Golden Visa in Spain – Who can Apply for the Investor Visa?
Golden Visa is a residence visa for investors. It was created by Law 14/2013 to support entrepreneurs and their internationalization. In addition, it aims to attract non-EU foreign investors.
It allows foreign investors who meet specific requirements to legally reside in Spain for six months to two years, depending on the kind of investment, without a maximum limit.
Golden Visa in Spain
The Golden Visa is a travel document that allows foreign investors to reside in Spain legally. Unlike other Spanish visas, it has fewer requirements; however, significant capital investment requires.
Characteristics of the Golden Visa in Spain
The visa and authorization for non-EU foreigners have the following characteristics:
- It is valid to work and reside throughout the Spanish territory.
- Includes the following relatives: spouse or de facto partner, minor children or financially dependents of the holder, dependent ascendants.
- It also includes family members who meet the age stipulated in labour regulations.
- It can request by the investor himself or an accredited representative. The investment can be made through a legal person but must meet specific requirements.
- In the case of projects of general interest, the representative who manages them can benefit from this residence regime.
- Deadlines are fast. The visa is granted in 10 days, and the residence and work authorization in 20 days.
- It allows you to circulate through the 26 European countries of the Schengen area.
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The visa and residence permit validity for non-EU foreigners for investment projects differ depending on the type of investment made or planned to make.
Real estate assets with earnest money contract: 6 months. For the case of people who live outside of Spain and have the contract but have not yet completed the operation. In this case, it must also show that you have the money to formalize the property purchase.
Investor visa: 1 year.
Initial authorization for the investor: 2 years.
Renewal of the investor authorization: 5 years. An adequate residence is not required for this renewal.
On the other hand, to obtain this type of visa, the investment must be made before the application, proving the same within 60 days of the presentation.
Who can Apply for the Investor Visa or Golden Visa in Spain?
The residence regime for investors aims at non-EU foreign investors whose operations meet the requirement of being a significant investment.
The investment can be in financial assets, real estate or business projects.
If the investment makes through a company, the applicant must be the owner of most of the share capital, as established in article 63.3 of Law 14/2013.
In addition, a report from the General Directorate of International Trade and Investments (DGCOMINVER) of the Ministry of Industry, Trade and Tourism must submit.
This report must prove that the company’s domicile is in a country that is not characterised as a tax haven.
Investment in financial assets
Investors have the following options:
For 2 million euros or shares or participation in companies with Spanish capital, public debt is 1 million euros.
Investment Funds: Closed investment funds or project capital funds recognized in Spain for 1 million euros.
Bank deposits in Spanish financial entities for 1 million euros.
Investments in Real Estate
It consists of acquiring a property for a value of 500,000 euros free of liens. And also, it must not receive through loans or mortgages except for the sum that exceeds the said value.
With all this, the investment can be higher and made through a loan, as long as the acquisition of 500,000 euros proves free of debt.
In addition, it may consist of the acquisition of several properties, but at least one must destine for the habitual residence in Spain of the investor.
Investments in Business Projects in Spain
There is no minimum amount, but its value for its impact on the general interest:
- Creation of jobs.
- Socioeconomic implications in the region.
- And also, Relevant contributions to scientific and technological innovation.
The applicant must show that the investment has been made. The documentation to submit varies according to the type of investment.
Public Debt: Certificate from the financial organization or the Bank of Spain.
Unquoted Shares: Proof of registration of the investment in the Registry of Foreign Investments of the General Directorate of International Trade and Investments.
Listed Shares: Financial intermediary certificate registered with the National Securities Market Commission or the Bank of Spain.
Investment Funds: Certificates from the managing entity.
Bank Deposits: Certification from the financial institution.
Real Estate: Proof of registration in the Property Registry and deed. And also, a deposit contract must formalize in a public deed if there is a deposit contract. And also, the certificate must not be older than 90 days.
Business Project: Favourable report from the General Directorate of International Trade and Investments.
How to Relate for the Golden Visa in Spain?
The application for the Golden Visa can be made outside or inside Spain.
Outside of Spain: At the consulate of the country of residence.
Within Spain, those who already have an investor visa or are legally residing must apply for the investor residence permit at the Unit for Large Companies and Strategic Groups (UGE-CE). This presentation automatically extends the applicant’s stay or residence in Spain until the resolution of the procedure.
The following documentation must submit:
Public or private health insurance arrange with an insurance company authorized to operate in Spain. This must remain active for the duration of the authorization. And also, the maintenance of the insurance is mandatory to request the renewal. Travel insurance is not valid.
Criminal Record Certificate
Proof of investing as explained in the previous section.
Demonstration of own economic resources to reside in Spain. These must be for the holder, 4 times the IPREM and one IPREM for each family member. And also, accreditation can do through bank certificates or any legally accepted instrument.