At the end of 2013, the Spanish Government introduced a law that offers residency permits to non-EU/EFTA nationals in return for an investment in Spanish real estate. The legal name of the act is the Spanish Entrepreneurship Act, more commonly known as the ‘Golden Visa’ scheme.
Foreign investors are granted residency permits in return for an investment of EUR 500,000 or more in Spanish real estate.
The Golden Visa, not only allows these investors to live and enjoy Spain for up to 5 years, but also allows them to travel freely in the “Schengen” area for a maximum period of 90 days out of every 180 days.
Golden Visa: a simple and clear legal requirement to issue temporary resident visas to people who invest in property or other investments within our country.
- The acquired property (properties) must be free of mortgages and other charges for the first €500,000.
- €500,000 is a net investment. The purchase price plus transfer taxes (in Barcelona 10%) are above the minimum €500,000 price. The investment can be done with different properties as long as the invested sum is over €500,000.
- The investor must prove the legal source of their funds.
- The applicant cannot have any criminal records and must not have been refused entry into a European country in the past.
- He/she has to purchase private health insurance in Spain and possess sufficient funds to support their stay in the country.
- Invest in Real Estate over €500,000.
- Multiple properties / co-ownership allowed.
- Free access to Europe (26 countries covered under the Schengen Agreement).
- No minimum stay period.
- Extendible to family members.
- Positive reception, easy requirements to get the VISA.
- Renewable after five years.
- Applications are processed within 20 days.
FREQUENTLY ASKED QUESTIONS
1. HOW LONG IS THE INVESTOR’S RESIDENCY VISA VALID FOR?
The Residency Visa is granted for one year. Once granted it opens the rights for a two year Residency Permit renewable indefinitely, for periods of two years, as long as the beneficiary maintains the investment. Once the investor and his/her family have been permanent residents for five years, they can apply for Spanish citizenship. Spanish citizenship automatically awards European Union citizenship, which allows the investor and their family to live and travel throughout the European Union without restriction.
2. WHAT IS THE SCHENGEN AREA?
The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their common borders. With a Spanish residency permit, the investor is entitled to enter and travel freely throughout all the countries of the Schengen area.
Investors can transit freely within the Schengen area for a maximum period of 90 days after 180 days from the date of their initial entry.
The Schengen Area includes: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland.
3. CAN ANY FAMILY MEMBERS OF THE INVESTOR BENEFIT FROM THIS REGULATION?
Yes, the Golden visa can be extended to immediate family members such as their spouse, children under 18 years of age or dependent children.
4. IS THERE ANY MINIMUM STAY REQUIREMENT TO RENEW THE VISA?
No, investors only have to travel to Spain at least once during the validity of the visa.
5. MUST I CHANGE MY LEGAL REGISTERED ADDRESS TO SPAIN?
No, as long as your stay in Spain does not exceed 183 days per year.
6. DOES THE GOLDEN VISA ALLOW ME TO WORK?
Yes, with the Golden Visa you can live in Spain. Once you get the Investor Visa, you can apply for investor residency authorisation which allows you to work.
7. HOW LONG DOES IT TAKE TO OBTAIN THE RESIDENCY VISA?
The Residency Permit is granted within 20 days from when the application is processed. However, it may take longer for the ministry to physically deliver it.
8. IS THIS LAW RETROSPECTIVE?
No, the Law is only applicable to the investments carried out after the 29th of September 2013.