Golden Visa Spain 2019
The Golden Visa is a residency permit for non-EU citizens and allows you and your immediate family to live and work in Spain with no minimum or maximum requirements regarding the time spent in Spain.
AvaLaw is a high quality Spanish law firm specialized in real estate and Golden Visas, among other things, and as such, has aided many people in obtaining their Golden Visas. We are here to help, so don’t hesitate to connect with us anytime for an introductory meeting.
Various European Union countries have introduced Golden Visa programs as a way to persuade foreign investors to bring capital to their shores. Some of these countries include Spain, Portugal, Greece, Malta and Cyprus. One of the primary benefits of investing in residency or citizenship schemes is that candidates are able to enjoy the many perks of being a local, without being required actually to emigrate.
Each country with a Golden Visa program is different. Spain is an attractive option due to its location, status within the European Union, and the regulations of the Golden Visa program itself.
How to get a Golden Visa in Spain
The Golden Visa Spain program was launched in 2013 by the Spanish Government, and since then Avalaw has helped many investors come to Spain thanks to this special residency permit. An investment of 500.000€ in Spain will grant you and your immediate family the permits required to live and work in Spain.
The option with the lowest required amount is to invest 500.000 euros in Spanish real-estate. You can invest in one or several apartments, houses, land, parking slots, offices, etc.
You can also get the Golden Visa if you make a deposit in the Spanish banks, invest in Spanish companies, buy Spanish bonds, etc., but in these cases the minimum amount to be invested is 1-2 million euros.
1. Contact AvaLaw to schedule a free consultation in person, by phone or by skype. We will answer in detail to all your questions so that you can decide whether the Spanish Golden Visa Program can be applied in your situation.
2. Get to know the real-estate offering on-line. Depending on your search criteria, we can introduce you to a realtor from our network of prestigious, trustworthy and officially registered real-estate agents that our previous clients have been satisfied with.
3. Visit Spain to meet us and the realtors in person. After the first meeting and after having received a personalised proposal of services, if you believe that we are the right professionals to assist you, we can start the process to purchase the property and obtain the Golden Visa for your family.
4. Choose the property you like the best.
5. Open a Spanish bank account for the transaction. This is the only other thing you need to do in person while in Spain, everything else can be done remotely on your behalf by Power of Attorney.
6. Follow-up – or not! You can be an integral part of the process, participating as much as you wish – or you can just take it easy and only come to pick up the keys to your new property from our office 1-3 months later – and the Golden Visa 1 – 3 months after that.
You will have to invest a minimum of 500.000 €. But taking into account transactional costs such as transfer taxes and fees paid to notaries, registries, legal counsel, etc., in practice, you must have a minimum of around 560.000 €. The taxes, service fees and other transaction costs vary locally and also depend on the type of investment.
Also, the 500.000 € amount must be liquid capital brought into Spain from another country.
The investment requirement cannot be raised by obtaining funds from a source within Spain, such as, for example, seeking a mortgage loan from a Spanish lender.
Also, the 500.000 € amount must be liquid capital brought into Spain from another country. The investment requirement cannot be raised by obtaining funds from a source within Spain, such as, for example, seeking a mortgage loan from a Spanish lender.
The Golden Visa differs radically from traditional Spanish residency permits in a number of aspects.
- The renewal of a Golden Visa does not require a minimum annual stay in Spain.
- The Golden Visa has an easier and faster application procedure. If the minimum investment is made and the applicant does not have a criminal record, the visa is practically always granted provided the application has been properly prepared and submitted.
- The Golden Visa includes a working permit, the holder is automatically granted the right to work in Spain along with the right to reside in Spain.
- The Golden Visa allows the investor to bring along his or her immediate family.
The initial investor’s residency permit is valid for two years and can be extended upon expiry for a period of five years, as long as you maintain the minimum level of investment.
The investors can bring their family members on the same visa as long as their children are under 18 years old or spouses or partners. Also, children over 18 and parents can be brought along as long as they are economically dependent on the investor. For instance, a child of 20 years old studying at the university and no income of his/her own is considered a member dependent. However, please note that when children get marry they stop being part of the investor’s family and therefore they are not eligible as family members.
The investor’s family members living in Spain do have the option of obtaining a long-term residency permit after five years of effective residence which means that they are free to sell the investment.
As for citizenship, this is an option after two or ten years of effective residency in Spain.
No, there is no limit to the number of times that the Golden Visa can be extended, but it is necessary to maintain the minimum investment at all times. A holder of a Golden Visa, however, is allowed to switch between types of investments, for example, from one property to another or from an investment in real estate to the holding of the minimum amount in a bank deposit.
Yes, if you actually live in Spain permanently with your Golden Visa, your status can become a long-term resident after five years. The main effect is that you do not have to maintain the investment to keep your resident status. There is also the possibility to apply for a change of residency to another EU country.
If you live in Spain permanently, you can obtain Spanish citizenship after 10 years. Latin American citizens and those of certain other countries, however, can seek to attain citizenship after just two years.
The option to apply for citizenship applies only to investors who actually reside in Spain. Investors who come to Spain only occasionally with their Golden Visa are not eligible for citizenship.
Are you elegible for a Golden Visa? Book a free consultation and check it out!
Watch our videos about Golden Visa in Spain.
The Spanish Golden Visa as a “fast track” to residence
The Golden Visa differs radically from traditional Spanish residency permits in two big ways:
- It is processed much faster than other types of residency permits.
- The Golden Visa does not require a minimum stay in Spain. Other residency permits require staying at least six months per year in Spain, and thus becoming a tax resident. With a Golden Visa you are given the residency independently from the number of days you stay in the country. Consequently, unless you exceed 183 days of stay a year and, thus, become a tax resident, you won’t have to report foreign earned income.
What benefits aside from residency will I be able to enjoy if I obtain a Spanish Golden Visa?
- The Golden Visa includes a working and studying permit that is automatically granted along with the residency visa.
- The Golden Visa allows you to bring all of your direct family members and have them enjoy of the same benefits as the visa holder.
- A Golden Visa works as a tourist visa for the rest of the countries that belong to the Schengen area. This means that the holder of the Golden Visa has the right to remain in Spain for an unlimited period of time, plus in the rest of the Schengen area for three months within each period of six months.
- If you decide to establish your tax residency in Spain, this will allow you to apply for a long-term residency after five years and citizenship after 10 years (two years if you are from Latin America).
Related Services to Golden Visa Spain
If you are a planning to Invest in Real Estate in Spain, AvaLaw can help you sort out all the bureaucracy of the process.
If you are a highly qualified worker form outside the EU and you’re planning to come to Spain, then you may be interested in the Blue Card.