Spain’s Golden Visa (also known as the Investment Visa) is a residency visa for non-European citizens who make one of a selection of investments, which we will get into in more detail later in this blog post. In Spain it was established in 2013, as well as a similar scheme being available in Malta, the UK and Portugal to name a few. China and Russia are the two countries in which the permit has been the most popular by far, although other countries also feature.
The main objective of the Golden Visa is to attract foreign investors to buy property or make other investments in Spain, in return for an easier route to obtaining a residence permit. The permit has a duration of two years, during which the holder legally resides in Spain. After these two years, a renewal can be requested, which will then be valid for a duration of five years once accepted. The visa holder must be able to prove that he/she is still in possession of the initial investment before the visa is renewed. As the Golden Visa is a route to attaining Spanish citizenship, holders who legally reside in Spain for ten years then are eligible for full citizenship.
Why should I consider the Golden Visa? As with other residency permits, the visa allows you to move freely through all 26 Schengen countries in Europe. It also makes the process of getting visas for your spouse and children more flexible, as well as making access to public schools accessible. Another bonus is that any newborns born in Spain will automatically obtain a Spanish passport.
How exactly do I get the Golden Visa? The main way is through real estate, in fact 95% of Golden Visa holders obtained it through a real estate purchase or investment. To qualify for this route, the investor should make an investment of a minimum of 500.000€, however, this sum does not need to be invested in a single property. It is also important to note that as a Golden Visa resident in Spain, you will be liable for taxes on your assets.
Apart from real estate, three other investments will qualify an investor for a Golden Visa. The investor can show proof of buying shares to the value of €1 million at a Spanish company or in bank deposits. Another route is to invest €2 million in the Public Debt of Spain. Lastly, entrepreneurs can start a business and show proof that the business will be of ‘general interest’.
What paperwork will I need for the Golden Visa?
The investor will need to provide the certification of domains and charges of the Land Registry, and the deed of sale of the purchased assets. Alongside this, proof of a clean criminal record, health certificates and financial resources must also be provided.
The application is initially made in the investor’s home country at the Spanish consulate and within approximately 20 days, an answer should be given. At this point, all that is still required is a Tarjeta de Identidad del Extranjero (TIE for short) and for fingerprints to be taken at a Spanish police station, for which a tourist visa will be needed.
Still unsure? If this sounds good but you are still doubting whether or not a Spanish Golden Visa is right for your, give Marbella Hills Homes a call and we will walk you through it and give you our advice on how to proceed.