Spain's Golden Visa for Non EU Residents
Spain has passed a law to allow investment from citizens of non EU countries to become residents of Spain via the “Golden Visa.” This visa is obtainable if the investment into property is of 500,000E or over. The investor is allowed to purchase more than one property, commercial property or land to arrive at the figure of 500,000E. With no specific requirements the investor is able to lease their property for personal or commercial use.
Initially the non EU resident must apply for a visa which then allows them to live in Spain for one year. Click here for the Schengen Visa
The investor must be able to show that they may have visited the country at least once during the time period. Immediately after the investment has been finalised, and before the 1st year’s visa has expired. Investors may submit an application for a residency permit that enables them to live in Spain for 2 years or 24 months, this is renewable for another two years from that period as long as the 500,000E investment is maintained.
The investor after 5 years residence in Spain can submit an application for a limit-less residency in Spain. After a 10 year period the investor is eligible for Spanish citizenship as long as there is 183 days a year spent in Spain.
ESSENTIAL RULES OF SPANISH INVESTMENT VISA:
1. The minimum investment must be at least €500,000.
2. On top of the purchase price you need to add 11 - 12%, which goes to the normal purchase costs, which includes, tax, stamp duty, VAT, notary and lawyer.
3. Investments may be spread over several properties for a total purchase price of at least €500,000.
4. You can do your investment via a foreign company if you can prove that you own the majority of this company.
5. There is a certain flexibility to borrow part of the money you need from your home country or from a country outside Spain.
6. Spanish residence visas may be issued to the immediate family, including spouse or non married partners.
7. Spanish residence visas may be issued to children up to 18 years, economically dependent adult children and economically dependent parents.
8. The act also includes your children over 18 years old who, due to health issues, are not objectively capable of looking after themselves..
9. There is no requirement for minimum stays ordering to renew the visa. This means that it is optional to stay in Spain.
10. The Spanish visa does not need to be renewed within five years.
11. As there is no law on minimum stay is not necessary to be tax resident.
12. Permanent residence will be granted after five years if you have followed the rules.
13. Your property investment can be sold after five years when you have achieved permanent residency.
14. The visa allows access to unlimited travel throughout the EU Schengen visa countries.
15. You can obtain visas from the moment of signing the contract of sale (unregistered deeds).
16. The official documentation for investment visa will not take more than ten, maximum 15 working days hereafter.
17. The first card is issued for two years but the next 5 years if the investment is held.
18. You and your family which is covered under the Golden Visa will have the right to work in Spain from the first day.
19. Refusal of Spanish investment visa will usually only be justified by an unclean criminal record.
20. Spanish citizenship will be given after an additional five years of permanent residency.
21. The applicant must be able to prove that having travelled to Spain at least once in the first two years, and once more in the three subsequent years.
22. While a Spanish citizen you automatically get an European citizenship.
23. Immediate after the property purchase is registered in the Notary you and the involved family can work in Spain. After 5 years, the family can live, work or study anywhere in Europe within the EU.
24. A recommended lawyer will take care of the application for residence, and the full Golden Visa program, residence for the family, etc. The totally cost for this is approximately €1,700 + 21% VAT.
25. If the same lawyer takes care of both the property purchase and the application for the Golden Visa residence, you will be able to save the above mentioned cost.
THE APPLICANT MUST MEET THE FOLLOWING REQUIREMENTS:
1. Not to have entered or stayed illegally in Spanish territory.
2. Have to be 18 years or over.
3. Not to have been refused entry in any of the Schengen countries.
4. Have public or private health insurance authorized to operate in Spain.
5. Have sufficient economic means to cover personal and family living expenses.
6. Proof of the investment must be made through a Registry of Property certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry.