Golden Visa Spain: Everything you Need to Know about the Golden Visa Program in Spain

WHAT IS A GOLDEN VISA?

The Spanish Golden Visa or “Visa de Oro” is a special visa for non-EU citizens that allows them to legally reside and work in the country provided they make a significant capital investment in Spain either in real estate, local companies or public debt.

In this article, we will address specifically the obtention of the Golden Visa by the real estate investment path: in this case, an investment equal to or greater than 500,000 euros (free of liens, i.e., not subject to any mortgage or encumbrances) in one or several properties grants the investor the right to apply for a Golden Visa, a fast track to a residence permit in Spain.

GOLDEN VISA SPAIN: BENEFITS

Golden Visas are highly popular due to the many benefits they offer for recipients and their families:

Fast tracked residence permit: with Golden Visas residence permits are obtained quickly, both the first immediate grant valid for one year and its corresponding renewals (at 2 and 5 years, respectively). These visas are given a “preferential treatment” because they are not considered inmigration matters but rather a system that serves to attract significant investment and talent to the country.

There is no mandatory minimum stay in Spain: people who have been granted the Golden Visa have no obligation to reside in the country for a certain amount of time per year to maintain their visa status, nor do they have to establish their habitual residence in Spain. They are free to enter and leave the country as they wish without this affecting their residence or Golden Visa Spain work permit.

Visa holders are not considered tax residents: Golden Visa holders who spend less than 180 days per year in Spain are not considered tax residents and, therefore, do not have to submit the annual non-resident income tax return.

Free movement in the 26 countries of the Schengen area: those who have been granted a Golden Visa in Spain have the same rights to circulate freely in the Schengen States as any EU citizen.

GOLDEN VISA SPAIN: FAMILY MEMBERS BENEFITS

The Golden Visa is granted to the person who makes the investment and to members of their family: their spouse, their underage children (-18 years old), their economically-dependent children (+18) and/or parents of both the investor and/or their spouse, as long as they are also financially dependent on the investor. School-aged children who have been granted the Golden Visa can attend Spanish public schools and newborns obtain a Spanish passport after one year of residing in the country.

HOW TO GET A GOLDEN VISA? GOLDEN VISA SPAIN: INVESTMENT OPTIONS

In 2013, Spain passed the 14/2013 Law to encourage international entrepreneurs to come to the country with the objective of attracting talent and investment to Spain and helping the real estate market recover from the consequences of the crisis.

In said law, it is established that the granting of Spanish visas and residence permits to non-EU foreigners will be facilitated and expedited on the condition that they invest either:

An amount equal to or greater than half a million euros in real estate of any kind. It is not mandatory to acquire a single property for that amount -several can be purchased for a total of €500,000 (for example: an apartment and a garage).

An amount equal to or greater than one million euros in Spanish bank deposits, investment funds or shares in Spanish capital companies, or

An amount equal to or greater than two million euros in Spanish public debt.

GOLDEN VISA SPAIN: REQUIREMENTS FOR REAL ESTATE INVESTMENT

The basic criteria to apply for a Golden Visa via the real estate investment scheme are:

Buy property in Spain for a minimum value of €500,000 unencumbered, i.e., free of mortgages or liens

Submit proof of identity of the investor (passport, etc.)

Submit proof (for example, through bank balances) that the investor has the means to financially support themselves and their family in Spain while they reside in the country

Submit proof that the investor does not have a criminal record in any country

Take out health insurance in Spain

There may be other requirements that will depend on the situation and particularities of each case, but those mentioned above are the general ones that apply to all of those who apply for a Golden Visa in Spain.

GOLDEN VISA SPAIN: APPLICATION

The interested party (or their legal representative if necessary) can apply to the Spanish Golden Visa in their country of origin or in Spain.

If the applicant applies for the Golden Visa in their country of origin, they must go to the corresponding Spanish Consulate and start the process by presenting the Spain Golden Visa Application Form and any other relevant documentation requested. This process can take up to ten days to be finalized and for the applicant to know whether their Golden Visa has been approved or not.

It should be noted that a lawyer specialized in Spanish Golden Visas will be able to start working with you in the process of obtaining it even when you are outside of Spain. As part of my services, I work with English-speaking lawyers in San Sebastián who process my clients’ visas and residence permits, and I can put you in contact with them if the need for legal support arises.

OBTAINING A GOLDEN VISA IN SPAIN

In Spain, the applicant must go to the Unit for Large Companies and Strategic Groups in Madrid, or hire a lawyer specialized in Golden Visas who will present the corresponding documentation and follow-up on the process on their behalf until the visa is obtained. This process can take up to twenty days to be finalized and for the applicant to know whether their Golden Visa has been approved or not.

HOW LONG DOES THE GOLDEN VISA LAST FOR? DOES IT NEED TO BE RENEWED?

Depending on where it was obtained, the Golden Visa will be first granted for either one or two years:

– If the Golden Visa was obtained at a Spanish consulate abroad, it is initially valid for one year, after which it must be renewed for two years and then every five years. Once both the visa and the real estate investment that enabled its obtainment have been maintained for ten years, the investor may apply for permanent residence or Spanish nationality, whichever they may prefer/be eligible to.

– If the Golden Visa was processed and obtained in Spain, it is initially valid for two years, after which it must be renewed for five years and then for another five. Once both the visa and the real estate investment that enabled its obtainment have been maintained for ten years, the investor may apply for permanent residence or Spanish nationality, whichever they may prefer/be eligible to.

HOW DIFFERENT MARRIAGE ASSETS REGIMES CAN AFFECT THE GOLDEN VISA APPLICATION PROCESS

If you are legally married when applying for a Golden Visa, it is important to make a distinction between the economic regime that governs the marriage, since the conditions to obtain the Spain Golden Visa by investment in real estate are different.

If the main applicant (investor) is married under the Profit Sharing regime (Régimen de Bienes Gananciales), a single investment of €500,000 enables both him/her and their spouse to obtain the Golden Visa. It is important to note that it is not mandatory to buy a single property at that value -several ones of lower value can be acquired until the investment of half a million euros is reached.

If the main applicant (investor) is married under the Separation of Assets regime (Régimen de Separación de Bienes), there are two options:

Each spouse must invest at least €500,000 in real estate, or

They must appeal to the Family Reunification figure so that the Golden Visa is also granted to the spouse.

In the case of de facto couples, the situation is a little different and a bit more complicated since the relationship must be proven by various means, for example, children in common. In these cases, it is preferable to have the advice of an expert lawyer in the field of Golden Visas specifically to facilitate the process and guarantee a favorable resolution.

GOLDEN VISA SPAIN: COST

The cost of processing a Golden Visa with the support and advice of an expert lawyer on the subject varies depending on the complexity of the case, the number of people in the family for whom the visa is needed, etc.

In general terms, we could say that the fees of the lawyers who deal with the matter may be between €3,000 and €6,000 approximately.

Remember that a lawyer will watch over your interests to obtain the visa for you and your family and will accompany you in the final stages of the purchase of your home, together with your Realtor/Buyer’s Agent, since the lawyer will supervise and control each step of the purchase process to ensure the viability of the project because… if a property is not purchased, there will be no visa.