The Golden Visa in Spain, formally known as the “residence visa for investment,” is an attractive option for non-European investors who wish to obtain residency rights in the country and, by extension, in the European Union. This initiative was introduced in 2013 through the Entrepreneurs Law, with the aim of attracting foreign investment and stimulating the real estate market and the country’s economy.
To qualify for the Golden Visa in Spain, investors must meet one or more of the following investments:
- Real estate investment: A purchase of property(ies) with a minimum value of 500,000 euros. It is important to highlight that the investment must be free of any encumbrances, meaning the minimum amount must be without mortgages or loans.
- Public debt investment: An investment of at least 2 million euros in Spanish public debt bonds.
- Investment in shares or investment funds: An investment of a minimum of 1 million euros in shares of Spanish companies or in authorized investment funds in Spain that commit to making investments with an economic impact in the country.
- Bank deposit: A bank deposit in a Spanish financial entity for a minimum amount of 1 million euros. These investment thresholds do not include taxes or other expenses associated with the purchase or investment. Additionally, the investments must be maintained for a minimum of five years for the investor to renew their residence visa.
The Golden Visa offers numerous advantages for the investor, including:
- Legal residence in Spain: The initial residence permit is for two years, renewable for five additional years as long as the investment is maintained.
- Free movement in Schengen: Allows the investor and their family to travel visa-free within the Schengen Area, comprised of 26 European countries.
- Fast acquisition process: The Golden Visa application process is relatively fast, and can be obtained in a couple of months.
- No requirement of effective residence: The investor is not obligated to live in Spain to renew the visa, unlike other residence permits that require a minimum number of days of stay in the country.
- Residence access for the family: The spouse, children under 18 years of age or dependents, and dependent parents can be included in the application and obtain residence in Spain. After five years of legal and effective residence in Spain, the investor and their family can apply for permanent residence and, after ten years, Spanish citizenship, as long as they meet all other legal requirements, including integration tests and a basic knowledge of the Spanish language.
The Spanish Golden Visa has become a popular channel for investors, especially those interested in the real estate sector, as it offers the possibility of a secure and profitable investment along with the benefits of mobility and residence in Europe.
The acquisition of real estate properties in Spain by non-European Union citizens entails the possibility of accessing the so-called “Golden Visa,” as established by Law 14/2013, of September 27, on support for entrepreneurs and their internationalization. This mechanism not only represents a gateway to the Spanish real estate market but also opens the door to residence and economic activity in the country for the investor and their family. The main advantages of this process are:
- Residence and Work in Spain: The residence visa for investors enables the holder to live and work throughout the national territory for as long as it is valid, providing complete integration into the Spanish social and economic fabric.
- Extended Renewal: After the initial two-year period, the residence authorization can be renewed for successive periods of five years, providing long-term stability for the investor and their family.
- Streamlining of Procedures: An investor who is legally in Spain can directly manage the residence authorization, without the need to previously apply for an investor residence visa from their country of origin, significantly simplifying and speeding up the process.
- Family Inclusion: The program allows the spouse or registered domestic partner, minor or dependent children, and dependent ascendants to benefit jointly from the residence in Spain, thus strengthening family unity.
- Considerations for Marriages: In case the real estate investment is made under a community property regime and does not reach at least 1,000,000 euros, it will be understood that the investment has been made by one of the spouses, who will be the holder of the investment, while the other may apply for their residence as a family member of the investor.
- Demonstration of Investment: The investment can be demonstrated by a deposit contract consigned in a public deed, granting the investor an initial residence visa of up to six months. During this period, the investor must demonstrate the availability of funds for the property purchase in a Spanish financial entity and, subsequently, complete the purchase to apply for the residence authorization.
The acquisition of real estate by foreigners is significantly incentivized by these benefits. In addition, this proactive approach by Spanish authorities simplifies, facilitates, and speeds up the process, reducing processing times and providing clarity and legal certainty to international investors. Thus, the “Golden Visa” has become a valuable bridge for those seeking not only a financial return but also residence in a country that is a gateway to Europe and offers a high level of life and socio-economic stability.
Golden Visa FAQs
- What is the Golden Visa in Spain? The Golden Visa in Spain is a type of visa that allows non-European investors to gain residency in Spain by making a significant investment, such as the purchase of real estate with a minimum value of 500,000 euros.
