GOLDEN VISA in Spain: Residence by investment
Work permits, student visas, non-profit…… these are some of the most common procedures used to start living in Spain legally. But, in general, they involve a lot of hassle: paperwork, requirements and more requirements… That is why the Golden Visa, especially in recent years, has become so popular. Its main advantage? Simplicity. You invest in Spain and instantly obtain your residence permit. It’s as simple as that. So, if we haven’t convinced you yet… in today’s post, we’ll talk about everything you need to know about the investor visa in Spain for this 2019. Let’s go ! Let’s go !
AYING THE FOUNDATIONS: WHAT IS THE GOLDEN VISA?
The Golden Visa program is a special type of residence created especially for all citizens from outside the European Union who want to settle in Spain.
Most residence permits for non-Europeans have complicated procedures. A lot of paperwork, bureaucracy, requirements… too much effort to get a visa. So much so that the visa for investors in Europe has gained in popularity and continues to grow.
Why? Why? For the simple promise he makes: speed and simplicity.
As the newspaper El País points out, Spain is consolidated as one of the Golden Visa paradises. If we look at the data, we are constantly surprised: of the approximately 6,000 residence permits granted in the country in 2018, about 600 were golden visas.
However, Portugal’s Visa d’Or could clash with Spain’s for European leadership. The new changes introduced in Portuguese immigration law make it much easier for investors from all over the world to obtain their residence permits in Portuguese countries.
What must be clear to us is that the number of golden visas granted in Spain is constantly increasing. And, without a doubt, this is a trend that will continue over time.
WHO CAN BENEFIT FROM THE GOLD VISA?
As we have mentioned, and as we will discuss in more detail in a moment, the golden visa is intended for all citizens from outside the European Union who intend to make an investment in Spain as a means of obtaining their residence.
The countries in which this residence permit has gained the most popularity are undoubtedly China and Russia.
However, Iranians, Venezuelans and Lebanese also record significant activity with this visa.
Their main motivation? They also found a place to deposit their money by investing in Spain, which allowed them to obtain a visa that largely avoids most of the procedures of other permits.
WHAT ARE THE ADVANTAGES OF THE GOLDEN VISA IN SPAIN?
We have summarized in the following points the main advantages of the investor visa in Spain:
It allows you to work and live legally in Spain. Through this, we can identify the golden residence as a way to obtain a work permit.
To obtain this visa, it is not necessary to be considered as a resident on Spanish territory. Remember that this is equivalent to living in the country for more than 183 days a year. The golden visa requires that the applicant only visit the country once a year.
It guarantees full freedom of movement in the Schengen area, i.e. in most European Union countries.
The principal applicant (investor) may apply for the residence permit of his spouse and children at the same time as his residence permit. This is why the investor visa is a totally recommended option for families who want to start living in Spain.
To apply for the golden visa, it is not necessary for the applicant to do so physically in Spain. You can simply designate a representative to collect the relevant documentation for him/her.
HOW LONG CAN YOU LIVE IN SPAIN WITH THIS RESIDENCE PERMIT?
Once the investor has obtained his golden resident visa, he will have one year to reside legally in Spanish territory.
Once this period has expired, the applicant may apply for a residence permit that will allow him/her to live in Spain for 2 years, after which time he/she may renew his/her permit.
To complete this procedure, the expatriate must demonstrate that he or she still owns the asset that was the centre of the investment, namely the property, shares or public debt.
In addition, you must have visited Spain at least once a year.
Are you ready to apply for citizenship by investment? Remember that the golden visa is one of the many ways to obtain Spanish nationality. After 10 years of residency
HOW CAN I OBTAIN AN INVESTOR VISA IN SPAIN?
To apply for a gold visa in Spain in 2019, you can choose one of the following paths:
First of all, you can obtain your investor visa by buying a property worth more than €500,000. But, what happens if the property has been purchased by several individuals/investors? In this case, we must keep in mind that the investment will be calculated at the individual level. This means that if our personal contribution to the property does not reach €500,000, we will not be able to apply for the visa.
Second, the purchase of shares of a Spanish company, or having a bank deposit in a Spanish entity for a value greater than one million euros. This will also give you access to this residence permit.
Possession of Spanish public debt of €2 million or more.
Finally, by investing in a business project that will be developed in Spain. Here you will find the following main requirements: this project must generate employment, involve an impetus to the country’s scientific and technological progress, or result in a minimum socio-economic impact.
WHAT ARE THE REQUIREMENTS FOR OBTAINING AN INVESTOR VISA?
In order to apply for a golden residency, the applicant must meet the following requirements:
Not be a citizen of a Member State of the European Union. As we have said, this special residence permit is intended for citizens of countries outside this area, who have greater difficulty in obtaining a visa in Spain.
Be of legal age (+18 years in Spain).
No criminal record, both in Spain and in any other country. The deadline to be taken into account here is the last 5 years.
Have full health care coverage in Spain. This can be achieved through public or private insurance.
Have and demonstrate the possession of sufficient economic means for the maintenance of the main investor and his family (if he has also applied for their residence permit).
Make the investment in Spanish real estate (i.e. € 500,000, € 1M or € 2M depending on the chosen itinerary), and provide the corresponding document proving it.
WHAT DOCUMENTS ARE REQUIRED TO OBTAIN THE GOLD VISA?
In the last section, we have seen how one of the fundamental conditions for obtaining residence through real estate investment is to demonstrate, through the corresponding document, that the investment has been made.
The question now is: which documents exactly justify this investment? Let’s answer this question according to the path we have chosen to follow:
If we want to obtain the gold visa through real estate investment, we must provide as proof of the purchase of the property the certification of the domains and fees of the Property Registry.
In the case of an investment in Spanish shares: an investment declaration from the Investment Register of the Ministry of Economy in the case of participations; and a certificate from the financial intermediary registered with the National Securities Market Commission for the purchase of the shares.
If what we have done is to invest in Spanish public debt, we will need the certificate of the Bank of Spain or the financial institution with which we have managed the investment. In this document, we must clearly identify how we are the protagonists of this purchase.
Finally, for investments in bank deposits, we will need the certificate issued by the financial institution with which we entered into the agreement. What is important is that in this document, we indicate that we are the sole owners of the deposit.
CONDITIONS AND DEADLINES FOR OBTAINING THE GOLDEN RESIDENCE
Once we know exactly what requirements we must meet to obtain this visa and what documents we must provide, we must resolve the doubt about the time limit.
How long does it take to get the golden visa?
When we submit all documents to the competent authority, it may take 20 days before we receive the resolution.
It can be positive or we can get a denial.
After receiving the resolution with a favourable result, we have a period of 1 month to apply for our visa at the Spanish consulate located in the investor’s country. That is when we will have to go to Spain because we have to submit the golden visa application with the approval received.
The next step will be to obtain the NIE (foreign identity card), as well as to take fingerprints at any police station in Spain. We cannot wait too long in this process, we only have one month to do it.
And that would be all!
If you don’t want to spend the time it takes to perform all these boring procedures… let us do it for you! Contact us and get your gold visa QUICKLY. We will guide you from start to finish, all you have to do is sign!