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What is the Golden Visa in Spain?

The Golden Visa is an authorization that allows non-EU investors to reside and work with their family in Spain if they can prove that they have made a significant capital investment in the country and that they meet some other requirements of less importance.

The approval of Law 14/2013, on support for entrepreneurs and their internationalization, has led to the creation of this special residency regime for non-EU investors, with many benefits. In this post we talk about some of these benefits and the main requirements to obtain this new Golden Visa.

What is the Golden Visa?

The Golden Visa is an authorization that allows non-EU investors to reside and work with their family in Spain if they can prove that they have made a significant capital investment in the country and that they meet some other requirements that we will explain below.

What are the benefits of the Golden Visa in Spain?

The Golden Visa has many benefits that are not available to other foreign residents in Spain, such as, for example, the following:

  • Possibility that citizen being away from Spain for periods of more than 6 months without losing residency.
  • Possibility of entering and leaving Europe (Schengen visa) without being subject to formalities with consulates and embassies.
  • The investor’s family members can accompany him or her from the beginning of his or her residency. Family members include: spouse or unmarried partner and minor children and, under certain circumstances, adult children and ancestors too.
  • Possibility of obtaining Spanish nationality by residence in 10 years, and in 2 years in case of investors from Latin America.
  • Work permit for the investor and accompanying family members.
  • Duration of residence: 2 years, with the possibility of renewal every 5 years.

The main requirement: capital investment.

As we will see below, there are several requirements to obtain the Golden Visa, but the main one is obviously the capital investment in Spain, of which we will deal next.

 

If the investment is made through a legal entity, the investor shall submit a report certifying that he or she holds, directly or indirectly, the majority of the voting rights of that legal entity and that, in addition, has the power to appoint or dismiss the majority of the members of the governing body. Furthermore, the legal entity shall not be domiciled in a territory that is considered a tax haven under Spanish law.

 

The capital investment can be made in three different ways:

 

  • Real estate investment: The investment must be equal to or greater than 500.000 € plus taxes, but it can be in one or more real estate properties. For example, the investor can buy a house for 470.000 € and a garage for 30.000 €.

 

In addition, the real estate can have a single owner or several owners. Thus, for example, it is possible for two or more investors to obtain the Golden Visa with a single real estate property, provided that the percentage of ownership of each of them is equal to or greater than 500.000 € plus taxes.

  • Movable property investment: Four different cases have been contemplated, but they all have one thing in common: in order to obtain the Golden Visa in these cases, the applicant must prove that this kind of investment has been made within a period not exceeding one year from the date in which the application was submitted.

 

  • Case 1: One million Euros in shares or stock shares in Spanish capital companies with a real business activity.
  • Case 2: One million Euros in investment funds or venture capital funds incorporated in Spain.
  • Case 3: One million Euros in bank deposits in Spanish financial institutions.
  • Case 4: Two million Euros in Spanish public debt securities.

 

  • Investment in a business project: on condition that an economic activity is to be carried out in Spain and that the project is considered and accredited as being of general interest due to its innovative nature and its social impact. The investor shall be registered in the corresponding Social Security Regime.

Other requirements

 

All of the following requirements, although less difficult to achieve, must also be met in order to be eligible for the Golden Visa:

 

  • Not to be in Spanish territory illegally.
  • To be of legal age (+18 in Spain).
  • Not to have a criminal record.
  • Not to be banned from entering Spain.
  • Medical insurance. Investors and their family members must have public or private insurance, with the following characteristics:
  • It must remain active for the duration of the residence.
  • It must provide coverage comparable to that provided by the National Health System.
  • Travel insurances will not be valid.
  • Sufficient financial resources. The investor shall have sufficient financial resources for himself or herself and his or her family members during the period of residence.

From AGL we can help you to apply for the Golden Visa. Contact with us at info@asesoriagarcialopez.es

 

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