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The Golden Visa or residence authorization for investors is a residence permit that is currently contemplated in the legislation of several countries, including Spain.
At present, due to various reasons such as the economic insecurity affecting some countries or the ease that this permit grants to those who wish to obtain the Spanish Passport, we are facing an increase in investments and applications for the Spanish Golden Visa from South American countries, including Ecuador.
By this means, Ecuadorian citizens who make an economic investment in Spain -as long as it is one of those legally provided for and the investment reaches the minimum amounts required- will be authorized to reside and work in Spanish territory.
Types of investments allowed to access the spanish Golden Visa from Ecuador
As we have seen, the main requirement for Ecuadorian citizens who intend to reside and work in Spain, or simply to have this permit for the purposes that are most advantageous to them, is to make a significant capital investment in the country.
In this regard, Law 14/2013, on support for entrepreneurs and their internationalization, admits the following modalities, with their respective amounts:
1. Initial investment for an amount equal to or greater than:
- 2 million euros in Spanish Public Debt securities.
- 1 million 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 institutions.
2. Real estate investment with a value equal to or greater than 500,000 euros, which amount must be free of liens and encumbrances.
3. Business project to be developed in Spain and which is considered and accredited as being of general interest. To access the Golden Visa in this way, circumstances such as the creation of jobs with the project, that the investment has a socioeconomic impact of relevance in the geographical area in which the activity will be developed, or the degree of contribution to scientific and/or technological innovation will be assessed.
Is family reunification from Ecuador allowed?
The answer is YES. This permit, among many other advantages, will allow Ecuadorian citizens who apply for the Spanish Golden Visa to regroup their family members together with their application. In this way, the rights of the holder can be extended to the members of the family they wish to regroup.
In addition, this permit, as part of those included in the Entrepreneurs Law, is particularly generous in this regard, as it contemplates the possibility of regrouping the following members of the investor's family:
- The spouse or person with analogous relationship of affectivity
- Minor children
- Children of legal age, provided that is proven that they are economically dependent on the holder, and that they have not constituted a family unit by themselves
- Dependent ascendants, when joining or accompanying foreign nationals
Benefits for the Golden Visa Holder
On the one hand, its expedited processing is one of the great benefits of the Spanish Golden Visa. The Large Companies Unit - the body in charge of granting these applications - has a maximum period of 20 working days to issue a resolution. Moreover, if this period elapses without an express resolution, the permit is automatically granted.
On the other hand, it is a permit that does not require the effective residence in Spain of its holder for its maintenance, but it is sufficient to keep the investment and enter the country for at least one day a year during the validity of the permit.
In addition, the duration of the permit is another advantage, since it is extended for 3 years, renewable for successive periods of 5 years, as long as the initial investment is maintained, or when it is modified to another of the alternatives provided for in the law.
For Ecuadorian nationals, as non-EU citizens, another great benefit is that the Golden Visa allows its holder to move freely within the Spanish territory, as well as throughout the European Union, for the duration of the validity of the residence permit, and under the same conditions as European citizens.
Finally, access to Spanish nationality by residence may be one of the most attractive advantages of this permit for Ecuadorian nationals.
How to obtain spanish nationality with the GV if you are a national of Ecuador
According to the provisions of our Civil Code, in order to obtain a Spanish passport through residence, 3 requirements must be met:
- legal residence, continuous and inmediately prior to the application;
- good citizenship and;
- sufficient degree of integration into Spanish society.
Regarding the requirement of legal and continuous residence, the permit granted by the Golden Visa of Spain allows accrediting such residence.
In addition, Ecuadorian nationals have a reduced period of 2 years of residence in Spain to obtain nationality, in contrast to the general period of 10 years that applies in most cases.
However, although in order to maintain this permit it is only necessary to remain in Spain for one day per year, if the purpose is to obtain Spanish nationality, the interested party must remain in Spanish territory for a minimum of 183 days per year.
It should be noted that, by residing for such time, there is a risk of also acquiring tax residency in Spain.
Lawyer in the International mobility area