What is a Spanish Golden Visa?
The so-called Spanish “Golden Visa” is a residence permit for non-EU nationals and their family who make a significant investment in Spanish economy. The Spanish Golden Visa programe has been introduced by a specific law in 2013 for investors in real estate and investors in capital.
What is a Spanish Golden Visa for investors in real estate?
Spanish Golden Visa for investors in real estate are granted to non-EU nationals who have invested in Spanish real estate market an amount of EUR 500,000. The type of real estate category is absolutely irrelevant, the investment can be done either in residencial or commercial real estate. It is also not necessary that the investment is made in only one and the same real estate property, it can be made in different properties. It shall be noted that EUR 500,000 is the minimum amount, which needs to be invested into Spanish real estate market. This investment has to be done free of any charge, such as mortgages. Any amount exceeding the investment of EUR 500,000 can be covered by a mortgage from Spanish banks. It is possible for you to take partial loans for the purchase of the real estate property from your country of residence or third countries.
You can structure the deal either purchasing directly the real estate property or using a foreign company which is fully or majority owned by you. Some off-shore jurisdictions which have the consideration of tax havens under Spanish law are not included. Direct purchase operations are preferred. Please note that you should request the Spanish Golden Visa for real estate investors not later than 90 days after the purchase of the real estate property deal has been executed at the notary.
What is a Spanish Golden Visa for investors in capital?
Spanish Golden Visa for investors in capital are granted to non-EU nationals who have either:
- made an investment of an amount of at least EUR 2,000,000 in Spanish public securities; or
- opened up a deposit account for an amount of at least EUR 1,000,000 in a Spanish bank; or
- made an investment in the amount of EUR 1,000,000 into Spanish investment or private equity funds; or
- made an investment in the amount of EUR 1,000,000 into a Spanish company.
If the investment is made into a Spanish company, the company can be either listed or not at the Spanish stock market. This company can also be incorporated by the investor but in any case it is required that the company has some real business behind it. Whenever possible we usually recommend structuring the investment though a Spanish company, including the acquisition of commercial real estate properties because it has many benefits. The investor would be able to easily transfer his share participation to another investor for exiting the company.
In any case, for being able to apply to Spanish Golden Visa for investors in capital it is mandatory that the residence is requested not later than 90 days after any of the aforementioned transactions.
What are the general requirements for Spanish Golden Visa?
The general requirements for applying to Spanish Golden Visa are:
- not be illegally in Spanish territory;
- be over 18 years old;
- absence of criminal record in Spain and in the countries where the investor has be residing during the last 5 years;
- not be listed as person to be repatriated by Spain or counties with which Spain has signed a convention;
- to have a medical health insurance with a company, which is allowed to operate in Spain;
- to have sufficient economic means for himself/herself and for the family members during the period of residence (EUR 2,130 per month for the applicant and EUR 532 for each family member in charge of the applicant);
- to pay the visa fee.
Where do I have to request the Spanish Golden Visa?
It depends on your situation, whether you are planning to make the investment but don´t have visa or if you are already in Spain. In those cases where you are planning to obtain the visa for investment from your home country the application shall be presented at the Spanish Consulate of your place of residence. The authorization for reside is granted by the Directorate-General for Migrations and will be processed by the Unit for Large Companies and Strategic Economic Sectors.
What is the term or duration of Spanish Golden Visa?
The Spanish Golden Visa is a residence permit which is initially granted for a period of 2 years and grants you the right to reside and work in Spain during the the term. You are allowed to freely travel within the Schengen Area but you would not be allowed to work in another EU member state. Upon the end of the term you can request the extension of the residence permit for periods of 5 years. After those extensions it is possible to request the long residence permit which allows the foreigner to work and live in Spain with equal rights as Spanish citizens but without the right to vote in the regional and national elections. It is possible to request Spanish nationality after 10 years of continuous residence in Spain.
Does my family also receive residence permit if I obtain Spanish Golden Visa?
Yes, the spouse or person with similar relationship to you, children under 18 years and parents can also request the residence permit, whenever they meet the general requirements to Spanish Golden Visa obtention. Children over 18 years but who are not economically independent from the person requesting the Spanish Golden Visa are also covered by the law. The request by family members can be made either at the same time as applying for the Spanish Golden Visa or afterwards.
Do I still qualify for Spanish Golden Visa programe if I bought a real estate property or made an investment but did not reach the minimum amounts?
No, you would not qualify for the Spanish Golden Visa programe if you do not reach the minimum amounts. However, you are still free to request non-lucrative residence permit or other modalities, which are open for smaller investments. Please note that Spanish Golden Visa programe is not the only possibility to obtain a Spanish residence permit.
Do you have any additional questions?
If you have questions about structuring your investment, please contact our professionals. We would be glad to help you finding the most suitable and efficient structure!