The Spanish GV program has gained increased interest from wealthy property investors in US and international investors. The processing times of GV applications are very fast usually within a month, unlike Portugal or Greece, where processing times stretch to more than six months. The Golden Visa allows non-EU citizens to reside in Spain and freedom of movement in the Schengen area. To apply for the golden visa, it is not necessary for the applicant to do so physically in Spain. You can simply designate us as representatives to collect the relevant documentation for the applicant.
Eligible Investments
Type of investment required for the golden visa:
Real estate:
500k on a single property
500k in various properties (house, business, land)
Financial Investment:
Shares of a Spanish company or bank deposits (1 million euros) Public debt (2 million euros)
All family members must have private medical insurance arranged with an insurance company authorized to operate in Spain, full coverage without co-payment and demonstrate that they have the necessary funds to live in Spain without working.
Scope of Law for Property investors
Scope of the law 14/2013 in the acquisition of real estate
The law 14/2013 established in its article 66 that an investor visa may be applied for, with regard to the provisions of article 63 on investor visas, when real estate property is acquired in Spain through an investment equal to or greater than 500,000 euros for each applicant or, if it is made through a legal entity, the residence permit will be granted only to the person with the majority of the company’s shares, and also establishes a special regime for couples married under the community of property regime, that is the only scope of application of the law. Therefore, when a property is acquired by several natural persons who do not form a company, they are not included in that scope.
Law 14/2013 does not contemplate the possibility that several natural persons jointly acquire a property, unless they incorporate a company and form part of a legal person The law has not regulated buying a part of a property, but buying one or more properties, that is, one property as a whole (“the acquisition of real estate properties in Spain”). The possibility of granting an investor’s residence permit based on the acquisition of real estate properties by several individuals is not contemplated.
A Certificate from the Land Register with up-to-date information on ownership and encumbrances, issued no more than 90 days earlier, and deed of sale if the amount of the purchase is not included in the certificate on ownership and encumbrances.
Documentation
In order to process the Golden visa we will need the following documentation:
- Copy of Passport (minimum validity of one year and at least two blank pages) of all applicants including children.
- Curriculum Vitae of the main applicant (this is about his professional life)
- Any documentation that allows us to verify identity and proof of address such as bank statement, electricity bill, water bill, telephone bill..
- Compliance: We need to understand the nature of the client’s activities, so we will need (company registry, property registry, etc.) Important that funds must not originate from tax havens
- Criminal Record Certificate of the country or countries of residence in the last five years, with duly legalized translation into Spanish. His certificate cannot be older than 6 months, unless the certificate itself specifies a longer expiration. For UK Criminal Records submit ACRO Certificate.
Foreign documents must be legalized or apostilled and, where applicable, must be submitted together with an official translation into Spanish.
Please refer to the documents checklist published by authorities
Process
The first step is to apply for the NIE (an administrative number) which is necessary to open a bank account or buy property or do anything in Spain before becoming a resident. The application can be made at the Spanish consulate in the country of residence or it can be done in Spain. Once the applicants have NIE, we will open a bank account in Spain, to be able to make the investment.
Investment visas will be resolved and notified in 10 business days, but the public administration has 30 days to legally resolve in case the applicant comes from risk countries and can request specific information to verify the applicant.
Fees
- €3,000 for the main applicant
- €1500 for the second applicant
- €500 for each child
These fees do not include the costs of notary , taxes ,etc of the real estate investment.
Q&A
What conditions apply under Golden visa law?
The GV Law not apply to citizens of the European Union and those foreign nationals to whom the law of the European Union applies as beneficiaries of the rights of free movement and residence. For residence authorizations, the applicants shall provide evidence of compliance with the following conditions as they are required to:
a) Not be in Spain in an irregular situation,
b) Be over 18 years of age
c) Have no criminal record in Spain or in the countries where they have resided for the past five years, for criminal offenses defined in the relevant Spanish legislation.
d) Not be subject to an alert issued for the purposes of refusing entry in the territorial space of countries with which Spain has signed an agreement in this regard.
e) Have a public or private health insurance policy with an insurance company authorised to operate in Spain.
f) Have sufficient financial resources for themselves and for the members of their families during their residence in Spain.
g) Have paid the visa or authorization processing fee.
