Law 14/2013 of 27 September introduced in Spain the Golden Visa (or Residence Visa for Investors), which for many is undoubtedly, due to its great benefits, the best visa for non-EU citizens to obtain residency in Spain.
In today’s article, we will detail its main features.
The beneficiaries of the Golden Visa
As we said at the beginning, the Golden Visa is designed for all non-EU citizens who wish to make an investment in Spain in order to obtain residency. Thus, there are two types of beneficiaries:
- Foreigners who can accredit the acquisition of real estate in Spain with an investment of a value equal to or greater than €500,000 (five thousand euros) free of mortgage.
- Capital investors with an initial investment of at least €2,000,000 (two million euros) in Spanish public debt securities or €1,000,000 (one million euros) in shares or equity investments in Spanish companies, or in bank deposits in Spanish financial institutions.
In addition to the holder, the following family members are eligible for the work and residence permit
- The spouse or unmarried partner.
- Children under 18 years of age or over 18 years of age who are economically dependent on the holder,
- Ascendants dependent on the holder.
Eligibility requirements for the Investor Residence Visa
- Not to be illegally in Spanish territory
- Clean criminal record from the country of origin.
- Private health insurance.
- Proof of sufficient financial means necessary to cover cost of living during the residency period
Benefits of the golden visa
Residence Visa for Investors is, by far, the most beneficial visa you can obtain in Spain for the following reasons:
- The Golden Visa does not automatically make the holder a tax resident in Spain, so you can continue to pay taxes in your own country.
- It allows the investor’s family members to accompany the investor from the beginning.
- Includes work permit for the investor and his/her family members.
- It allows free travel throughout the Schengen Area.
- No minimum stay is required.
- It allows you to be absent from Spain for long periods without losing your residence permit.
Application for the Residence Visa for Investors
- The investor can apply for the visa at the Spanish Consulate in the country of origin. The deadline will be up to 90 days prior to entry into Spain.
- It is also possible to apply for the residence permit directly in Spain, either personally, or through a legal representative, appointed by means of a power of attorney.
- The resolution period is 10 days for the visa and 20 days for the residence and work permit.
- Once the residence permit has been obtained, the investor and his/her family must apply personally for the Foreigner’s Identity Card (TIE) in Spain.
- The initial residence is granted for a period of 2 years and the first renewal is for a period of 5 years.
One of the greatest difficulties is the presentation of the documentation accrediting compliance with the requirements, which, if it comes from a country outside Spain, must be duly translated into Spanish and apostilled.