Golden Visa in Spain: How to Obtain Residency Through Investment

Spain’s Golden Visa program, introduced in 2013, offers a streamlined pathway for investors to gain residency by investing in the country’s economy. This visa, also known as the investor visa, aims to attract international talent, stimulate the economy, and create jobs. Below is a comprehensive guide on how to obtain the Golden Visa in Spain, including eligibility requirements, investment options, application processes, and benefits.

What is the Golden Visa?

Overview

The Golden Visa in Spain provides non-EU investors the opportunity to obtain residency by making significant investments in the country. This visa is part of Spain’s effort to boost its economy by attracting foreign capital and fostering entrepreneurial activities.

Purpose

The main goals of the Golden Visa program are to:

  • Promote economic growth
  • Create new jobs
  • Attract international talent and investment

Types of Investments for the Golden Visa

To qualify for the Golden Visa, applicants can choose from several investment options:

Real Estate Investment

  • Minimum Investment: €500,000 (mortgage-free)
  • Focus: Encourages property investment in Spain

Public Debt Investment

  • Minimum Investment: €2 million
  • Instrument: Spanish public debts

Business Investments

  • Minimum Investment: €1 million in Spanish companies or shares
  • Bank Deposits: €1 million in a Spanish bank account

Business Projects

  • Criteria: Projects of general interest that create employment, contribute to technological/scientific innovation, or have a socio-economic impact on the local area.

Golden Visa Requirements

General Requirements

To be eligible for the Golden Visa, applicants must meet the following criteria:

  1. Age: Must be 18 years or older.
  2. Health Insurance: Must have public or private health insurance from a company authorized to operate in Spain.
  3. Financial Stability: Must possess sufficient financial means to cover personal and family living expenses in Spain.
  4. No Schengen Entry Refusals: Must not have been refused entry into any Schengen countries.
  5. Legal Status: Must not have entered or stayed illegally in Spain.
  6. Criminal Record: Must have a clean criminal record in Spain and the country of residence for the last 5 years.

Investment Requirements

The specific documents required depend on the type of investment made:

  • Real Estate: Certificate of domains and charges from the Land Registry and property deeds.
  • Shares or Stocks: Declaration of investment from the Investment Register of the Ministry of Economy or certificate from a financial intermediary.
  • Public Debt: Certificate from the Bank of Spain or relevant financial entity confirming the purchase.
  • Bank Deposits: Certificate from the financial institution showing ownership of the deposit.

Application Process

Where to Apply

  • In Spain: Submit the application to the Large Companies Unit.
  • Outside Spain: Submit the application to the Spanish consulate office.

Application Review

The application is reviewed by the Large Companies Unit, not the general foreigners’ office. This unit assesses the suitability of each application under the Entrepreneurs Act.

Duration and Renewal

Initial Validity

  • From Abroad: 1 year
  • From Spain: 2 years

Renewal

  • Duration: 5 years per renewal
  • Requirements:
    • Proof that the initial investment is still valid.
    • Presence in Spain at least once during the year.

Including Family Members

The Golden Visa allows applicants to include family members, providing them with residency permits and the same benefits as the main applicant. Eligible family members include:

  • Spouse or partner
  • Dependent children under 18
  • Financially dependent adult children without their own family unit
  • Dependent parents

Tax Obligations

Holders of the Golden Visa are not required to pay taxes in Spain unless they reside in the country for more than 183 days per year, in which case they must declare their global income. However, investment profits must be reported to Spanish authorities.

Benefits of the Golden Visa

Obtaining the Golden Visa offers numerous advantages:

  • EU Entry: Grants entry into the Schengen area.
  • Family Inclusion: Allows the inclusion of spouse, minor children, and dependent family members.
  • Minimal Stay Requirement: Only required to visit Spain once a year.
  • Work Authorization: Right to work as an entrepreneur or employee after obtaining the 2-year permit.
  • Path to Permanent Residency and Citizenship: Eligible for permanent residency after 5 years and citizenship after 10 years.

Golden Visa After Brexit

With Brexit, British citizens can no longer reside in Spain under the EU regime. The Golden Visa and the Non-Lucrative Visa are popular alternatives for British nationals, providing a less complicated process than a regular work permit.

Frequently Asked Questions

How much do I need to invest to get the Golden Visa in Spain?

The minimum investment amounts are €500,000 in real estate, €2 million in public debt, €1 million in Spanish companies or shares, or €1 million in a Spanish bank account.

Can the investment be made through a company?

Yes, provided the applicant owns the majority of the company and the company is not based in a tax haven.

How long does it take to get a Spanish Golden Visa?

The process typically takes between 2 to 3 months from the date of application submission.

Can I work in Spain with the Golden Visa?

Yes, the Golden Visa grants the right to work in Spain.

Is it possible to lose the Golden Visa once obtained?

Yes, if the investment is withdrawn or the applicant fails to meet the renewal requirements.

How long do I need to stay in Spain to retain my Golden Visa?

You only need to visit Spain once a year to retain the Golden Visa.

Can I travel visa-free in Europe with the Spanish Golden Visa?

Yes, the Golden Visa allows visa-free travel within the Schengen area.

How long before I can become a Spanish citizen?

You can apply for Spanish citizenship after 10 years of residency.

Can I use a mortgage to get a Golden Visa?

No, the real estate investment must be mortgage-free.

Can I rent out the property I buy for the Golden Visa?

Yes, you can rent out the property.

Do I need an NIE (Spanish Identity Number for Foreign Nationals)?

Yes, an NIE is required for the Golden Visa application.

For more detailed information and personalized assistance, it is recommended to consult with legal experts specializing in Spanish immigration and investment laws.

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