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The Golden Visa, also known in some countries as "Visa Dorada", is a residence authorization for foreigners from outside the European Union who make a significant capital investment in Spain. Argentina is one of the countries whose investors show more interest in this Spanish visa.
The intention of gaining access to European citizenship through Spanish nationality - due to the benefits that this can bring for a non-EU citizen -, sometimes the effect of economic and political uncertainty factors, all this together with the fact that Spain has dual nationality agreements with many Latin American countries, have led to an increase in applications for this permit from nationals of Central and South American countries, in particular.
What are the advantages for argentine nationals holding a golden visa in Spain?
The Argentinean citizen who holds the Spanish Golden Visa will be entitled to reside and work freely in Spain from the moment he/she obtains it, but is not obliged to reside in the country if he/she does not wish to do so, not even for the purpose of maintaining the validity of the permit.
In fact, both to avoid the loss of the permit and to ensure its renewal, there are only two requirements: to remain in Spain for one day a year for the duration of the permit and to keep the investment made.
For Argentine nationals interested in this permit, as non-EU citizens, one of the major advantages to be taken into account is that the Golden Visa allows free movement within the Spanish territory, as well as within the Schengen territory, for the duration of the validity of the residence permit, and under the same conditions as European citizens
On the other hand, the holder of the Golden Visa will be able to benefit from the regrouping, together with his application, of the members of his family who are going to accompany him, whose permissions will thus be linked to the investment he makes.
The family members who may be reunited from Argentina with this permit are the following: the spouse or person with analogous relationship of affectivity, minor children, adult children, provided that it is proven that they are economically dependent on the holder and that they have not constituted a family unit by themselves, and, finally, dependent ascendants, when they join or accompany the foreigners.
What is the duration of the Golden Visa?
First of all, this permit is processed in an expedited manner. The Large Companies Unit, the body in charge of granting these applications, has a maximum period of 20 working days to issue its resolutions. The expiration of this period without an express resolution determines the automatic granting of the application.
As for the duration of this Spanish golden visa, it will be 3 years from the date it is obtained, and may be extended or renewed for successive periods of 5 years.
For the renewal of this residence authorization, it is required, fundamentally, the maintenance of the investment requirements initially accredited at the time it was granted.
Which investments are elegible for the Golden Visa?
Argentine citizens interested in obtaining the residence permit for investors, either to reside and work in Spain, or simply to have this permit for the purposes that are most advantageous to them, must make an investment, from among the following, which are those contemplated by Law 14/2013, of support for entrepreneurs:
- 2 million euros in Spanish Public Debt securities.
- 1 millillion euros in shares or equity interests in Spanish capital companies with a real business activity.
- 1 million euros in investment funds, closed-end investment funds or venture capital funds incorporated in Spain.
- 1 million euros in bank deposits in Spanish financial entities.
- 500,000 euros in real estate investment, which must be free of liens and encumbrances.
- A business project to be developed in Spain that is considered and accredited as being of general interest.
How long should the investment be maintained?
According to current legislation, investors have the duty to maintain the conditions that gave them access to their visas or authorizations during the period of validity of the same.
In spite of this, the fact remains that the type of investment may be changed to another of those provided for in the Entrepreneurs Law, provided that the authorities are notified of the change within a period of 30 days.
Obtaining Spanish nationality with the Golden Visa as a national of Argentina
Possibly the most interesting advantage for nationals of Argentina is the fact that the Golden Visa is a residence authorization that can be used for access to Spanish nationality through residence.
In this regard, according to the provisions of the Civil Code, the following requirements must be met in order to obtain Spanish nationality through residence:
- legal residence, continuous and immediately prior to the application;
- good citizenship and;
- sufficient degree of integration into Spanish society.
As for the requirement of legal and continuous residence, the permit granted by the Golden Visa allows accrediting such residence. In addition, and in spite of the fact that the general term of residence to obtain the Spanish nationality is 10 years, the citizens of Argentina have a reduced period of 2 years, by virtue of the corresponding agreement that this country has signed with Spain.
What is relevant in this case is that in order to obtain Spanish nationality, the interested party is required to remain in Spanish territory for a minimum of 183 days per year and, during this period, there is a risk of also acquiring tax residency in Spain.
That is why it is always preferable to contact a lawyer to develop the strategy to follow according to the specific needs of each particular case. Contact our professionals here.
Lawyer in the International Mobility area