Spain has introduced a Golden Visa programme, which aims to spur the economy. The country’s high standard of living makes it an attractive option for relocation. Spain is increasingly a potential candidate for investments for enterprises and families. The Spanish Golden Visa rewards such investors.
Who can get the Spanish Golden Visa?
Foreigners making a significant capital investment in Spain are eligible to apply. There are several investment options for the Spanish Golden Visa programme. To apply, you may choose to invest at least €500,000 in real estate. The real estate can be one single unit or several. Or you can invest at least €2,000,000 in Spanish government bonds, or €1,000,000 in stocks or shares in Spanish companies undertaking actual business activities, or in investment or venture capital funds incorporated in Spain, or in bank deposits in Spanish financial institutions.
In addition to the financial requirements, applicants must be at least 18 years of age, possess a clean criminal record and a health insurance policy.
The Golden Visa, also known as an Investor visa, has been gaining popularity. The application process is particularly reputed for its speed and simplicity.
Spanish Golden Visa application process
Following the purchase of real estate worth at least €500,000, you will receive a multiple entry Golden Visa which is valid for one year. Within that year, you must go to Spain in person to apply for the two-year residence permit. Although you do not need to live in the country with your family to maintain your residency permit, you must visit Spain in order to renew your permits.
Due to legislative changes in recent years, nationals from a select few countries, former Spanish colonies, are able to qualify for Spain’s fast-track citizenship process. These requirements include the need to travel every few months, or eight times in total, to Spain within two years. These residency requirements for citizenship can be met thanks to Spanish Golden Visa benefits.
Fees vary and must be paid in local currency. You can find further information on consular and embassy websites.
Documents required for the Spanish Golden Visa
A full and complete list of Spanish Golden Visa rules can be found on consular and embassy websites. Just like for most administrative formalities, you will be required to submit a completed and signed Spanish Golden Visa application form; a recent, passport-size, colour photograph; the original and a photocopy of the page or pages of your passport, valid for at least one year; and a criminal record check certificate obtained in the last three months.
Additionally, Spanish Golden Visa applicants, including UK citizens, must present documents accrediting their investment, such as a declaration of investment or a certificate from the National Securities Market Commission (CNMV) or Banco de España. The applicant must be the sole owner of the investment for a period equal to or exceeding five years. The investor must have sufficient financial means, or a regular source of income for themself and accompanying family members, and a public or private health insurance policy.
Finally, you must show proof of your legal residence in the consular district and pay the visa fee. It is worth noting that foreign documents must be legalised or apostilled and submitted with a sworn translation into Spanish. Do not forget to bear this in mind when calculating timelines and costs.
The Spanish Golden Visa benefits
A key advantage of the Spanish Golden Visa is that there is no minimum period of residence imposed by government legislation. As a Spanish resident, you have the option to start a business in Spain.
With these visas you get the residence permit with preferential treatment, both the first one-year permit and to process renewals every two years. The residence allows free movement in the rest of the European countries in the Schengen area. The Golden Visa allows for family reunification, which means that not only for the person making the investment but also for their spouse and for children under 18.
On Spanish Golden Visa tax implications, the visa gives the option for the holder to maintain their legal tax regime outside of Spain. If you are not a full-time resident in Spain, then you do not need to pay income tax. You are considered a resident only if you live here for more than half the year. Bear in mind that regardless of your residence status, if you have purchased a property in Spain, you still have to pay the relevant municipal and rental income taxes.
If you are ready to embrace Spain and its Golden Visa programme, do not hesitate to contact Breezom. We collaborate with independent legal teams that have ample experience in visa processes. Once the acquisition is on track our solicitor can assess you to complete the visa procedures.