The Golden Visa or “Visado de Oro” in spanish, is a facility introduced by the Spanish government to attract qualified people with high incomes to the country. One of its variants is real estate investment and it allows foreign investors to reside legally in Spain.
Golden Visa, financial and job security in Spain
The Golden visa is governed by the Law 14/2013, which deals with facilitating the entry and stay of foreigners in Spain for economic interest.
This law does not apply to citizens of other countries from the European Union, who already have the right to free movement and residence. Foreigners must prove that they are investors, entrepreneurs, highly qualified professionals, researchers or workers who carry out inter-company movements.
The greatest advantage provided by this law is the non-requirement to stay in Spain to obtain a visa.
Specific requirements to obtain a Golden Visa
• Not being in an irregular migratory situation in Spanish territory and be over 18 years of age.
• Have no criminal records in Spain and in the countries where they have lived during the last five years.
• Not appear as rejectable in the countries with which Spain has signed an agreement in this regard.
• Have public insurance or private health insurance with a company authorized to operate in Spain.
• Have sufficient financial resources during the period of residence in Spain.
• Make payment of the corresponding fees.
Eligible Investments for a residence visa
The following options will be considered significant capital investments and could apply for a resident visa:
- Investing in the acquisition of real estate worth half a million euros is the most popular option due to its lower capital requirement, the ease of finding a home and the possibility of hiring a manager to operate the home while it is not occupied.
- From one million euros or more in shares or in social participations of companies with Spanish capital with a real business activity.
- You can acquire Investment Funds from one million euros in closed-end investment funds or venture capital funds set up in Spain.
- The same amount or more in bank deposits in Spanish financial institutions and from two million euros or more in Spanish public debt securities.
- Entrepreneurs or business project that is going to be developed in Spain and that is considered and accredited as being of general interest, for which aspects such as job creation, making an investment with a relevant socioeconomic impact or contribution of scientific innovation and / or technological.
Other aspects to know to apply for the Golden Visa
- The request must be submitted no later than 90 days prior to the planned date of travel.
- The validity period of the visa will be 365 days if the purchase has already been formalized or 6 months if the purchase has not yet been formalized but there is a deposit contract (guarantee of compliance) or other means formalized in a public deed.
- To maintain the visa, there is no obligation to spend a minimum amount of time in Spain.
- The investment must be made in its entirety and without bank financing and must be maintained throughout the processing process. Obtaining bank financing is part of the subsequent optimization process.
- Investments may be disposed after obtaining permanent residence.
- The purchased asset can be exploited, remaining as a tax resident outside of Spain.
- The spouse and children who are under 18 years of age, or of legal age who are not objectively capable of providing for their own needs due to their state of health, who join or accompany the visa applicant, may apply jointly, simultaneously or successively, the visa.
Residence authorization and data for the housing investor
The residence authorization can be requested as soon as the residence visa is held, and up to 90 days after its expiration.
Its processing will have a maximum term of 20 days from the presentation of the application. This residence authorization will initially be valid for a period of 2 years, however, it may be renewed for successive periods of 5 years, as long as the conditions for which it was granted subsist, and long-term residence may be obtained. From that moment the investments can be undone.
The residence permit allows you to reside and work throughout the national territory.
Lawyers for the Permanent Visa
DFLAT can assist you and once we know your particular case, we will refer you to the person in charge of visas, financial or local Partner or in your country of origin. If you contact our Partner, indicate us as a reference, they will offer you complete advice.
Visit the page for Real Estate investors interested in Golden Visa on our website.
The law firm associated with our company is ECIJA, where the Partner Marcos André. ECIJA has a presence throughout Latin America.
More information for investors in Real Estate
Find out more about the future of the Real State in Madrid and why the highest returns are obtained from apartments to be renovated or learning about the advantages of financial leverage.
If you are a resident Real State investor or homeowner, you can visit our homeowners page.
