Do you wish to obtain a resident visa in Spain and are you a non-EU citizen? One way to achieve a resident visa in Spain is by means of the so-called ‘Golden Visa’. As a non-EU citizen, you may obtain the Golden Visa by acquiring real estate located in a Spanish territory for a price equal to or higher than €500,000 per applicant.
Requirements to obtain the Golden Visa in Spain:
a) Must not be found irregularly in a Spanish territory
b) Must be over 18 years of age.
c) Must not have a criminal record in Spain or in any of the countries where he or she has resided during the last five years.
d) Must not appear objectionable in the territorial space of countries with which Spain has signed an agreement in that sense.
e) Must have health insurance arranged with an insurer authorised to operate in Spain.
f) Must have sufficient financial resources for him- or herself and his or her family members during their period of residence in Spain.
g) Must pay the application fee for the authorisation or visa (new residence €70.40, renewal €75.60).
The applicant must prove that he or she has acquired the property in Spain with a ‘Certification of ownership and charges’ corresponding to the property, which is issued by the Land Registry.
This certification will include the acquisition price. Alternatively, it can be proven by providing the corresponding Purchase Sale Public Deed in Spain.
The investment on a property of €500,000 has to be free of all charges or encumbrances. The part of the investment that exceeds the mentioned amount may be subject to a charge or tax.
The residence visa for investors will last for two years in Spain.
Spanish residency permit for investors.
If the applicant for the residence permit holds a valid residence visa for investors, or is within 90 calendar days after the expiration of the visa, he must prove, in addition to the above mentioned, the following requirements:
The applicant must prove that the investor owns the property for the minimum amount of €500,000 per applicant in Spain. In order to do this, a ‘Certification of ownership and charges’ issued by the Land Registry corresponding to the property must be provided. In addition, it must be dated within 90 days prior to the submission of the application in Spain.
If the investment is carried out by a marriage under a system of ‘common assets’ or similar, and the amount does not double the aforementioned €500,000, it will be considered as made by one of the spouses. The other spouse may apply for a residence permit as a family member in Spain.
The initial residence permit for investors will last for one years in Spain.
Once said period has expired, foreign investors who are interested in residing in Spain for a longer period may request a renewal of the residence permit for successive periods of five years, as long as the conditions that generated the right are maintained in Spain.
If you have any doubts or need advice on the Golden Visa in Spain, do not hesitate to contact Welex, our law firm on La Costa del Sol.