The Golden Visa in Spain, also known as a residency visa by investment, is intended for non-European Union citizens who wish to obtain the right to reside in Spain in exchange for making a significant investment in the country. This visa is particularly attractive to investors, entrepreneurs, and high-net-worth individuals seeking advantages in terms of residency and access to European markets. It is an excellent option for those looking to diversify their investments, enjoy a European lifestyle, or simply secure residency status in an EU country.
General Requirements to Apply for the Golden Visa
To be eligible for the Golden Visa in Spain, applicants must meet a series of requirements that ensure both their economic solvency and their intention to maintain a long-term investment in the country. These requirements can be divided into two main categories: investment requirements and personal requirements.
Investment Requirements
Applicants must make a significant investment in Spain. Options include investments in real estate, financial assets, or business projects. For real estate investments, applicants must acquire real estate properties in Spain with a minimum value of 500,000 euros. This investment can be in a single property or multiple properties, as long as the total value meets the required threshold. The property can be residential, commercial, or a combination of both. For those who prefer investing in financial instruments, there are two main options: investing at least 1 million euros in shares of Spanish companies or in bank deposits in Spanish financial institutions, or investing 2 million euros in Spanish public debt. Investment in business projects is another viable option, especially for entrepreneurs. These projects must meet one or more of the following criteria: generate employment, have a significant economic impact, or contribute to scientific or technological innovation.
Personal Requirements
In addition to investments, applicants must meet certain personal requirements. Firstly, they must not be citizens of the European Union, as the Golden Visa is exclusively for non-EU citizens. They must be over 18 years old and have no criminal record, which is verified through a criminal record certificate from their country of origin and any country where they have resided in the last five years. Additionally, they must have health insurance, either public or private, with a company authorized to operate in Spain. Finally, they must demonstrate that they have sufficient economic means to support themselves and their dependents during their stay in Spain.
Eligible Nationalities for the Golden Visa in Spain
The Golden Visa is available to any non-European Union citizen. This includes individuals from any country outside the European Economic Area and Switzerland. There are no specific restrictions regarding nationality, making this visa accessible to a wide range of individuals globally.
Types of Investments Permitted for Obtaining the Golden Visa
The Golden Visa in Spain allows for various forms of investment, all designed to foster economic growth and job creation in the country. The types of permitted investments are detailed below:
Real Estate Investments
One of the most common ways to obtain the Golden Visa is through the purchase of real estate. This option is attractive to those interested in the Spanish real estate market, as it allows for the acquisition of properties that can be used for residential or commercial purposes.
Financial Asset Investments
For those who prefer investing in financial instruments, there are two main options: investing at least 1 million euros in shares of Spanish companies or in bank deposits in Spanish financial institutions, or investing 2 million euros in Spanish public debt.
Business Project Investments
Investment in business projects is another viable option, especially for entrepreneurs. These projects must meet one or more of the following criteria: generate employment, have a significant economic impact, or contribute to scientific or technological innovation.
Golden Visa Application Process in Spain
The application process for the Golden Visa involves several steps and the submission of a series of documents. It is crucial to follow each step meticulously to ensure a successful approval.
Required Documentation
The necessary documentation includes the completed and signed application form; a copy of all pages of a valid passport; documents certifying the investment made; a health coverage certificate; a criminal record certificate issued by the competent authorities of the countries where the applicant has resided; and documentation demonstrating the availability of sufficient funds.
Steps of the Process
The first step is to make the investment in real estate, financial assets, or business projects. Then, all the necessary documentation must be gathered and submitted along with the application at the Spanish consulate or through the Large Companies and Strategic Groups Unit (UGE-CE). After submission, the applicant must wait for the resolution, as the evaluation and approval of the application can take several weeks. Once approved, the Golden Visa is issued, allowing the applicant and their family to reside in Spain.
Benefits of the Golden Visa in Spain
Obtaining the Golden Visa in Spain offers numerous benefits. It allows for residence in a European Union country, providing access to live and work in Spain. Additionally, it grants mobility within the Schengen Area, allowing for free travel among the countries in this space without additional visas. The Golden Visa also facilitates family reunification, enabling spouses and dependents under 18 to obtain residence visas. Beneficiaries of the Golden Visa can enjoy Spanish public services, including education and healthcare. The visa is renewable and can lead to permanent residence and eventually Spanish citizenship.
Important Considerations When Applying for the Golden Visa in Spain
Taxes and Fiscal Obligations
When considering the Golden Visa, it is essential to take into account certain financial and legal aspects. Residents in Spain are subject to global income tax. It is crucial to understand the fiscal obligations and possibly seek professional advice to manage tax responsibilities efficiently. Additionally, the Golden Visa must be renewed every two years.
Visa Renewal
For renewal, applicants must demonstrate that the investment remains active and meet the minimum residency requirements, such as not having stayed outside Spain for more than six consecutive months.
Should You Consider Applying for the Golden Visa in Spain?
The Golden Visa is an attractive option for high-net-worth individuals seeking to reside in Europe, diversify their investments, or simply enjoy the Spanish lifestyle. However, it is important to evaluate the financial obligations, fiscal implications, and maintenance requirements of the visa. With proper planning and strategic investment, the Golden Visa can offer a secure and beneficial path to residency in Spain and eventually to European citizenship.
If you need legal advice to complete the Golden Visa process in Spain or have any other issues to resolve, please contact our legal department.