The so-called Spanish "Golden Visa" is part of a law providing the opportunity to receive a residence permit to buyers from countries outside the EU. It will initially be granted for one year, but can be extended to two years and then up to a maximum of five years - in each case after a certain investment has been made. After five years, the investor will be entitled to apply for permanent residence in Spain. Besides that, they can apply for Spanish nationality if they fulfil some simple preconditions.
What does the Spanish "golden visa" mean?
This metaphorical name refers to a residence permit offered to foreign investors by the Spanish government. The Spanish Senate has passed an enterprise and international relations law containing a paragraph about the new procedure for issuing residence permits.
The law proposes that, when making investments, citizens from countries outside the European Union will have the right to obtain a residence permit which gives them free entry to Spain as well as to all other SCHENGEN ZONE countries. The Schengen Zone countries are not the same as countries of the EU. They include: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Liechtenstein, Malta, the Netherlands, Norway, Poland, Portugal, Spain, Slovakia, Slovenia, Sweden and Switzerland.
What minimum investment is required?
Those who are interested in investing money in real estate in Spain must spend at least 500.000 Euros per person (tax free). This amount may either be spent on a single property or spread among several properties. For any amount over EUR 500.000 investors may apply for a mortgage. Investments as co-owner or purchases of different properties will also be taken into account.
Visa processing time: 10-15 days.
We would also like to draw your attention to the fact that those who purchase a real estate worth less than EUR 500.000 are also eligible to receive a residence permit in Spain . In this case, however, the processing time will be a litle longer (about three months) and the decision will be based on the provisions of the Foreign Citizens Act, which was in the place before the new Investors Law entered into effect.
What kind of real estate can be purchased?
Investments in any kind of real estate are eligible. In addition, investors in themselves but may also buy to let. An opportunity that has proven to be of interest to many investors is the purchase of so-called commercial property as the law offers investors complete freedom of choice in selecting the property they would like to invest in.
Confirmation of investments
To apply for a residence permit, investors must provide original proof of their real estate purchase. This can be submitted in the form of an update land register extract containing a special code for verifying the authenticity of the document online.
How does this residence permit work?
Initially, the visa is issued to both the investor and his close relatives for the duration of one year. If the investor wishes to stay on Spanish ground for longer than a year, he will have to submit a new application for a residence permit, which will be issued for a period of two years with the option of subsequent extension.
Basic criteria - to obtain a residence permit, investors must:
* not be legally permitted to stay in Spain at the time of application;
* be of full legal age;
* not have any previous convictions in their country of residence during the last 5 years;
* not have been deported from a country with which Spain has signed bilateral agreements;
* have private or statutory health insurance in place, which is applicable in Spain;
* provide evidence of the financial security of all family mambers during their stay in Spain;
* have an appropriate investor´s visa or apply for a residence permit within 90 days after the initial visa has expired;
* be in Spain at least once during the entire period;
* provide proof of the investment that has been made;
* proof payment of all relevant taxes.
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