Golden Visa Spain for investors
Golden Visa | Resiency for investors: What is it? Who can obtain it?
This residency permit (often referred to as the Golden Visa) is for foreigners who are interested in entering Spain in order to make a significant capital investment. In this case, these individuals can apply for a residency visa or, if applicable, residency for investors.
The new Entrepreneurs Law enables foreigners who make an investment in Spain to obtain residency for themselves and their families - spouses and minor children - without being required to remain in Spain for a certain period of time in order to be able to to renew the residency. The maintenance of the investment is the only requirement for renewal.
The investment options include.
What are the requirements to apply?
- Residency permit through the acquisition of 2 million euros of public debt.
- Residency permit through the acquisition of one million euros in company stocks and shares or bank deposits in financial institutions.
- Residency permit through the purchase of property worth € 500,000 free of any encumbrances.
- Residency permit through a business project.
In order to grant this type of residency visa, the investment must be made and certified within 60 days prior to the presentation of the application.
Those who obtain this residency visa will be able to reside for at least one year and it can be renewed for two more years when the investment is maintained and if a trip to Spain has been made during the period of residence. To apply for authorization, the individual must be the holder of an investor visa.
The documents to be presented include those to certify the investment, shares or property purchase as well as more personal documents such as an identity document or passport, medical insurance, criminal record certificate, and proving sufficient economic means for themself and their whole family during their residency in Spain.
Who can obtain a Golden Visa?
If you would like to obtain a Golden Visa (residency for investors) you need to have purchased one or several properties that equal a total of 500.000 euros (or more).
This is the main requirement in order to be able to obtain this visa so only those who meet this requeriment will be able to apply.
One of the things we must remember is that the UGE, Large Business Unit, requires that the purchase of the home be free of charge. What does it mean? That the applicant cannot have used a loan of any kind or a mortgage. If you are thinking of applying for this authorization or visa as an investor, this is something you should take into account.
How can I prove ownership of the home?
There are several options to prove ownership of the home:
1. Normally when we have already acquired that real estate, what is provided to be able to prove that investment, would be the deed of that sale or of that house and we would also provide the certificate of the property registration.
ATTENTION: It cannot have a time greater than 90 days, it cannot have been issued beyond the previous 90 days. With that certificate you can verify that you are the owner of that real estate and that it is free of charge.
2. If you have made the purchase recently you may not have the certificate of the property registration. In that case, you can provide what is the receipt of the request for that seat in the Property Registry itself. ¨ (as well as what is the tax already paid on property transfers and documented legal act.) ¨
How and when can I request authorization as an investor?
As we mentioned earlier, those people who can request an authorization as an investor are those who have acquired one or more properties, the important thing is that they add a total value of at least 500,000 euros.
It is important to emphasize that the people who may request your authorization as an investor are those who have already made the purchase of that property (this is very important).
The applicant must have:
- The deed of sale proving that you have purchased that home·
- The acquisition seat of that property (in the Property Registry)·
- All relevant taxes settled
If these requirements are met, then the person may request authorization as an investor without any problem. If you want to request your authorization as an investor you have two options:
- If you are outside of Spain (already with the purchased property): You must already possess the previously mentioned documents: deed of sale, certificate of the Land Registry and that is free of charges. When we say free of charge we mean that you do not have any type of mortgage to acquire your home. Then, if you meet these requirements, you can apply for your authorization as an investor in the Consulate of Spain in the country where you are legally residing.
- If you are in Spain and want to request authorization as an investor:If you find a tourist visa or if you have any legal residence in Spain then you could apply from here. In this case you would not need to apply for a visa but for an authorization as an investor directly through the CGU.
Economic Resources for investor visa:
When a person plans to come to Spain as an investor, either with an investor visa or with an authorization as an investor, that person must prove financial means. Attention must be paid to the new criteria of application of the Law of entrepreneurs for an investor. The CGU (Large Business Unit), or the consulate (if you are applying for a visa) now require that the following financial resources be accredited:
For the holder: 400% of the IPREM, which would be a little more than 2,000 euros approximately.
For each family member: 100% of the IPREM, which would be a little more than 500 euros.
The new criteria also say that in order to prove that we have these economic means, any legal means admitted can be used, which means that we can provide a bank account or any type of document that proves that you have those economic means. (Remember that it must be for the owner and for any family member who wants to regroup).
Medical Insurance for Investors
When we are going to do an investor visa or an authorization as an investor it is very important that we do not forget that providing medical insurance is mandatory. One of the reasons why medical insurance is mandatory is because the investor, as well as his relatives, will not be performing any type of work activity while they are in Spain. Medical insurance must have coverage equal to social security. You must cover hospitalization and you must not have a copayment. This medical insurance must offer all protected coverage in the event of an accident or serious illness. We must also remember that medical insurance must be valid for the entire period of residence in Spain. In the event that yours is about to expire, remember that they can always be extended. As we have commented previously, medical insurance will be mandatory:
- At the time of the request
- For the moment of renewal of authorization as an investor.
Do not forget that at the time of renewal you must show that you still have that health coverage by private medical insurance.
How long is the authorization as an investor?
We review the duration of the authorization as an investor since there are new Criteria for the Application of the Entrepreneurs Law.For those who wonder: How long is the card as an investor? When should it be renewed? The authorization as an initial investor has a duration of 2 years and allows us to reside in Spain legally and without restrictions. When it expires, you must renew that authorization. The renewal of this card is different from other authorizations since, unlike the first one, the renewal of this card will last 5 years.
What are the requirements to be able to renew?
- That the investment made at the beginning has been maintained
- Economic means (that still has the money to live in Spain)
- Medical insurance (which keeps your medical insurance)
Remember that the Large Business Unit will have to assess and verify all these requirements in order to approve your renewal application. But, if it is proven, then you will receive your card for 5 years.
Would you like to come live in Spain and get your golden visa? Should you have any questions please do not hesitate and contact us.