After Law 14/2013, dated 27th of September, went into force, a significant number of applications for *visa* or residency in Spain are being filed for non EU citizens, whenever they make a minimum investment of EUR 500,000.00 on Real Estate in Spain. This is commonly known as *Golden Visa*.
In the practice, and after one year since it was implemented, from Manzanares Lawyers we are experiencing that this is actually a swift and flexible process, and many of our clients are already holders of their so called *Golden Visa*.
In fact, what are the benefits of obtaining this new type of residency in Spain?
1.- It is initially granted by a period of 1 year, renewable. During that year, it is not necessary to stay in Spain 183 days (as it is in other types of residency). You only need to visit Spain once.
2.- As a consequence, the applicant can maintain fiscal residency in a different country, as it is not compulsory to become a tax resident in Spain.
3.- Obtaining *Golden Visa* allows the resident to freely travel, without any restrictions, all over the *Schengen Area* countries (e.g. France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden, Switzerland).
4.- Renewal of this visa is simple and quick, as it is only necessary for the applicant to prove that he/she still has the investment in Spain. Renewal is done for 2 years, that can be extended in periods of 2 years.
5.- Together with the applicant, his/her wife/husband and children under 18 can also obtain the visa, and any elderly that depend on them for health reasons.
