The Spanish Golden Visa: a key to your new life in Spain

With Law 14/2013 as of September 27^th “On support of entrepreneurs and their internationalization”, Spain has rolled out the red carpet for global entrepreneurs, offering a golden ticket to residency through investment – the GOLDEN VISA.

Spain’s Golden Visa program offers non-EU investors a unique opportunity to gain residency in Spain through various investment options. This program is particularly attractive for those seeking to enjoy the lifestyle, climate and culture of Spain. And also is a perfect opportunity to make a sound financial investment.

The initial residence permit means that you can live and work in Spain for 3 years. Moreover, later renewed for 5 years as long as you keep your original investment!

Investors can choose from several avenues to qualify for the Golden Visa:

Real estate investment:

A minimum of €500,000 investment in Spanish real estate. This could be a single property or a portfolio of properties, commercial or residential. You can also purchase property with a mortgage, but you must invest at least €500,000 of your own funds to qualify for the residency permit. The initial investment has to be free from any debts or legal claims, clear of liens and other encumbrances and the residency permit could be yours.

Financial assets:

A minimum of €2 million in Spanish treasury bonds (You need to invest personally and minimum for a 5-year term).
A minimum of €1 million in shares of Spanish companies.
A minimum of €1 million in investment funds, closed-end investment funds, or venture capital funds.
A minimum of €1 million in bank deposits with Spanish financial institutions.

Business projects:

Projects that are considered of public interest, including those that create jobs, have a socio-economic impact on the local area, or contribute to scientific and/or technological innovation. Get your project approved by the Main Directorate of Trade and Investments in Spain, Spanish Ministry of Industry, Tourism and Trade and you’re not just starting a business; you’re beginning your new Spanish saga.

Benefits of the Golden Visa

Residency: The Golden Visa grants the right to live and work in Spain for an initial period of three years, renewable for five years, provided the investment is maintained.
Family inclusion: Immediate family members can be included in the application, providing a pathway to residency for spouses, dependent children, and dependent parents.
Travel: Visa-free travel within the Schengen Zone.
Simple application: The perfect solution to avoid long residency permit application procedures, requiring a lot of documents.
Unlimited right to live in Spain: You can live only one day for 3 years or use the whole period.
Tax advantages: The possibility to avoid becoming a tax resident, as long as the individual spends less than 183 days per year in Spain.
Long-term benefits: After five years of continuous residence, investors may apply for permanent residency, and after ten years, citizenship is a possibility, subject to certain conditions.

FAQ section

Understanding the Golden Visa Law

The Golden Visa is a part of the Entrepreneur’s Law, which was set up in 2013 to bring in more investors and skilled people to Spain. This law covers not just investor visas but also visas for entrepreneurs, company transfers, and skilled professionals. So, it is not the usual immigration law; it is called the Entrepreneur’s Law, and it’s a big deal for anyone looking to invest in Spain.

Why does this matter? Well, this law makes the whole process of applying for a visa and renewing it later on much easier. For instance, you can even start your visa application right from Spain, which is not something you can usually do.

But that is not all. Your application goes through a different office (the UGE: Large Business Unit) – not the regular immigration office, which means it gets handled faster and smoother.

How easy is it to get the Golden Visa?

Getting the Golden Visa in Spain is pretty straightforward. Usually, getting a residency permit in Spain involves a lot of paperwork and waiting. But the Golden Visa process is known for being quick and easy, which is why it’s becoming more and more popular.

Spain isn’t the only country with a Golden Visa, but when you weigh up the benefits and the vibrant Spanish property market, Spain’s option often comes out on top.

Who can get the Golden Visa?

To get the Golden Visa, you can not be from the European Union. But what else do you need?

You must:

Be 18 or older.
Have no criminal record in Spain or anywhere else you’ve lived in the last 5 years.
Have complete health insurance in Spain. This can be through the public system or private insurance.
Show that you have enough money to support yourself and your family (if they are coming too).
Make the relevant investment

Which taxes one should pay?

When you buy property in Spain for your Golden Visa, remember there are extra costs like taxes. The amount you pay depends on if you’re a tax resident or not. You’ll need to budget for:

VAT (Value-Added Tax)
Stamp duty
Property transfer tax for second-hand buildings

Is it necessary to buy only one property or is possible to invest in several?

You can buy multiple properties as long as the total is at least €500,000. Mix and match any properties you like – a house and a parking space, for example – just reach that minimum investment.

Using cash vs. financing for your investment

You need to put down €500,000 of your own money, without loans, to qualify. If you want to buy a more expensive property, you can finance the amount over €500,000.

Does it matter when the property was bought?

Did you buy your property after 2014? You can apply for the Golden Visa. It doesn’t matter if it was last year or just recently, as long as it is after the law started.

What documents will you need?

Specifically, you will need to show documents that prove your investment, like:
Property deeds for real estate investments
Investment statements for shares or bonds
Bank certificates for deposits

The Golden Visa process

Invest first, then apply. You can submit your documents from abroad or within Spain. If approved, you will get a response in about 20 days and then have a month to apply for the residence permit.

Applying for a Golden Visa from abroad:

Not in Spain? You can still apply online. Make sure you have all the right documents and that your property investment is debt-free for the required amount. Begin by applying at a Spanish consulate or embassy in your home country. You can locate your nearest one online. If your application gets the green light, you will receive a visa that lets you live and work in Spain for one year. Once you have your visa, come to Spain and, before the year is up, you will need to apply for a residency permit. Visit a local police station to obtain the TIE (Foreigner Identity Card), which gives you a three-year stay in Spain.

Applying for a Golden Visa while in Spain:

If you are already in Spain as a tourist (some may need a tourist visa to enter), you can start your application process right here. Submit your application through the UGE (Large Business and Strategic Groups Unit) online for faster processing. If approved, the next step is to apply for your TIE or residency card.

Renewing your stay:

You can renew your residency for an extra five years. However, you must adhere to specific requirements. Firstly, you need to retain ownership of your investment property. Additionally, you should visit Spain at least once within the year. If you decide to settle in Spain, after 10 years of legal residence and maintaining your investment, you will have an opportunity to become a Spanish citizen.

Spain is your potential gateway to a new chapter. With it´s open doors for investors, now is the perfect opportunity to begin your life in Marbella, the crown jewel of Spain.

We are here to tell you more and make your Mediterranean dream a living and breathing reality.