Spain has issued a new law to offer residency permits (golden visa) to Non-EU nationals who wish to invest €500,000 or more into Spanish property. Residency means you can live in Spain and travel throughout the Schengen Area of Europe, it does not grant citizenship.
- You are granted a 90-day visa to come to Spain and look for your property, it is advised also to meet with a lawyer and sign over power of Attorney so he can finish the transaction for you once you are back home.
- Alternatively if you are unable to visit Spain you can speak to a well-known and respected Agent in Spain who can help you and also recommend a lawyer who you will have to sign over Power of Attorney so they can finish the transaction for you.
- Once you have bought your property that meets the requirement you are able to apply for a one-year investor visa.
- To get your residency permit at the end of the year you have to have visited Spain at least once in the year, you are not obligated to, however it makes sense to only apply for the one-year investment visa if you are sure that you will be coming to Spain.
- The one year visa will be authorised in Diplomatic Missions and Consular Spanish Offices and can be issued for multiple entries in Spain.
- Visa applications are processed and notification sent within 10 working days, except in case of applicants subject to prior consultation.
Years 2- 5 or more
- After the first year investors can apply for authorization to live in Spain for two years, renewable for another two years after that, so long as the investment threshold is maintained.
- You have to show that you have travelled to Spain at least once in previous 12 months.
- There is no limit in the amount of times the two-year residency can be renewed.
- Properties can be bought and sold during this period, however the €500,000 investment must be maintained.
- Investors can remain tax resident outside of Spain.
- Processing and granting the residence will be done by the Spanish Ministry of Foreign Affairs.
- Applications are usually 20 working days from submission of the application it can take up to 6 months for a formal answer.
Year 5 onwards Long Term Residence and Spanish Nationality (Optional)
- After five years continuous residence, investors can apply for permanent residence in Spain.
- After 10 years of residence, Spanish Nationality can be requested, there must be proof that you have lived in Spain for a minimum of six months.
- A recommended lawyer will take care of the application for residence, and the full golden visa program, residence for the family etc. The total cost for this is €1,500 + 21% VAT.
General Requirements for a Golden Visa
- Applicant must have never entered or stayed illegally in Spanish Territory.
- Over 18 years of age.
- Never been refused entry in any Schengen countries.
- Have no criminal records in Spain and in the countries where the petitioner has lived during the last 5 years due to crimes provided by the Spanish legal system.
- Have public or private health insurance authorized to operate in Spain.
- Have sufficient economic means to cover personal and family living expenses.
- Proof of investment must be made through a Registry of Property certificate attesting ownership. Or, if the ownership title is not yet registered, via a copy of the acquisition public deed and proof of filing the deed in the Registry.
Application of a Golden Visa
- Minimum investment must be at €500,000.
- On top of investment you need to add 11-12%, which goes to the purchase cost, including tax, stamp duty, VAT, notary and lawyer.
- Investments may be spread over several properties for a total purchase price of at least €500,000.
- You can do your investment via a foreign company if you can prove that you own the majority of this company.
- There is flexibility to borrow part of the money you need from your home country or from a country outside of Spain.
- Spanish residence visas may be issued to the immediate family, including spouse and children up to 18 years.
- There is no requirement for minimum stays ordering to renew the visa. This means it is optional to stay in Spain.
- The visa does not need to be renewed within five years.
- As there is no law on minimum stay it is not necessary to be tax resident.
- The visa allows access to unlimited travel throughout the EU Schengen visa countries.
- The entire application procedure for investment visa applicants will not take more than twenty days.
- Investments must be documented before applying for Spanish Investment visa.
- Refusal of Spanish investment visa will usually only be justified by unclean criminal record.
Recent improvements for the Golden Visa
For the last 15 months the scheme has only attracted just 530 investors, of which 490 were property investors. Due to the dismal results compared to other schemes in countries like Portugal and Hungary, The Spanish Government has decided to tweak the regulations to make the scheme more attractive.
Here are the new improvements:
- Residency permit now also includes right to work in Spain.
- Common law partners plus grown up economically dependent children and economically dependent parents now covered.
- The act also includes your children over 18 years old who, due to health issues, are not objectively capable of looking after themselves.
- Six month visa available on the strength of a deposit contract (arras) and funds in Spanish bank account.
- No need to visit Spain to renew the visa, and only have to renew every five years, as opposed to every two years.
- Residency permit can be requested from Spain, rather than having to get an investor visa from abroad first.
- Investors not forced to leave Spain during process or requesting or renewing.
If you are interested in finding out more about the Golden Visa then please fill in your details below and our registered agent will give you a call for a confidential chat
Please note: The information provided above is only indicative of the new Golden Visa law and I FIND MARBELLA SL do not offer legal nor financial advice.