Spanish Golden Visa
In December 2013, the Spanish government introduced a new law that facilitates the residence of foreign entrepreneurs and investors in Spain.
A family or person from a non-EU country can easily obtain a Spanish residency Visa through the purchase of a property worth a minimum of 500,000€ in Spain, meaning they will be able to legally reside here and move freely throughout the 26 Schengen visa area countries.
The Golden Visa allows residence in Spain for a period of one year without the need to apply for the Foreigner Identification Card (TIE). The period of this permit can be extended if the holder of the authorization keeps the investment made, and can also request a visa for their partner and children, provided that the children are economically dependent on the holder of the permit.
In order to apply for the Golden Visa, the investor must meet the following basic requirements:
• Be over 18 years of age
• Have a public or private health insurance (with a Health Insurance Institution authorized to operate in Spain)
• No criminal record in Spain or any country lived in during the last 5 years for offenses stipulated under Spanish Law
• Not be listed as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard.
• Pay the fee for the processing of the visa.
• Have sufficient financial resources for themselves and dependent family memebrs for the duration of their stay in Spain.
The documents linked to the application of the Golden Visa must be presented at the consulate of Spain in the country of origin of the applicant, either personally or through a Power of Attorney. It is a relatively fast process, as once the application has been filed the authorities have a period of 20 days to process it.
The applicant must also meet a series of more specific requirements, such as proving the intention or acquisition of the properties, which can be demonstrated through the presentation of a previous contract that ensures the purchase (for example, a pre-sale deposit contract).
In any case, the interested party must prove that he has or will make an investment in goods of value equal to or greater than € 500,000 free of liens or encumbrances. They also have the option to invest one million euros into Spanish company shares or deposit this amount into a Spanish bank account, or alternatively the could invest two million euros into Spanish Treasury bonds or debt. One last qualifying move is to establish a Spanish business that either creates a decent amount of employment for Spaniards or has a significant socio-economic impact in Spain.
At Whitefield we have extensive experience in processing this type of Visa. If you want to move to a European country that is considered one of the best in terms of quality of life, feel free to contact our office so we can offer you the necessary advice to proceed with the application of your Golden Visa.