponding Property Registry certification. The real estate investment can be in one or more properties, and it must be free of charges or encumbrances.
TAXES FOR OBTAINING THE GOLDEN VISA THROUGH REAL ESTATE INVESTMENT:
When applying for the Golden Visa, consider applicable taxes on the 500,000 euros investment. The type or percentage of Value Added Tax (VAT) or Property Transfer Tax (ITP) depends on whether it is a first-time transaction or a subsequent one. For example, ITP in Madrid is 6%.
ALTERNATIVES TO A REAL ESTATE INVESTMENT:
Aside from a real estate investment of 500,000€, there are alternative investments which can be made to obtain the Golden Visa, such as:
- One million euros in shares or social participations of Spanish capital companies
- One million euros in investment funds, closed-end investment funds, or venture capital funds in Spain
- One million euros in bank deposits of Spanish financial institutions
- Two million euros in Spanish public debt securities
- Business Investments:
For business investments, there is no minimum sum specified. Instead, certain requirements must be met to demonstrate that it is a legitimate investment for obtaining the Golden Visa. The business proposal must be considered and certified as of general interest by fulfilling at least one of the specified conditions.
OTHER LEGAL REQUIREMENTS FOR OBTAINING RESIDENCY BY INVESTMENT:
Apart from the financial aspects, meeting legal requirements is crucial. The applicant must be made whilst its applicants are legally in Spanish territory, must be of legal age, and must lack a criminal record. Adequate health insurance coverage is also mandatory.
APPLYING FOR THE GOLDEN VISA:
Depending upon from where the application is made, the applicants will receive a temporary residence visa for one or three years, extendable and further renewable.
To obtain and renew the residence visa, the investor must maintain the investment in Spain.
After 5 years, the investor can apply for permanent residence, and after 10 years, citizenship is an option.
The Golden Visa in Spain provides an excellent opportunity for people seeking legal residence with many benefits, including flexibility, family reunification, work permits, and a pathway to Spanish citizenship. If you have further questions, please feel free to reach out here »
OTHER TYPES OF RESIDENCY AVAILABLE IN SPAIN:
- Non-Lucrative visa Spain (Spain visa non lucrative)
- Self-Employed visa Spain (self employed expats in Spain)
- Digital-Nomad visa Spain (remote worker in Spain)
Remember that immigration procedures and immigration regulations change regularly, so it’s crucial to stay updated with the latest information from reliable sources. If you have specific questions or concerns about your situation, it’s advisable to consult with immigration authorities or legal professionals specializing in immigration matters, please click-here » to do this.
DO YOU REQUIRE ASSISTANCE TO APPLY FOR A GOLDEN VISA IN SPAIN?
We are a Spanish Solicitor and assist our clients with all types Spanish legal processes.
Permanent residency is obtained after 5 years of Spanish Residency through Self-Employed Residency, Digital-Nomad, Non-Lucrative Residency or Golden-Visa. This followed by 5 years as a permanent resident in Spain and means you can then obtain Spanish Citizenship with a Spanish Passport.