Non-EU citizens can only stay in the country for a maximum of 90 days PER 180-day period. For those wishing to stay longer or even permanently, a residence permit is required. A relatively simple way of acquiring such residency for those wishing to purchase property in Spain dates back to 2013, when the Golden Visa or Investor’s visa came into force.
This visa entitles you to reside and work in Spain and to travel in Europe (90 days out of 180 days) among other interesting advantages.
The Golden Visa allows non-EU foreigners (those who are not nationals of a country of the European Union, European Economic Area or Switzerland) to reside and work in Spain by proving they have made a significant capital investment in the country and that they meet the other requirements set out in the Spanish legal system.
In order to apply for it, you can choose one of the following ways:
- By purchasing real estate worth more than €500,000. But what if the property has been purchased by several individuals/investors? In that case, we must bear in mind that the investment will be computed at an individual level. This means that if our personal contribution to the property in question is less than €500,000, we will not be able to apply for the visa.
- Buying shares or participations in a Spanish company or having a bank deposit in a Spanish entity for a value of more than one million euros will also give you access to this residence permit.
- Holding Spanish public debt to the value of 2 million euros or more.
- By investing in a business project to be developed in Spanish territory. Here, the requirements are that the project must generate employment, promote scientific and technological progress in the country, or have a minimum socio-economic impact.
The requirements are the following:
- Not to be irregularly present in Spanish territory.
- Be over 18 years of age.
- Not have a criminal record in Spain or in the countries where they have resided during the last five years, for offences under Spanish law.
- Not be ineligible for rejection in the territorial space of countries with which Spain has signed an agreement to this effect.
- Have public insurance or private health insurance arranged with an insurance company authorised to operate in Spain.
- Have sufficient economic resources for themselves and their family members during their period of residence in Spain.
- Pay the fee for processing the authorisation or visa.
The Golden Visa can be applied for relatives of investors. The spouse and children under 18 years of age, or children of full age who are objectively unable to provide for their own needs due to economic reasons (studies) or due to their state of health, may apply, jointly and simultaneously or successively, for a visa as family members. In order to do so, they only have to prove that they fulfil the conditions laid down in the previous paragraph.
This way of obtaining residence in Spain is proving to be very successful, because it offers many advantages when compared to other residence permits:
- It allows you to be absent from Spain for long periods without losing your residency. All residence authorisations in Spain, both under the general and community regime, require a constant stay in the country (more than 6 months per year).However, with the Golden Visa, the investor and family members according to Law 14/2013, of 27 September, on support for entrepreneurs and their internationalisation (here inafter Law14/2013), “the renewal of residence may be carried out even if there are absences of more than 6 months per year in the case of residence visas and authorisations for foreign investors”. This will allow Golden Visa holders to travel to other countries within and outside Europe.
- The Golden Visa allows the investor’s family members to benefit from this type of residence simultaneously. In other words, there will never be a separation of the family unit as they will not have to wait 1 year to exercise this right (Article 62.4 of Law 14/2013). It allows the accompaniment of children over18 years of age, as long as they are financially dependent on the family member and have not formed their own family unit (Article62.4 of Law14/2013).
- Moreover, if you need a Schengen visa because of your nationality, you will no longer need to apply for it every time you want to enter Europe. In other words, you will be able to enter and leave Europe as many times as you want without having to go through the tedious procedures at the different Consulates and Embassies.
- Obtaining Spanish nationality by residence. In accordance with the provisions of Article 29.1 of Organic Law 4/2000, of 11 January (hereinafter Law on Foreigners), “foreigners may be in Spain in the situations of stay or residence” Typical cases of foreigners in a stay situation are tourists and students. These will never be eligible for Spanish nationality by residence because their situation in Spain is one of stay. On the other hand, a person with a permit such as the Golden Visa will be eligible for nationality because he or she has been in a residence situation. Therefore, he/she complies with the provisions of article 22.1 of the Civil Code for the acquisition of nationality, which in the case will be 10 years.
- It includes a work permit for the investor and his/her family members. In other words, by obtaining the Golden Visa, not only you, but also all your accompanying family members of working age (from the age of 16 as provided for in Article 6.1 of the Workers’ Statute) will have the possibility to work without the need to get an employer to sponsor you or in general without having to do any additional paperwork before the immigration authorities.
For further information please do not hesitate to contact the Non-Resident Department of Despacho Lamas. Contact information C/ Sindicat, 69,10° – 07002 Palma de Mallorca Tel: +34 971 720 202 Fax: +34 971 728427 jaimelamas@despacholamas.com
