Spain implemented the Golden Visa Scheme in 2013 to support entrepreneurs and internationalisation. The Spain Golden visa programis a great opportunity to make this conuntry your habitual residence, especially if you want to invest in property.
The main aim of the Golden Visa program is to promote the economy in Spain and to support the creation of new jobs, and of course the entry of new talent, because this visa makes it easier for an investor to gain a residence permit through an investment, wich is why is also known as investor visa.
The period of validity of the Golden Visa varies depending on whether the application is made in Spain, for wich you must be legal in the country, or abroad.
The residence permit will be for 1 year if it is requested from abroad and for 2 years if it is requested in Spain.
Once this period has elapsed, the beneficiary may apply for the renewal of the Visa which, once obtained, will result in a further 5 years of residence permit.
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Who should be think on applying for the Spanish non-lucrative visa?
There are some requirements for the Golden Visa in Spain which have nothing to do with the investment itself:
- Being 18+ years old.
- Having public or private health insurance by a company authorised to operate in Spain.
- Disposing of sufficient financial means, covering personal and family living expenses, for residency in Spain.
- Not having been refused entry into any of the Schengen countries.
- Not having entered or stayed illegally on Spanish territory.
- No existing criminal record in Spain, nor in the country of residence during the last 5 years.
In order to obtain a Spanish Golden Visa, besides your investment (property or non property related) and other general requirements, you must prove to match one of these profiles:
- Investor.
- Entrepreneur.
- Highly qualified professional.
- Researcher.
- Employee transferring within the same company or group of companies.
How to apply for the Spain Golden Visa?
There are some requirements for the Golden Visa in Spain which have nothing to do with the investment itself:
Once the necessary requirements to apply for the Golden Visa have been verified, the documentation must be submitted to the institution in charge of processing the application.
In this regard, it is important to consider that the Golden Visa is not subject to the general foreigners’ regime, but is subject to the Entrepreneurs Act, whose main objective is to attract talent and investment.
As a result, the application is not reviewed by the foreigners’ office of the applicant’s chosen place of residence. This review is carried out by the Large Companies Unit, a section responsible for determining the suitability of each application.
An important factor of obtaining a Investor Visa in Spain is the documents which are required. The documents vary, depending on the investment you are going to make:
- If you have chosen investment in property as a way of obtaining the Golden Visa, we will need to provide the certificate of domains and charges from the Land Registry and the deeds of the properties acquired.
- Those who choose to invest in Spanish shares or stocks must present the declaration of the investment issued by the Investment Register of the Ministry of Economy (shares) or the certificate of the financial intermediary registered with the National Securities Market Commission (shares).
- For those who decide to invest in public debt, the requirement will be the presentation of the certificate issued by the Bank of Spain or the entity through which the investment was made, in which it is clear that the applicant is the holder of the purchase.
- Lastly, if the chosen method is investment in bank deposits, it will be necessary to present the certificate that reflects our ownership of the deposit made. This document must be issued by the financial institution that is the beneficiary of the deposit.
- If the application is made in Spain, it must be submitted to the Large Companies Unit.
- If the application is made outside of Spain, it should be submitted to the Spanish consulate office.
Which are the main benefits of thisVisa?
This programme requires a very specific situation, but the benefits related to your Spanish residency are remarkable. Holding a Spain Golden Visa means:
- It grants you entry into the EU (Schengen area).
- You can apply for the same permit for your spouse or partner, minor children or of legal age, whom -financially depend on you, including also dependants in the ascending line.
- You only have to visit Spain once a year in order to maintain the permit, and even then staying for extended periods is not necessary.
- The first residence permit for investors is valid for two years. Once that period has expired, non-EU investors who are interested in residing in Spain for a longer period may apply for renewal of the residence permit for successive 5-year periods, as long as the conditions are maintained.
- You obtain the right to work as an entrepreneur or employee once you’ve been granted the 2-year permit.
- After ten years, you are given the option to apply for spanish citizenship.
At Pellicer & Heredia we provide a large range of services for investors. Our professional and dedicated team has many years of experience in legal advice, management, real estate, conveyancing, new visas, residency, and investment opportunities for globally-minded investors. Thanks to our expertise and deep local knowledge, we are able to give investors a professional, tailored and reliable service, including the management of the Spanish Investment Visa.
