What is the Golden Visa of Spain?
Spain's Golden Visa program, or residence for investors in Spain, represents a special type of residence permit designed for citizens from countries outside the European Union who wish to make a significant investment in Spain with the purpose of relocating and obtaining residency.
This residence permit allows you to live and work in Spain initially for a period of 3 years, with the possibility of renewal for an additional 5 years, as long as the initial investment is maintained or it is demonstrated that the applicant continues to hold investments and assets in Spain.
How to Materialize the Investment?
- Acquisition of real estate (the primary form of investment), meaning purchasing one or multiple properties with a minimum value of €500,000.00.
- Other accepted forms of investment:
- Purchasing shares in a Spanish company or having a bank deposit in a Spanish institution worth more than 1 million euros. This will also grant you access to this residence permit.
- Investing in Spanish public debt worth 2 million euros or more.
- Investing in a business project to be developed in Spanish territory. The main requirements for this path are that the project must generate employment, contribute to the advancement of science/technology in the country, or result in minimal socio-economic impact.
The Process to Obtain the GOLDEN VISA
The process to obtain the GOLDEN VISA is straightforward and uncomplicated, unlike most Spanish residence permits for non-Europeans, which involve lengthy and complicated procedures.
Furthermore, due to its characteristics, Spain can undoubtedly be your best choice, thanks to its real estate market, in which HELLO HOMES has extensive experience and will provide you with the utmost professionalism, as well as everything the country has to offer (lifestyle, climate, cuisine, etc.).
With the investment residence, you can freely travel within the European Union. So, if you apply for residency in Spain, you can explore the rest of Europe without worries.
Who Can Apply for a Golden Visa?
All individuals who are NOT citizens of the European Union can apply for and process this permit, including citizens of the United Kingdom who lost their EU membership benefits after Brexit.
Additionally, the applicant must meet the following requirements:
- Be of legal age (18 years or older in Spain)
- Have no criminal record, both in Spain and in any other country where they have resided in the last 5 years.
- Have complete health coverage in Spain. This can be obtained through public or private insurance. Travel insurance or insurance from the country of origin will not be valid here.
- Prove possession of sufficient financial means to support both the main investor and their family (if family members are included in the joint residence application).
- Make the investment (either €500,000, €1 million, or €2 million, depending on the chosen option) and provide the corresponding documentation as proof.
What Is the Procedure to Obtain Residency via GOLDEN VISA?
The process to obtain the GOLDEN VISA is divided into two phases:
1. First, you will need to choose one or more investment routes and carry out the investment itself.
- First, you will need a NIE (Foreigner Identification Number) for non-residents. The NIE is an identification number assigned to any foreigner who wants to carry out any legal process or economic transaction in the country. This number can be requested from the investor's country (at the Spanish embassy in the home country) or directly in Spain if the investor is in the national territory with a tourist visa or any other type of visa.
- Identify and analyze the investment to be made and ensure that it meets the conditions.
- Carry out the actual investment.
2. Once the investment has been made, the authorization process for that investment will take place. In other words, you will submit the documentation proving the investment to the competent authority to apply for the benefits of being an investor in Spain, primarily residency. The administration has a 20-day period to issue the resolution, unless it requests additional documentation during that time. If the resolution is favorable, the next phase of the process is applying for residency as an investor. If it is denied, you can file an appeal challenging the reasoning of the administration and providing additional documentation. If the investment has been carried out correctly and the required additional documentation has been provided, a favorable resolution will always proceed.
3. Apply for residency as an investor for the investor and, if applicable, their family.
- 3.1. Apply for residency from the investor's home country:
3.2. The second option is to apply for the permit directly from Spain:
- Apply for the permit at the Spanish Consulate or Embassy in the investor's home country.
- Once the application is approved, a 1-year visa (6 months in the case of property acquisition through a sales contract) will be granted for living and working in Spain.
- With the initial visa, the investor can travel to Spain.
- In Spain, apply for a residence permit after the first year (the visa will be converted into a residence authorization) and provide fingerprints at a police station. A TIE (Foreigner Identity Card) will be issued, granting a 3-year residence permit in the country. This permit can be renewed for 5 years (as long as the investment is maintained), and subsequently, if applicable, citizenship can be applied for.
- First, the investor must enter Spain as a tourist (depending on the country of origin, it may be necessary to apply for a tourist visa first).
- Then, submit the application through the UGE (Unit for Large Companies and Strategic Groups).
- Once the application is approved, request the TIE or residence card. After providing fingerprints at a police station, a 3-year residence permit will be granted in the country. This permit can be renewed for 5 years (as long as the investment is maintained), and subsequently, if applicable, citizenship can be applied for.
Benefits of the Golden Visa
The main benefits of the investor visa in Spain:
- An expedited bureaucratic process (one month to obtain the authorization) that is clear in terms of documentation and steps to follow.
- Not only does it allow you to live in the national territory, but it also allows you to work. Therefore, residency derived from investment is an alternative means to obtain a work permit, enabling you to carry out your own projects (be a partner in a Spanish or international company with a subsidiary in Spain, establish your own business structure in Spanish territory or the European Union), or work for a company.
- It is the only residence permit that grants an initial authorization to live and work in the country for 3 years (others only offer 1 year).
- The GOLDEN VISA only requires the applicant to visit the country once a year. This means that the investor can avoid becoming a tax resident in Spain if they wish, resulting in potential tax savings.
- It also allows complete freedom of movement within the Schengen Area, meaning you can travel to most European Union countries.
- It makes it easy to bring the investor's family to Spain. The main investor can apply for residency for their partner or children through a joint residence application, as long as they can demonstrate sufficient financial capacity. This is the perfect option for families who want to start living in Spain. It's important to note that for children, it's essential that they are under 21 years old, either studying or financially dependent on the main investor.
- To apply for the GOLDEN VISA, it is not necessary for the applicant to be physically present in Spain or handle everything personally. It's possible to designate a representative to collect the relevant documentation.