RESIDENCY IN SPAIN THROUGH THE SO-CALLED GOLDEN VISA
Are you a foreigner (non-EU citizen) and are interested in obtaining Spanish residency for you and your family members in a short period of time and have certain economic savings? Then you will be interested to know that Spain has the Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, which has established a series of investment cases in order to obtain Spanish residency for yourself and your relatives, what is called the Golden Visa.
Specifically, there are three cases contemplated: (i) the investment of Spanish financial assets, such as, for example, public debt (2M euros), shares or participations in Spanish companies, investment funds or Spanish bank deposits (1M euros); (ii) investment in a business project in Spain for which there is not minimum price established but must involve a relevance in the general interest of Spain, such as, the creation of employment or a technological or scientific innovation; and (iii) perhaps the most widely used due to its simplicity, which is the investment in real estate in Spain for an amount equal to or greater than 500,000.00 euros (amount that cannot be financed).
However, to obtain the Golden Visa for any of the previous assumptions, you also need to fulfill the following requirements:
- Not being an EU citizen
- Being of legal age (in Spain +18 years old).
- Not to have a criminal record, both in Spain and in your country of origin.
- To have medical insurance (public or private) with an entity operating in Spain.
- To have sufficient economic means for the maintenance of both the investor and the family, in case the residence for family members is also requested (IPREM).
- To carry out the investment in question.
If you justify these requirements you will be able to obtain an investor’s visa that will be valid for one year, then you will request the residence authorization for investment before the Unit of Big Companies and Strategic Groups of Spain that has a validity of two years and this in turn can be renewed for five years more, without having to be necessarily residing in Spanish territory.
If you are interested in acquiring a property in Spain to obtain the Golden Visa, Martinez Sanz Abogados, with offices in Castellón, Madrid and Valencia, can help you in this process. If you need our help, we will be pleased to assist you.