GOLDEN VISA REGULATIONS
Law 14/2013, of 27 September 2013, on support for entrepreneurs and their internationalisation: The Golden Visa Regulation
What is the “Golden Visa”?
The “Golden Visa” is the visa granted to foreign citizens who prove to have made a significant investment of capital in Spain.
This visa gives you the opportunity to reside in Spain and during this time you can reside in Spain and travel freely through the countries of the Schengen zone for a maximum period of 90 days every180 days.
The countries of the Schengen Area are Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Liechtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Spain, Slovakia, Slovenia, Sweden and Switzerland.
What are the general requirements for obtaining a Golden visa?
– Have not entered or remained illegally in Spain or have been denied entry into any of the countries of the Schengen area.
– Not be a citizen of the European Union.
– Be 18 years of age or older.
– Do not have a criminal record in Spain or in your country of last residence.
– Have public or private medical insurance valid in Spain.
– Have sufficient financial resources to keep both the applicant and his family in Spain.
– With the tax and social security obligations that correspond, if applicable
– To accredit the investment in Spain.
What investment is necessary to obtain the visa?
1- Acquisition of Spanish real estate (a dwelling, a plot, etc.) for a value equal to or greater than € 500,000 (tax-free). Investment in multiple properties or co-ownership is allowed.
2- Acquire at least 1 million Euros in shares of Spanish companies or deposit at least one million euros in the Spanish banking system.
3- Invest in Spanish Treasury Bonds at least two million Euros.
4- Make a business investment that generates employment, local economic impact or technological / scientific impact.
Can a legal person make the investment?
Yes, as long as the root of the company does not reside in tax haven and the interested party has the majority of the company’s rights.
How long is the “Golden Visa” valid?
Once issued the residence visa for investors, its initial duration will be for the period of 1 year. If the investment continues, the visa can be renewed for two years, with a maximum of 5 years for the duration of the residence permit.
After these 5 years you could obtain permanent residence or even Spanish nationality if you had lived in Spain legally and effectively during those 5 years; you must have lived in Spain for more than six consecutive months each year.
How can I apply for the “Golden Visa”?
First, you must apply to the Consulate of Spain in your country for the visa, providing the documentation that accredits the requirements indicated. You will be granted a residence visa to reside in Spain for 1 year. You can also empower your lawyers in Spain to handle this request.
Subsequently, you can apply for a residence permit for a duration of two years, which can be extended for two more. For this assumption you must also prove:
- A) Hold a residence visa for investors in force or be within the period of ninety calendar days after the expiration of it.
- B) Have traveled to Spain at least once during the period authorized to reside.
- C) Maintain the initial investment.
- D) Compliance with tax and social security obligations
Are there any minimum stay requirements to be able to renew the visa?
No, the investor must only have traveled to Spain at least once during the period of validity of the visa if he subsequently wants to renew the authorization 2 years more.
Can my family benefit from this Law?
Yes, the Golden Visa is extendable to family members such as husband / wife, children under 18 years of age, over 18 economically dependent and ascendant (grandparents) who depend economically on the person concerned.
Do I have to stay in Spain during the application or renewal period?
It is not necessary, being able to leave Spain during the application or renewal process.
Is it mandatory to establish Spain as my tax domicile?
No, unless you are in Spain for a period exceeding 183 days a year or bring your main core of economic activities to Spain.
Does the Golden Visa allow me to work?
The Golden Visa allows you to live in Spain. Once you obtain the investor visa, you can apply for the residence permit for investors that would allow you to work.
How long does the process of solitude last?
It is assumed that applications for investor visas will be processed in 10 working days, while residence permits will be processed in 20 working days from the submission of the application. Notwithstanding all of the above, statistics continue to say that obtaining this authorization involves many bureaucratic obstacles, which, far from speeding up the process, make it difficult to obtain them, as evidenced by the few authorizations issued so far.
Can I access the Golden Visa if I am married and invest with my husband / wife?
If, as long as you are married in the property regime or similar, when investing together with your spouse in Spain, it will be understood that the investment is made by one of both spouses, the other may request authorization as a family member.
Can I access Spanish citizenship in this way?
In this case it will be necessary to prove continued residence in Spain in accordance with the provisions of Article 22 of the Civil Code.
For further information: CRUZ-CONDE & ASOCIADOS http://cruz-conde.com