Given the easy and fast application process of a Spanish Golden Visa, this post will provide an answer to those possible questions arising when thinking of getting one. Living and working in Spain along with your family members with no need of entering the country more than once a year makes Golden Visa one of the most common options to get a Spanish residence permit.
Since its entry into force back in 2013, Golden Visa has undergone a continuous growth and Spain became one of the most selected countries for real estate investment, which is directly associated to this type of visa.
With that in mind, it seems necessary to clarify all the questions emerging in the application process. Needless to say that we need to get familiar with all the requirements to be met in order to know if we are in one of the several situations to be eligible.
Therefore, should you be thinking of investing in Spain and applying for a Golden Visa, this post will answer the most frequently asked questions.
1. CAN I GET THE SPANISH INVESTOR VISA IF I AM IN SPAIN?
Yes, as long as you are legally in Spain (either short-term stay as a tourist, or holder of a student or residence permit). Should this be your case, you can directly apply for your permit at the Large Companies Unit (UGE) with no need of a previous application for an investor visa.
2. DOES THE 500,000€ REAL ESTATE NEED TO BE ONE SINGLE UNIT OR CAN IT BE THE ADDITION OF SEVERAL?
You can get the investor visa if you purchase a real estate worth 500,000€. It can be one single unit or several with an overall worth of, at least, 500,000€. It is crucial that such amount is free of charges and encumbrances.
3. IS THE REAL ESTATE PURCHASE THE ONLY WAY APPROVED OR DOES OUR LEGAL SYSTEM ACCEPT ANY OTHER FORMS OF PROPERTY ACQUISITION?
Since the Law entry into force in 2013, this has been one of the most frequently asked questions. The term “significant investment” is not accurately defined in the regulation, thereby creating a wide range of inquiries in this regard.
According to the interpretation carried out by the administration concerning “significant investment”, real statement purchase was the only way accepted.
Nonetheless, since September 23rd, 2020, the Supreme Court established the new housing development would also be valid.
In short, we could say the purchase of real estate consisting of one or several units amounting to 500,000€ will perfectly be admitted and so will the purchase of a land to build a new house.
Thus, a declaration of new buildings, properly registered at the Property Registry is also included in what the Law 14/2013 September 27th , de Apoyo a Emprendedores y su Internacionalización requires for the visa granting process.
4. WHAT FAMILY MEMBERS CAN BE INCLUDED ON THE SPAIN GOLDEN VISA? IS THE SAME INVESTMENT REQUIRED FOR THEIR APPLICATION?
On the Spain Golden Visa, you can include the following family members:
- Spouse or common law partner.
- Children under 18 or children of legal age but economically dependent on the holder.
- Dependent elderly parents.
An additional investment is not required for each family member as long as the holder proves to have sufficient financial means as to sustain the family. Furthermore, every member has to be covered by a health insurance.
5. BESIDES THE INVESTMENT, WHAT FINANCIAL MEANS ARE REQUIRED FOR THE APPLICATION OF THIS VISA?
Holder: 400% of IPREM (Multiplier for the Public Income Index), which approximately amounts to over 2,200€.
Each family member: 100% of IPREM, around 564€.
In order to prove these financial means, the new requirements established that any legal means shall be accepted, which allows presenting a bank account or any other document we deem appropriate. Do not forget it must be for the holder and for any other family member intending to be included.
6. CAN THE INVESTMENT BE PERFORMED THROUGH A LEGAL ENTITY?
Yes, it can be performed as long as their established residence is not in a country considered as tax haven in accordance with the Spanish legislation. Moreover, the applicant has to hold the majority of their voting rights and the authority to appoint and dismiss the majority of its administrative body members.
7. CAN I WORK IN SPAIN WITH THE INVESTOR VISA?
Yes. One of the greatest advantages of the Spanish Golden Visa is the possibility of working either for somebody else or as self-employed. There is no need of applying for an additional permit, and what is more, passing the national job-market situation is not required.
8. IF MY INVESTMENTS WERE PERFORMED BEFORE 2013, COULD THEY BE CONSIDERED IN THIS VISA APPLICATION?
No. Only investments performed after the Law came into force are valid, i.e., September 28th, 2013.
9. HOW LONG IS THE SPANISH GOLDEN VISA VALID?
Many people wonder if the initial Golden Visa is valid for one or two years.
In the event that the application is processed abroad, it shall be valid for one year. Once the visa is granted, the confirmation of the residence permit could be applied for at the Large Companies Unit (UGE) and then, the two-year permit would be granted.
10. CAN I LEAVE SPAIN ONCE THE GOLDEN VISA IS ISSUED?
Yes. You can enter and leave the country as often as you deem appropriate as long as your residence permit and passport are valid. In fact, no actual address in Spain is required. This is one of the most interesting privileges of this visa.
With regard to the actual address in Spain, you need to stay for a mandatory period of time in the country and not to leave for too long in order to renew all the residence permits (not included in the Law 14/2013). Such period shall vary depending on the type of permit, which forces you to live in Spain for some time.
11. WHAT MOBILITY DOES THE SPANISH INVESTOR VISA ALLOW?
This visa allows free mobility in the so called Schengen zone, which includes: Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Switzerland and Sweden.
12. DO I NEED TO MEET THE INITIAL REQUIREMENTS WHEN APPLYING FOR A RENEWAL? HOW LONG IS THE GOLDEN VISA RENEWAL VALID?
Yes. Meeting the same requirements established by law and keeping the investment is necessary in order to renew the permit.
After the two first years, if you keep the requirements, you shall be able to renew the Spanish investor visa and it shall be granted for five years.
13. CAN I GET SPANISH CITIZENSHIP BY INVESTMENT?
In accordance with article 29.1, Organic Law 4/2000, January 11th (hereinafter referred to as Immigration Law), “foreigners shall be in Spain in the situations of stay or residence.”
Foreigners in situation of stay are tourists and students. These shall never aim for the Spanish citizenship by residence, as their situation is a stay.
On the other hand, any person who was granted the Golden Visa is perfectly eligible for the Spanish citizenship, since they have been in a situation of residence. Therefore, they comply with article 22.1 Civil Code for the citizenship acquisition.
We must bear in mind that, in order to get the Spanish citizenship, it is necessary to live legally and continuously in Spain. For this reason, should the main goal be applying for the Spanish citizenship, the minimum residence period of 183 days a year has to be complied with.
In the case of Ibero-American people, they could apply for it two years after their Spanish investor visa was granted.
Although this Investor visa is the best way to live in Spain, we must point out that the Foreign Affairs authorities are strict and we must meet each and every single requirement established by law. That said, once the questions regarding Visa and the application situations are clarified, personal and appropriate advice from specialized lawyers is undeniably necessary to correctly apply. Do not hesitate to contact us.
Lawyer at Labor Department