Our comprehensive guide to the Spain Golden Visa provides all the information you need. This guide covers every aspect of the golden visa process, ensuring you are well-prepared to make your application.
Understanding the Spain Golden Visa
Understanding the Spain Golden Visa is crucial for investors looking to gain residency in Spain. This visa offers a pathway to residency for non-EU nationals who invest in Spanish real estate, businesses, or government bonds.
What is the Golden Visa or Investor Visa in Spain?
The Golden Visa is a permit aimed at foreign individuals interested in entering Spanish territory to make a significant capital investment. If this is the case, they can apply for either a stay visa or, if applicable, a residence visa for investors.
The new Entrepreneurs Law enables foreign individuals who make an investment in Spain to obtain residency for themselves and their family members – spouses and minor children – without the investors being obliged to stay in Spain for a certain period to renew this residency. The only requirement for renewal is maintaining the investment.
Benefits of the Spain Golden Visa
The Spain Golden Visa offers numerous benefits, including the right to live and work in Spain, travel freely within the Schengen Area, and access to Spanish healthcare and education. Discover the comprehensive Spain Golden Visa benefits that make this program attractive to investors
How to Get a Golden Visa in Spain
Wondering how to get a golden visa in Spain? The process involves making a qualifying investment, gathering necessary documents, and submitting your application.
Requirements to obtain it:
- Residence permit through the acquisition of 2 million euros in public debt.
- Residence permit through the acquisition of one million euros in shares or social participations, or bank deposits in financial entities.
- Residence permit through the purchase of real estate worth 500,000 € free of all charges.
- Residence permit through a business project.
For the granting of these types of residence visas for investors, the investment must have been made and accredited within a period not exceeding 60 days prior to the submission of the application.
Those who achieve it will obtain a residence visa to reside for at least one year and a two-year residence authorization that can be renewed as long as the investment is maintained and if any trip to Spain has been made during the residence period. To apply for the authorization, one must hold an investor visa.
Among the documents that must be presented are all those that accredit the investment, shares, or purchase of real estate, in addition to more personal ones such as the identity document or passport, medical insurance, or criminal record certificate, as well as proving that one has sufficient economic means for oneself and for the entire family during residence in Spain.
Who can obtain a Golden Visa?
The person who can obtain an authorization or visa as an investor is the one who has made a purchase of one or several properties that total a value of 500,000 euros or more.
So, this is the main requirement and only those who have made this investment will be able to apply for the authorization or visa as an investor.
One thing we must remember is that the UGE, Large Business Unit, requires that the purchase of the property be free of charges. What does this mean? That the applicant cannot have used any type of loan or mortgage. If you are thinking of applying for this authorization or visa as an investor, this is something you must take into account.
How can I prove ownership of the property?
There are several options to prove ownership of the property:
Normally, when we have already acquired that real estate, what is provided to prove that investment would be the deed of that sale or of that property and we would also provide the certificate from the property registry.
ATTENTION: It cannot be older than 90 days, it cannot have been issued more than 90 days prior. With this certificate, you will be able to verify that you are the owner of that real estate and that it is free of charge.
If you have recently made the purchase, you may not have the property registry certificate. In that case, you can provide the receipt of the request for that entry in the Property Registry itself. (as well as the already settled tax of property transfers and documented legal acts.)
How and when can I apply for authorization as an investor?
As we mentioned earlier, those who can apply for authorization as an investor are those who have acquired one or several properties, the important thing is that they total a value of at least 500,000 euros.
It is important to emphasize that those who will be able to apply for their 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 that proves that they have bought that property.
- The entry of acquisition of that property (in the Property Registry).
- All relevant taxes settled.
If these requirements are met, then the person can apply for authorization as an investor without any problem.
If you want to apply for your authorization as an investor, you have two options:
- If you are outside Spain (already with the property acquired):
You must already possess the previously mentioned documents: deed of sale, property registry certificate, and that it is free of charges. When we say free of charges, we mean that it does not have any type of mortgage to acquire your property. Then, if you meet these requirements, you can apply for your authorization as an investor at the Spanish Consulate in the country where you are legally residing.
- If you are in Spain and want to apply for authorization as an investor:
If you are on a tourist visa or have 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 UGE.
Economic resources for the 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 economic means.
Attention must be paid to the new application criteria of the Entrepreneurs Law for an investor. The UGE (Large Business Unit), or the consulate (in case you are applying for a visa) now require the following economic resources to 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 to prove that we have these economic means, any legally admitted means can be used, which means that we can provide a bank account or any type of document that proves that you have these economic means. (Remember that it must be for the holder and for any family member you want to reunite).
Health insurance for investors
When we are going to apply for an investor visa or authorization as an investor, it is very important that we do not forget that providing health insurance is mandatory.
One of the reasons why health insurance is mandatory is because the investor, as well as their family members, will not be performing any type of work activity while they are in Spain.
The health insurance must have coverage equal to that of social security. It must cover hospitalization and must not have co-payments. This health insurance must offer all the coverages protected in case of an accident or serious illness.
We must also remember that health insurance must be valid for the entire period of residence in Spain. In case yours is about to expire, remember that they can always be extended.
As we have mentioned before, health insurance will be mandatory to have:
- At the time of application.
- At the time of renewal of authorization as an investor.
Do not forget that at the time of renewal you must demonstrate that you still have this health coverage through private health insurance.
How long does the authorization as an investor last?
We review the duration of the authorization as an investor since there are new Application Criteria of the Entrepreneurs Law.
For those who wonder: How long does the investor card last? When should it be renewed?
The initial investor authorization has a duration of 2 years and allows us to reside in Spain legally and without restrictions.
When it is about to expire, the renewal of that authorization must be done.
The renewal of this card is different from other authorizations since, unlike the first one, the renewal of this card will have a duration of 5 years.
What are the requirements for renewal?
- The investment made initially must have been maintained.
- Economic means (still having the funds to live in Spain).
- Health insurance (maintaining your health insurance).
Remember that the Large Business Unit will have to assess and verify all these requirements to approve your renewal application. But, if proven, then you will receive your card for 5 years.
Investment in real estate by a foreigner
We know that at least 500,000 euros must be summed up in the purchase of one or several properties to request authorization as an investor.
This can only be done when you are already the owner of the property/real estate.
What if I don’t have the property purchased, but I have a commitment contract/Deposit Contract?
You cannot request investor authorization. In this case, an investor visa can be requested, which will have a duration of 6 months. This is for those people who live outside of Spain and have already made this semi-formalized contract, but have not yet completed the purchase.
The consulate will ask you to accredit this commitment and prove that we have the liquidity/funds to make the purchase of that property.
Golden Visa Lawyer Services
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 economic means.
Attention must be paid to the new application cr
Our golden visa lawyer services provide expert legal support for your golden visa application. Our experienced lawyers will guide you through the legal requirements, help you gather the necessary documentation, and ensure your application is complete and accurate.
If you are interested in obtaining your authorization or visa as an investor, do not hesitate to contact us.
You can call us at +34 911 270 920 or send us an email at info@sternaabogados.com.