Golden visa for investors in Spain
Golden visa for investors in Spain: The Act for Entrepreneurs was approved by the Spanish Parliament on 27 September 2013.
One of the aspects of the Law is the ability for foreign investors in Spain to access a residence visa or residence permit if they make significant investments in this country.
A)- The APPLICANT:
- Not to be illegally in Spain
- To be at least 18 years old
- To have no criminal records in Spain nor in the countries of residence in the last five years
- To have a health insurance with a company that legally operates in Spain
- To have financial resources to live in Spain
- To pay a fee for the residency permit
This permit does not apply to citizens of member states of the European Union which already have the right of free movement and residence for a period up to 3 months. They can be registered as European Union resident citizens by proving either a job or resources to survive in Spain.
B) The INVESTMENT: It has to be “significant”
- An initial investment starting from 2.000.000 Euros on Spanish Public debt.
- An initial investment of at least 1.000.000 Euros in stocks or shares of Spanish companies.
- An initial investment of 1.000.000 Euros deposited in Spain at any Spanish Bank.
- The acquisition of real estate in Spain for a value of at least 500.000 Euros for each applicant. The investment of this amount must be free of liens and encumbrances, so the investment that exceeds the required amount may be subject to liens or encumbrances.
- A business project which involves the creation of jobs, socioeconomic impact on the geographical area where the activity will take place or significant contribution to scientific or technological innovation. In this case there is no minimum investment requirement.
TYPES OF RESIDENCE
Residence visa for investors.
- The applicant is outside of Spain when the application is submitted.
- The applicant can stay as a resident in Spain for one year but the law does not request he spend time in the country.
Residence permit for investors.
- The applicant is currently in Spain when submitting the application.
- The applicant can stay as a resident in Spain for more than 2 years if previously he has obtained visa for one year.
- This residence permit can be renewed for other 2 years.
- To apply for a residence permit the applicant must have the following requirements:
- To hold a valid residence visa for investors or a visa that is not overdue for more than 90 days.
- To travel to Spain at least once during the residence period. The Law does not specify the length of the visit, so one day visit might be sufficient.
- To proof the investment is still done.
- To be updated on the Tax Office and Social Security payments.
You can get 5 years of residence by visiting Spain only 3 times over that period. And even if you stay in the country for shorter periods than 6 months in a year, you have the right of getting the long term residence and even nationality.
WHEN AND HOW TO SUBMIT THE APPLICATION
The investment must be done within 2 months before the date the application for residence visa is submitted. If the investment is done earlier than 2 months it will not have the effects provided by the law.
Applications for residence visa have to be submitted at the Embassies and Consulates of Spain in the applicant country of origin or residence. They are resolved and notified within 10 working days.
Applications for residence permit have to be submitted at the Large Business and Strategic Groups Unit. They are resolved and notified within 20 working days and they will be considered “favorable” if after that period there is no official reply.
DOCUMENTS TO BE SUBMITTED WITH THE APPLICATION
- Health insurance documents issued by a company operating in Spain
- Background checks
- Proof of sufficient resources
- Documents providing proof of the investment depending on the type of investment:
- In case of public debt: Certificate from the financial institution or the Spanish bank
- Unlisted shares and equity: Statement of the investment
- Listed shares: Document from a financial broker registered with the Nacional Securities Market Commission or the Bank of Spain
- Investment funds: Certificate from the fund manager
- Bank deposits: Certificate from the financial institution
- Property: Certificate of property registration and real estate purchase deeds. If the purchase is not formalized: Engagement contract formalized in public deed
- Business project: A favorable report from the official government department.
The investment can be made by a legal person if it is not made in jurisdictions considered tax havens and the applicant has a majority share.
Family members who accompany or join the investor may apply jointly and simultaneously or successively for their residence permit or residence visa
- Wife or unmarried couple
- Children who are less than 18 years old or those who are up the legal age if they are financially dependent on the applicant
- Parents dependent of the applicant
You may live and work anywhere in Spain, including relatives. The application for residence permits and renewals extend the validity of the stay or residence status of the applicant until the procedure is finished