- What investments qualify for the Golden Visa in Spain? In addition to real estate investment, other investments include the acquisition of public debt of at least 2 million euros, 1 million euros in Spanish shares or investment funds, or a bank deposit of 1 million euros.
- Can I work in Spain with a Golden Visa? Yes, the Golden Visa allows you to live and work in Spain for its duration.
- What is the duration of the Golden Visa when first acquired? The Golden Visa is initially granted for two years and can be renewed for periods of five years as long as the investment is maintained.
- Is it necessary to live in Spain to renew the Golden Visa? No, you do not have to live in Spain in order to renew your Golden Visa.
- Can my family benefit from my Golden Visa? Yes, your spouse or common-law partner, children under 18 years of age or dependents, and dependent parents can apply for residency under your Golden Visa.
- Do I need an investor residence visa before the Golden Visa if I am already in Spain? No, if you are already in Spain legally, you can directly process the residence authorization without the need for a prior visa.
- How can I prove my investment to obtain the Golden Visa? You can present a deposit contract or public deed and demonstrate the availability of funds in a Spanish financial entity.
- Does the Golden Visa lead to Spanish citizenship? After ten years of legal residency in Spain, you can apply for citizenship, subject to complying with other legal requirements.
- What happens if I get divorced after obtaining the Golden Visa through my spouse? In the event of divorce, you would have to demonstrate that you maintain the investment or meet other requirements to renew your residency status independently.
- What additional expenses should I consider when investing in real estate for the Golden Visa? In addition to the cost of the property, you should take into account property transfer taxes, notary fees, property registration expenses, and fees for lawyers or consultants, which usually vary between 8% and 12% of the property value.
- Can I rent out the property acquired for the Golden Visa? Yes, there are no legal restrictions that prevent renting out the property. The investment of 500,000 euros must be unencumbered for the initial application, but the use of the property is not regulated by the Golden Visa law.
- How long does the Golden Visa application process take? The process can vary, but generally, once all the necessary documentation is submitted, the decision usually takes about 20 business days. However, gathering the documents and making the investment can take several months.
- Do I need a legal representative in Spain to apply for the Golden Visa? Although it is not strictly necessary, it is highly recommended to have a specialized lawyer to guide the process and ensure that all legal requirements are met.
- How does the Golden Visa affect my tax status in Spain? Residency through the Golden Visa does not automatically change your tax status. If you stay in Spain for less than 183 days a year, you will not be considered a tax resident and will not have to pay taxes on your worldwide income.
- Is the Golden Visa revocable? Under what circumstances? The Golden Visa can be revoked if the investor does not comply with immigration laws, if the investment is reduced below the minimum threshold, or if serious crimes are committed.
- How can I renew my Golden Visa? You must demonstrate that you maintain the investment and that you have not engaged in illegal activities. Renewal may also require you to prove that you have visited Spain at least once during the previous period.
- Is there a time limit to make the investment after entering Spain? There is no strict limit, but if you enter with a tourist visa, for example, you should make the investment before your legal stay expires (normally 90 days).
- What documents do I need to apply for the Golden Visa? You will need your valid passport, proof of investment, criminal record certificate, health insurance in Spain, and proof of sufficient funds to support yourself and your family, among other things.
- What happens if I sell the property associated with my Golden Visa? You must maintain the investment to renew the Golden Visa. If you sell the property, you will have to reinvest in another that meets the same requirements before renewal.
- Can I obtain the Golden Visa by investing in several properties? Yes, you can reach the investment threshold required for the Golden Visa by purchasing several properties that, together, amount to at least 500,000 euros.
- What kind of health insurance is accepted for the Golden Visa? You must take out private health insurance in Spain that offers full coverage in the country, similar to that provided by the Spanish public health system.
- Can the Golden Visa help me obtain Spanish citizenship? Yes, after ten years of legal and continuous residency in Spain, you can apply for citizenship, although the Golden Visa alone does not guarantee the grant of citizenship.
- What happens if my investment loses value? The important thing is the amount initially invested, not the current market value. As long as you maintain the original investment, your Golden Visa should not be affected.
- Is it possible to reject my Golden Visa application? Yes, if you do not meet all the legal requirements, such as a clean criminal record or proof of investment, your application may be rejected.
- What happens if I have a Golden Visa and spend most of my time outside of Spain? You can maintain your Golden Visa as long as you visit Spain at least once during the residency period and maintain the investment.
