How to get the Golden Visa in Spain to obtain the Residency Permits
In order to obtain the Golden Visa in Spain you need to do an investment of 500.000€ or more in real estate. This investment will grant a Family Residency permit.
What is “The Spanish Golden Visa”?
In 2013 the Spanish Government, to stimulate the real estate sector, introduced a law in which was stated that, in return of an investment of 500.000€ or more, people from outside the European Union can get the Spanish Residency Permits. This Residency Law enables non-EU citizens to stablish in Spain and to travel freely in the European Country.
This family residence permit will include both husband and wife as well as any children below 18 years old. As the law requires that each applicant makes an investment, children older than 18 will have to make a second investment.
General reqirements for obtaining the Spanish Golden Visa:
- Regularly on Spanish soil.
- Be older than 18 years.
- No criminal records in Spain or countries lived in during the past 5 years for offenses stipulated under Spanish Law.
- Not listed as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard.
- Have a public insurance or private health insurance with a Health Insurance Institution authorized to operate in Spain.
- Have sufficient financial resources for yourself and for the members of your family during the period of residency in Spain (2.130€ monthly for yourself and 532€ for every family member that is in your care)
- Pay the fee for the processing of visa. (60€)
Note that the applicant must prove the acquisition of the real estate property by means of certification containing information of the dominion and taxes of the Land Registry that corresponds with the porperty. This certification has to be issued within 90 days preceding the presentation of the application of the Residency Visa.
Other ways of obtaining the Residency Visa for investors:
However, an investment of 500.000€ in Real estate, is not the only way to obtain the Investor Residency visa. Any of the following investments are valid:
- Investing at least 2.000.000€ in Spanish Treasury bonds
- Investing at least 1.000.000€ in shares of Spanish Companies
- Depositing at least 1.000.000€ in Spanish bank accounts
- Investment of 500.000€ in real estate in the Spanish territory
This new law is made for individuals whose main residence would not be Spain. Compared with the common way of obtaining the visa, this golden visa allows the investor to travel to Spain only once during the validity of the visa, while before it was necessary to stay at least six months in the Spanish territory.
It is possible to renew the Spanish investor visa after one year, and once five years have passed, it is possible to obtain a permanent residence or even the Spanish citizenship after a period of 10 years.
Can I ask for a mortgage and still be applicable for a Golden Visa?
There are other concerns about applying for the Visa, for example: a mortgage can be requested but only for the excess above 500.000€. It is compulsory that a minimum of 500.000 is invested without any loan or mortgage (weather national or foreign). VAT is also excluded, meaning that if you are purchasing a property, the price before taxes must be 500.000€ minimum.
Note that this proposal is not retro-active, meaning that if you had purchase a property over 500.000 before this law was published, you can’t benefit from it.
From Andalucia Realty, we will guide you in the process of finding a property that fulfills all your requirements and needs, and our expert lawyers will help you getting the investor visa if you wish so.