The adquisition of a property in Madrid generates additional benefits in addition to the economic ones, such as obtaining legal residence in Spain, requesting a “Golden Visa,” or accessing the labour market. Other articles explain how real estate investment in Madrid is one of the best options to protect capital, as Madrid is an ideal destination to achieve this end.
On the other hand, the idea of acquiring a property in this city has additional attractions for foreign investors, such as the possibility of consolidating a legal immigration process in the country. Indeed, you can obtain a residence visa for real estate investment, also known as the “Golden Visa” or “Visa de Oro.” Initially, it is a temporary residence permit in Spain that could become permanent if certain conditions are met.
The “Golden Visa” and how to obtain legal residence in Spain
The Golden Visa was created in Great Britain in order to attract foreign capital to that country. As of 2013, this type of permit begins to be issued in Spain, officially under the name of residence visa for acquisition of real estate (RIV), which is contemplated within Law 14/2013, of September 27, of support for entrepreneurs and their internationalization.
The main requirement for the RIV application is to make real estate investments in Spain for a value equal to or greater than 500,000 euros, free of all charges. Likewise, you must have the corresponding certification from the Property Registry that proves ownership of the property, which must have been issued within 90 days prior to the visa application.
Requirements for the legal residence
To obtain legal residence in Spain from an investment, do the following:
- Not be found irregularly on Spanish soil.
- Being over 18 years old.
- Lack of a criminal record in Spain and in the countries where you have resided in the last five years for crimes provided for in the Spanish legal system
- Not appear as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard.
- Have public insurance or private health insurance arranged with an insurance company authorized to operate in Spain.
- Have sufficient financial resources for themselves and for the members of their family during their period of residence in Spain (2,130 euros per month for the interested party and 532 euros for each dependent family member).
- Pay the fee for processing the visa.
Process and validity of the Golden Visa
Starting the process, the investor will be granted a visa for one year and, if all the requirements are met, a residence permit valid for two years, which is extendable.
However, to obtain long-term residence or nationality, you must reside for five years or more, continuously, in Spain.
This process can be extended to the direct relatives of the applicant (parents, spouses, and children).
How do I apply for the Golden Visa in Spain?
The RIV application must be submitted to the Spanish embassy or consulate corresponding to the country where the investor resides.
However, real estate agencies such as DFLAT Madrid, through their associated partners, offer specialized advice on obtaining legal residence after purchasing a home.
More information for investors in Real Estate
Learn more about the future of real Real Estate in Madrid. Consider that the highest returns are obtained from apartments to be renovated. We also have a post about the advantages of financial leverage in property adquisition.