Spanish Golden Visa
The Spanish Parliament passed a new law (Law 14/2013) on September 30th 2013. The law aims to promote new business schemes within an international reach. It regulates how to gain a residence permit when investing in Spain.
Non-European citizens could be allowed to obtain the said permit (permitting them to move within the 26 country Schengen zone), under the law. This applies to whenever they are prepared to perform a substantial capital investment in Spain.
Only certain types of investment qualify in these circumstances. They are the following:
(1) Real Estate investments to a minimum amount of 500,000.00 EUR (per person, excluding loans/mortgages).
(2) Investments in Spanish Public Debt or in Spanish companies. When investing on Spanish Public Debt, the minimum amount is 2,000,000.00 EUR; when investing on shares of Spanish Companies, the minimum amount is 1,000,000.00 EUR.
(3) Investment in Projects that could be deemed to be of public interest.
The original visa remains valid for one year and can be extended and renewed as residency every two years. The prerequisite for renewal is that the person is under the same conditions as when they first obtained the visa. They must also have travelled to Spain at least once during the first year of residency.
Applicants must also meet all other requirements for becoming resident, such as holding public or private health insurance, having appropriate resources for themselves and their family as well as being able to show a clean criminal record.
In principle the minimum real estate investment is 500.000 EUR per person for a residence permit. However, in the case of a family, further investigation should be performed to show the head of the family is able to financially support the rest of the family (spouse and children under 18) through a Sponsorship letter.
Purchase of real estate can be achieved through an investment company vehicle, providing the company is not incorporated in a tax haven jurisdiction. Also, the applicant for the residence permit holds the voting majority rights. They are therefore entitled to appoint the majority of the members within the Board of Directors.
The application for the Residence Visa must be submitted to the competent consulate of Spain in the country where the foreigner lives and the following general procedure will be needed:
- Investment in Spain and registration
- Preparation of application file
- Consulate appointment (home country)
- Immigration Spain
- Spanish Police station
- Collection residence permit