What is the difference between investor visa and residence permit?
- An investor visa issued, if you are outside of Spain when the application is submitted through consulate. Visa applications must be made at the Spanish Consulate in the country of origin or residence.
- A residence permit granted, if you are currently in Spain when submitting the application. Residence permit applications must be made at the Large Business and Strategic Groups Unit (Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE)).
Can the investment be made through a legal entity?
Yes, provided that it is domiciled in a territory that does not have the status of tax haven in accordance with the Spanish law, and the applicant must have a majority of its voting rights and have the power to appoint and dismiss the majority of the members of its administrative body. To prove this, the applicant must request a report from the General Directorate of Trade and Investments. You should also submit also a favorable report about the legal person from the DGCOMINVER.
Can family members join or accompany the investor?
Yes. Family members who accompany or join the investor may apply jointly and simultaneously or successively for their residence permit and, where appropriate, for their visa Family members are:
• The spouse or unmarried couple.
• Children who are minors or those of legal age being financially dependent on the holder.
• Parents in their charge.
Can holders of an investment visa freely travel to any EU State?
Foreigners holding a long‐stay visa or a residence permit issued by one of the Member States may, under that permit and with a valid travel document, circulate freely for no more than three months in any six‐month period, w
What is the validity of residency issued under GV law?
- Real estate assets not formalized: visa/residence permit: 6 months.
- Visa: 1 year.
- Residence permit: 2 years
- Renewal of the residence permit: 5 years.
The initial investor residence permit will have a length of validity of two years without prejudice to the provisions of article 66 for non-formalised purchases of property. Once this time period has expired, those foreign investors wishing to reside in Spain for a longer period of time may apply for the renewal of the residence permit for successive five-year periods, provided the conditions generating the right are maintained.
Renewal do not require effective residence in Spain.
Can i work in Spain with the golden visa?
Yes, you may live and work anywhere in Spain, including relatives if they meet the expected age labor regulations.
What are the processing times ?
All GV applications go through Streamlined processing: Visa decisions are made and notified within 10 working days. Residence permit decisions are made within 20 working days.
Which requirements must I meet to obtain a long‐term residence permit?
The general requirements set forth in the Regulation of Organic Law 4/2000 must be met in order to obtain a long‐term residence permit. The most common case is to have resided legally and continuously in Spanish territory for five years. The residence will not be affected by absences from the Spanish territory of up to six continuous months, provided that the sum of these does not exceed a total of ten months (or one year if the absence is for employment‐related reasons) within five years, except if the applicant left the territory in an irregular manner.
Can the residence permit holders switch to other category?
Yes, it is possible, as long as the requirements to modify a permit established by the Regulation of Organic Law 4/2000 are met.
What is meant by public or private insurance?
During his residence in Spain the foreigner must have coverage, either of public or private health insurance. There is no requirement to prove coverage when there is a prospect that the foreigner (as well as his family) will be insured by the National Health System, by registering with Social Security as a result of an employment contract or a professional relationship. public or private health insurance must be arranged with an insurer authorized to operate in Spain, for coverage equivalent to that of the National Health System and for the duration of its permit or for at least one extendable year (travel insurance is not valid).
Do each family member need to invest separately under Golden visa Law 14/2013?
No additional investment is required for each family member.
Can i appeal a visa refusal?
Visa refusals will always be notified in writing, setting forth the grounds on which the decision adopted was based. If a visa is refused, the applicant may submit an appeal for reconsideration to this Consular Office within 1 month of the day following the date on which notification of the refusal is received. The appeal addressed to the Visa Department must be posted by Royal Mail or other courrier service provider to this Consulate. An application for judicial review may also be filed with the High Court Justice of Madrid within the 2-month period beginning the day after the date on which the applicant receives notification of the visa refusal or of the dismissal of the reconsideration appeal.
Please contact us for more information.
