The “Golden Visa” is a residence visa issued to non-European foreigners (and their families) who invest in real estate in Spain.
All about the Golden Visa in Spain
The Golden Visa, the key for Europe
With the implementation of Law 14/2013, as of September 27, 2013, with assistance to entrepreneurs who are international now makes it possible to grant a residence visa and then a residence permit to non-EU foreigners (nationality outside the European Union) who perform real estate acquisitions in Spain for an amount exceeding € 500,000.
This is a little known law which is an excellent opportunity for non-EU foreign investors seeking both a good investment and the opportunity to own property and gain residency of Spain with their families.
In the rest of the article, we answer all the questions you may have.
12 questions about Golden Visa … and their answers
1. WHAT ARE THE BENEFITS OF GOLDEN VISA?
Whatever their nationality, Golden Visa holders can:
- reside in Spain
- work in Spain
- circulate freely in all Schengen Treaty countries for a maximum of 90 days every 6 months without having to apply for an additional visa
2. WHAT IS THE AMOUNT TO INVEST?
The Golden Visa candidate must make a minimum investment of € 500,000 through the acquisition of one or more properties in Spain. The 500.000 € must be net of expenses, that is to say without counting the taxes, taxes or expenses related to the purchase (according to the region in Spain, it is necessary to count from 8 to 13% on the value of the property acquired ). The purchase must also be made without recourse to a loan or a mortgage.
3. WHAT TYPE OF PROPERTY MEETS THE REQUIREMENTS?
Any type of property in Spain is eligible for this visa: housing intended for principal residence, in secondary residence or rental investment, commercial space or office.
The property can also be bought in co-ownership, each of the investors bringing 500.000 € will be able then to obtain the Golden Visa
4. WHO SHOULD MAKE THE REAL ESTATE PURCHASE?
The real estate purchase must be done by the applicant as a natural person but he can also do it through a business. In this case, he must have the majority of the shares and be able to decide on the appointment and dismissal of the members of the Board of Directors. Moreover, the company must not be in a tax haven.
5. WHAT ARE THE OBLIGATIONS OF THE GOLDEN VISA APPLICANT?
- Being older than 18
- No criminal history over the last 5 years
- Never have had a refusal to enter a “Schengen country” or in any country with which Spain has entered into immigration agreements
- Not to have entered or to have stayed illegally on Spanish territory
- Have an NIE (Identification Number of Foreigners)
- To have contracted public or private medical insurance to cover his stay and that of his family in Spain, even if he decides not to reside there. Even if he has the right to work in Spain, the Golden Visa applicant must have sufficient financial means to meet his needs without working (and also for his family, if any). “Sufficient means” means a monthly bank deposit of € 2,130 per month of stay in Spain for him and € 533 per month for each member of his family
6. WHAT PEOPLE BENEFIT FROM THE BENEFITS OF GOLDEN VISA?
Apart from the buyer of the property, the other people enjoying the benefits of Golden Visa are:
- her husband
- his wife
- his minor children
- the adult children if they are economically dependent
- her and his parents if they are also economically dependent
7. WHAT IS THE VALIDITY OF GOLDEN VISA?
As long as you keep one or more properties for a value of 500.000 € in Spain, you benefit from Golden Visa. In practice, the first year you have a residence visa, the two following years of a residence permit, which is then automatically renewed every 5 years.
8. DO THE GOLDEN VISA HOLDER AND HIS FAMILY HAVE TO STAY IN SPAIN?
The holder of a Golden Visa and his family have no obligation to stay in Spain. There is no minimum stay requirement.
9. IS THE HOLDER OF GOLDEN VISA CONSIDERED AS SPANISH TAX RESIDENT?
There is no obligation for the holder of a Golden Visa to be a tax resident in Spain if he does not reside there. It will nevertheless have to pay in Spain the taxes corresponding to investments made or income earned (rental income resulting from the rental of property for example) in Spain.
If the visa holder decides to live in Spain, he is then subject to resident taxation.
10. WHEN TO APPLY?
Normally the request is made after the real estate purchase. A procedure can be implemented during the purchase but it is very hard to accomplish at this point and we do not recommend it.
11. HOW LONG DOES THE PROCEDURE LAST?
To obtain the Golden Visa, it takes approximately one month after the filing. But it is more often 2 to 3 months after the date of the acquisition of real estate because the requested documentation is important and it must be translated and certified.
Tip: Prepare the requested documents in parallel with the purchase procedure. In this way, as soon as you have bought, you can file the visa application file.
12. WHO CAN HELP YOU OBTAIN A GOLDEN VISA?
The process of obtaining the Golden Visa is complex and very administrative (translation and certification of many documents), but, if you trust us, we can (1) advise you and accompany you for your real estate investment and (2) get your visa at most 1 month after the date of acquisition.
We are at your disposal to assist you in obtaining a Golden Visa for you and all members of your family who are entitled. This visa will allow you free access in all European countries of the Schengen Area. Do not hesitate to contact us for more information. spainpurchase.com or review our article on how we can help you through the process: Real Estate Advisor
With more than 20 years of experience in real estate acquisition procedures in Spain, we are at your disposal to assist you with all the necessary steps from the search for a property to services offered after the acquisition. When you are buying a home in Spain we help with organizing the visits of properties, the legal verification of the properties, the obtaining of a mortgage, the administrative procedures and the signature of the different notarized documents.
Do not hesitate to contact us!
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