Spain implemented the Golden Visa scheme in 2013 in order to support entrepreneurs and internationalisation. These new visas are a great opportunity to make this country your home or residency, especially if you want to invest in property.
Especially suitable for citizens of the UK, USA, United Arab Emirates, India and China
The main aim of the Golden Visa option is to promote the economy in Spain and to support the creation of new jobs and the entry of new talent, because this visa makes it easier for an investor to gain a residency permit through an investment, especially, in a property.
The Golden Visa program in Spain allows different types of investment:
- Invest at least 500.000 € in Spanish Real Estate (mortgage free). This program is very focused on promoting investment in property in Spain.
- Invest 2 million € in Spanish public debts.
- Invest 1 million € in Spanish companies (shares).
- Deposit 1 million € in a Spanish bank account.
- Start a business project in Spain of general interest, which creates employment, contributes to technological and/or scientific innovation or has a socio-economic impact on the local area.
However, there is more to be considered before this visa is granted.
Golden Visa in Spain: main requirements, beyond the investments
There are also some requirements for the Golden Visa in Spain which have nothing to do with the investment itself:
- Being 18+ years old.
- Having public or private health insurance by a company authorised to operate in Spain.
- Disposing of sufficient financial means, covering personal and family living expenses, for residency in Spain.
- Not having been refused entry into any of the Schengen countries.
- Not having entered or stayed illegally on Spanish territory.
- No existing criminal record in Spain, nor in the country of residency of the last 5 years.
In order to obtain a new Spanish Golden Visa, and besides your investment (property or non property related) and other general requirements, you must prove to match one of these profiles:
- Highly qualified professional.
- Employee transferring within the same company or group of companies.
Any of these profiles, however, needs to make an investment in Spain to get the Spanish Golden Visa, of course.
These visas, as you can see, require a very specific situation, but the advantages related to your residency in this country are remarkable. Haven a Spanish Golden Visa means that:
- Grants you entry into the EU (Schengen area).
- Furthermore, the investor can apply for the same permit for their spouse or person -with similar relation of affectivity, minor children or of legal age, whom -financially depend on the main applicant and have not yet formed a family unit, including also dependants in the ascending line.
- You only have to visit Spain once a year in order to maintain the permit, and even then staying for extended periods is not necessary.
- The first residence permit for investors is valid for two years. Once that period has expired, non-EU investors who are interested in residing in Spain for a longer period may apply for renewal of the residence permit for successive 5-year periods, as long as the conditions are maintained.
- You obtain the right to work as an entrepreneur or employee once you've been granted the 2-year permit.
- After ten years, you are given the option to apply for Spanish citizenship.
At Pellicer & Heredia we provide a large range of services for investors. Our professional and dedicated team has many years of experience in legal advice, management, real estate, conveyancing, provision, new visas, property, residency, and investment opportunities for globally-minded investors. Thanks to our expertise and deep local knowledge, we are able to give investors a professional, tailored and reliable service, including the management of the Spanish Golden Visa.
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