With the Spanish Golden Visa, you can obtain residency for yourself and your family members if you make a significant investment. This is a great opportunity for non-EU citizens to relocate to this modern, European country.
In 2013, the Spanish Government passed legislation to promote foreign investment and help the economy. This is what we call the Golden Visa, a way to obtain residency, and further along the line, citizenship, for those interested in making a significant investment in Spanish real estate.
Spanish Golden Visa: What Is It & What Are the Requirements?
Spain is a great country to relocate to. It is European yet it’s laid back, with great weather and stunning nature. Besides all these perks, there is another opportunity for anyone willing to make a significant purchase in Spanish real estate. As we mentioned before, the Spanish Golden Visa was created as a way to attract foreign investors into the country by offering quick residency for them and their families. This residence permit can be renewed every two years, and after five, it can become permanent.
Who Can Apply for It?
Obtaining the Golden Visa is rather straightforward, although in order to be eligible, the applicant must meet the following criteria:
- They must be 18 or older.
- They must be from a state outside the EU.
- They cannot have a criminal record in Spain or in the previous countries where they resided.
- They cannot have been denied entrance into member-states of the Schengen, or similar, agreements.
- They cannot be residing irregularly in Spain before applying.
- They must have healthcare insurance in a Spanish public or private entity.
- They must not carry contagious diseases as per the International Health Regulations of 2005.
- They must have the required financial resources before investing and must able to maintain themselves and their family without working during the first year.
- They must meet the criteria determined by regulations regarding the prevention of money laundering and terrorism funding (Spanish Law 10/2010, 28th April).
- They must pay the corresponding application fee and present proof of payment.
If you aren´t sure whether you´re eligible or not, since the application process must be carried out in person, the consulate staff can answer any questions you may have and provide you with the necessary information regarding forms and paperwork required.
When Should You Renew the Spanish Golden Visa?
The Golden Visa is a one-year residence permit that allows applicants and their family members to work and live in Spain. After the applicants have made the investment, they can request the visa, which is valid for two years. When that time has passed, they can renew it for an additional two years. After residing in Spain for five years, investors can apply for a permanent residence permit, although they will need to live there full-time. If ten years later they are still in the country, they become eligible for Spanish citizenship.
In order to obtain the Golden Visa, applicants must make a substantial investment, called inversión significativa in Spanish, and they should have the required amount available before beginning the application process, meaning this money cannot come from a bank loan, for instance.
Included in the list of admitted investments to obtain a Golden Visa, is:
- Purchase of real estate properties for €500,000 or more (in one or more properties)
- €2 million investment in Spanish Treasury Bonds.
- €1 million investment in shares of publicly traded or Private-Spanish companies.
- €1 million investment in funds, venture capital or collective investment vehicle.
- €1 million investment in bank deposits or Spanish financial institutions.
- A business project, without a specific financial sum, approved by the UGE entity (Unidad de Grandes Empresas y Colectivos Estratégicos)
AEDAS Homes, real estate experts
The easiest and most practical one, is real estate, because is a safe investment that can increase in value over time. Besides, there are great properties in Spain that will make an incredible home for you and your family, and at AEDAS Homes we would be delighted to show them to you.
If you would like more information about purchasing real estate in Spain, get in touch with us!