GOLDEN VISAS FOR SPANISH RESIDENCY

ARTICLE SUPPLIED BY WELEX LAWYERS & ACCOUNTANTS

If you would like to obtain residency in Spain and are a non-EU citizen, one way to achieve this is by means of the so-called “Golden Visa”. You can obtain this resident’s visa by acquiring real estate in Spain 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 to be irregularly residing 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 they have resided during the last five years. d) Must not be considered “objectionable” in the territorial spaces of countries with which Spain has signed an agreement in this respect. e) Must have health insurance arranged with an insurer authorised to operate in Spain. f) Must have sufficient financial resources for them and their 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 they have 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, ownership can be proven by providing the corresponding “Purchase Sale Public Deed” in Spain.

The investment in a property of €500,000 has to be free of all charges or encumbrances. The part of the investment that exceeds the aforementioned amount may be subject to a charge or tax.

The residence visa for investors is valid 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 applying within 90 calendar days of the expiration of the visa, they must also prove the following additional 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 and 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 within marriage under a system of “common assets” or similar, and the amount does not double the aforementioned €500,000, it will be considered to have been 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 is valid for one year in Spain.

Once this 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 initially generated their residence rights are maintained in Spain.