How to get the Golden Visa in Spain?
Foreigners have different ways to live legally in Spain, but, without a doubt, obtaining the Golden Visa or Residency by Investment is the fastest way to obtain residency in Spanish territory. Therefore, at Lawyers & Accountants we are going to tell you everything you need to know about the Gold Visa: what it is, its benefits, how to apply for it, etc.
What is the Golden Visa?
The Golden Visa, also known as ‘Residencia por Inversión’, is an authorisation that allows non-EU resident foreigners to live and work in Spain legally, together with their family, by justifying that an investment has been made in Spain, and complying with the relevant requirements established in the Spanish legal system.
Once the Gold Visa is obtained, a one-year residence visa and a two-year residence authorisation is granted, which can be renewed if the investment made is maintained.
Requirements for obtaining a Spanish residence permit (Golden Visa in Spain)
As established in articles 62, 63 and 64 of the Spanish Law 14/2013, the following are the requirements to obtain the Golden Visa:
- Significant capital investment.
- Real Estate investment.
- Business investment.
- Not to be in Spanish territory illegally.
- Be over 18 years of age.
- No criminal record in Spain or in the countries in which they have resided for the last five years.
- Not to be listed as rejectable in the territorial space of countries with which Spain has signed an agreement.
- Have private health insurance in Spain.
- Have sufficient financial resources during the period of residence in Spain.
- Pay the fee for the processing of the visa or the authorisation of residence by investment.
Who can obtain the Golden Visa for investors?
The Golden Visa for investors can be obtained by a person who has made an investment in real estate in Spain of more than 500,000 euros, this being the main requirement. It should also be noted that the purchase of the property must be free of encumbrances, which means that the buyer cannot use a loan or mortgage.
In addition, those who have made the following investments are also eligible for the Gold Visa:
- Acquisition an investment in the Spanish public debt of at least €2.000.000
- Acquisition of €1.000.000 in shares or equity, or bank deposits in financial institutions.
- Investment in a business project in Spain.
Once this has been done, the investment must be accredited within a maximum period of 60 days, as well as the identity number or passport, medical insurance, criminal record certificate and the rest of the requirements mentioned above.
Benefits of the Golden Visa in Spain
- It allows you to be absent from Spain for long periods without losing your residence permit.
- It allows entry into Spain and the other 26 countries of the European Union.
- Allows the legal residence of the investor’s family members.
- Allows you to obtain Spanish nationality by residence.
- Includes work permit for the investor and family members.
- Longer duration than other types of residence permits. Can easily be renewed every two years.
How to apply for the Golden Visa?
The Golden Visa application must be submitted to the Spanish Consulate in the applicant’s country of residence (Article 75.1 of Spanish Law 14/2013). If you are unable to make the application yourself, you can leave it in the hands of a representative.
The process of obtaining a Gold Visa is quick, and generally, the Gold Visa is obtained within approximately 10 working days, once the application has been made and all the relevant documentation has been submitted. Afterwards, you can apply for the 2-year Spanish residence permit immediately, or wait until the visa expires to apply for it.
At Lawyers & Accountants we can help you apply for and obtain the Golden Visa for foreign investors. We are immigration lawyers specialising in this area, and we can offer you all the help and advice you need to establish yourself and your family in Spain legally.