- How does the Golden Visa affect my children who are studying in Spain? Dependent children can reside in Spain and have access to study at the country’s educational institutions.
- Does the investment for the Golden Visa have to be in cash or is financing accepted? The investment of 500,000 euros must be free from charges and loans; any amount above this can be financed.
- Can taxes be included in the minimum investment for the Golden Visa? No, taxes and expenses associated with the purchase do not count towards the 500,000 euro investment threshold.
- Does the Golden Visa allow me to travel visa-free within the Schengen Area? Yes, as a legal resident in Spain, you can travel visa-free to Schengen Area countries for short periods.
- What happens to my Golden Visa if the Spanish government changes immigration laws? Future laws are usually not applied retroactively, so future changes typically do not affect visas already granted.
- Do I have to pay taxes in Spain on global income if I have a Golden Visa? If you become a tax resident in Spain (living more than 183 days a year in the country), you must pay taxes on your worldwide income.
- What types of properties qualify for the Golden Visa? Can it be commercial property? They can be residential, commercial, land, or any other type of real estate that meets the minimum investment.
- How do I demonstrate the absence of a criminal record for the Golden Visa? You must present a criminal record certificate issued by the authorities of the country or countries where you have lived in the last five years.
- Is it possible to expedite the Golden Visa application process? The process is already quite fast, but having a lawyer can help avoid delays due to incomplete or incorrect documentation.
- What happens to my Golden Visa if I become a tax resident in another country? As long as you maintain the investment and comply with the minimum visits to Spain, your Golden Visa will not be affected by your tax residence in another country.
- Do I need to speak Spanish to obtain or renew my Golden Visa? Speaking Spanish is not a requirement to obtain or renew the Golden Visa.
- Can my Golden Visa be canceled if I leave Spain for an extended period? No, as long as you meet the conditions of the investment and the minimum required visits, it doesn’t matter if you spend time outside Spain.
- What level of medical care does the health insurance required for the Golden Visa guarantee? It must be equivalent to the coverage provided by the Spanish national health system, meaning it must be comprehensive insurance without significant co-pays and with access to a broad network of medical services.
- Is it necessary to renew the Golden Visa if I acquire permanent residency? Once you obtain permanent residency, you do not need to renew your Golden Visa, but you must maintain the investment for the time required by law.
- Can I work in Spain with the Golden Visa? Yes, the Golden Visa allows you to live and work in Spain, as well as move freely within the Schengen Area countries.
- Can my adult independent children benefit from my Golden Visa? Only economically dependent children who have not formed their own family unit can be included in the Golden Visa application as beneficiaries.
- What happens if my property is damaged or destroyed? You must maintain an investment of at least 500,000 euros in real estate. If the property is destroyed, you will need to make another investment to meet the requirements.
- What is the difference between the Golden Visa and residency by social roots? The Golden Visa is granted to foreign investors and does not require a previous period of residence in Spain, while social roots residency is based on family or social ties and usually requires a prior stay in the country.
- Is it possible to include parents in the Golden Visa? Yes, if they are dependent and under the care of the investor, parents can be included in the Golden Visa application.
- Are there any nationality restrictions for applying for the Golden Visa? The Golden Visa is open to any nationality outside the European Union, the European Economic Area, and Switzerland, provided they meet the investment and legal requirements.
- Is it necessary to visit Spain before applying for the Golden Visa? It is not necessary to visit Spain before applying for the Golden Visa; you can start the process from your country of residence.
- What if I get divorced after obtaining the Golden Visa through marriage? Divorce will not affect your Golden Visa if you are the main investor. If you are the dependent spouse, you may need to demonstrate that you still meet the requirements to maintain the visa.
- Can I travel to Gibraltar with the Spanish Golden Visa? Gibraltar is not part of the Schengen Area and has its own visa regulations. You will have to meet Gibraltar’s specific entry requirements.
- Does the Golden Visa entail any minimum spending obligation in Spain? There are no minimum spending requirements in Spain, but you must maintain the investment and comply with the minimum visits to the country to renew the visa.
These are general guidelines and information about the Golden Visa in Spain. Laws and regulations can change, and individual circumstances can affect the application process and residency rights. It is always best to consult with legal experts specializing in immigration law in Spain for the most accurate and personalized advice.