Spanish Golden Visa is an investor type residence which was introduced in Spain in 2013 to attract capital into the country by letting foreigners invest in financial and real estate assets. The program is addressed at all non-EU citizens who are willing to make a substantial investment in Spain.
The following types of investments are defined by the Spanish government as significant investment of capital:
- Investment in public debt for a value equal or greater than two million euros
- Investment in the shares of Spanish companies, investment funds or bank deposits worth of one million euros or higher
- Acquisition of Spanish real estate valued at a minimum of 500,000 euros or higher per each applicant
- Development of the Entrepreneurial project on the Spanish territory which would create jobs and impact positively country’s social-economic level as well as support scientific and technological innovation
In return the investors are granted with a residence permit which allows them and their family members to reside and work in the territory of Spain. Such residence permit through investment has acquired a common name of Golden Visa
There are two main types of permits:
- Visa is applied for by those outside of Spain, in the Spanish Embassies and Consulates in the applicant’s country of origin. Visa is granted for the period of 1 year during which its holder can reside and work in the territory of Spain. Once the year has passed and the applicant wishes to remain longer in Spain, the Authorisation of Residence should be applied for locally in Spain.
- Authorisation of Residence is applied for by those who are being legally in Spain, for example on a travel visa or those who have obtained a Golden visa first. This type of residence permit is issued for 2 years and allows its holder to legally reside and work in the territory of Spain. All procedures of applying and further renewing the investor residence permits in Spain are handled by the Unit for Large Companies and Strategic Economic Sectors in Madrid.
Among the main requirements, apart from presenting the proof of the required level of investment, the applicants also need to have a comprehensive health insurance, as well as possess sufficient economic funds to support themselves and their families.
Golden visa and investor residence offer various advantages to its holders, who as we said before, can only be non-EU citizens:
- Very efficient procedure, the applications are reviewed and resolved very quickly
- The right to reside and work in the whole territory of Spain
- The holders of Visa can live and work legally in Spain for 365 days without the need to obtain TIE residence cards.
- The initial residence (Authorisation of Residence) is granted for 2 years (not for 1 year as many other types) and when renewed – a 5-year residence is granted
- Ability to bring direct family members: spouses and legal partners, children as well as other dependants (e.g. dependant parents and/or grown-up children)
- Visa free travel through Schengen states
- No need to apply personally, the applications can be made through a representative
Most popular form of investment to obtain Golden Visa and Investor residence in Spain has been and remains in the real estate. There are no limitations as to what type of property can be purchased, residential or commercial, land or building in construction, for own use of for renting out. It can also be one or several properties, as long as the minimum investment limit of 500,000 euro per each applicant is met.
Although the procedures and the documents requirements are explained online, it is always advisable to hire professionals to assist with the procedure of applying for Golden visa and Investor residence in Spain, especially if this is your first application. Depending on the type of investor residence you are applying for, we at Malaga Expat would be happy to assist you either ourselves or through our verified network of professional collaborators.