Golden Visa Spain
Spain launched its golden visa programme in 2013. An investment of €500,000 in real estate will gain family residency. The Spanish investor visa can be renewed every two years. After five years it is possible to gain permanent residency and after ten years citizenship. It is not necessary to live in Spain in order to retain and renew the residency visa permit.
The Golden Visa scheme is an attractive option for Non-Eu Citizens who wish to obtain access to the EU. The benefits are not only for the investor, but include immediate family.
Immediate family is described as a husband / wife and their children or domestic partners and their children (it also includes children who are over 18, but whom are still financially dependent upon their parents).
In order to qualify for a Golden Visa the following criteria must be met:
• Invest at least 500,000 euros in Real Estate. (This can be multiple properties, single property, residential or commercial premises).
• Over 18 years of age
• Have sufficient health insurance from an insurance company that operates in Spain
• Financial means to cover family/personal expenses
• Never entered Spain illegally
• A clean criminal record in Spain and the country of residence during the last 5 years
• The owner of the property must travel to Spain at least once a year
What documents are needed?
If the property sale has been completed then you will need the ‘Property Registry Certificate’ to prove that that the sale has taken place. If the sale has not yet been finalised, then you will need a copy of the ‘Acquisition Public Deed’ and proof of having filed that deed at the registry.
What about taxes?
When you buy real estate and obtain the Spanish residence permit, you will be liable to some tax. Which taxes and how much depends on the amount of time you spend in Spain during the year. If you stay in Spain for over 6 months you are then regarded as a Spanish resident and therefore your worldwide assets and income will be now taxed in Spain. If you are in Spain for a less than six months, you only pay taxes on the initial purchase of your real estate and thereafter on the value of your assets in Spain.
Where do I apply?
You can apply for the initial visa residence at the nearest Spanish Consulate in your country. You can do this yourself, but if you cannot attend personally it is sometimes possible to undertake this matter through a representative, depending upon the consulate.
What documents are required for a Real Estate Investors Visa?
Proof that you have invested €500,000 or more and to complete the application for the Spanish residence permit some documents are required. Make sure you have:A Property Registry filing (certificate) or notarised deeds and proof that the deeds have been submitted to the Property Registry
A passport valid for at least one more year
Two photographs of yourself
Proof of financial solvency
If your spouse applies: a marriage certificate
If your children apply: birth certificates
Proof of valid medical insurance in Spain
Proof you have no criminal records
How long does this take?
The residence visa should be approved within 10 working days, after which you can either immediately apply for the 2 years Spanish residence permit or wait until the 1 year visa has expired.
The 2 years residence permit application has to be presented at an Immigration Office in Madrid and the process takes around 20 days. You must remain the owner of your Spanish property in order to qualify.