The foreign real estate investors can obtain the Spanish residency permit thanks to the law 14/2013, which was approved on September 27 2013 in order to attract the foreign inversions in Spain. This law also allowed for the first time the possibility of obtaining visas and residency permits for investors outside the European Union: The Spanish Golden Visa.
In order to obtain a Golden Visa one must acquire a Spanish real estate property valued equally or more than 500,000€ (free of tax). The investment is allowed in multiple properties or in co-ownership.
The applicant must demonstrate that the investor is the owner of the good or real estate for a minimum quantity of 500.000€. For this, he/she will have to bring the certificate or certificates of land registration that corresponds to the property or properties.
- For the home purchase it is only necessary to have the NIE. It is not obligatory to own a bank account in Spain but it is recommendable.
- A public or private medical insurance authorized in Spain is also necessary.
However, the investors with a Golden Visa, not only have the opportunity of living and enjoying a maximum of a 5 year period in Spain but they will be able to travel freely among the countries of the Schengen area for a maximum period of 90 days every 180 days.
Frequently Asked Questions
- Not having entered or stayed in an illegal way in Spain or having been denied the entrance in any of the countries within the Schengen area.
- Be a non-EU citizen.
- Be 18 or above.
- Without criminal records in Spain.
- Have a public or private medical insurance valid in Spain.
- Dispose sufficient financial resources to provide for both the applicant and his/her family in Spain.
Once the residency visa for the investors is issued, it’s initial duration will last for one-year period. If the investment is still being supported, the mentioned visa can be renovated for two more years, resulting in the 5-year maximum duration of the residency permits.
In addition, any person who owns a legal residency permit for at least 5 years could obtain the permanent residency or even the Spanish nationality if the person had been living in Spain legally and effectively during those 5 years. In other words, they must have lived in Spain for more than 6 months in a row.
The procedure is structured in two stages:
- In the first stage, one will have to gather the documents that verify the inversion along with other complementary documentation. Then it is submitted to the consulate of the country of origin of the applicant. After the period of processing, which is about 10 days, the investor’s visa is granted to the applicant with one-year deadline.
- Once in Spain and at any given moment during the validity of the investor’s visa, it is possible to request and obtain a residency card for a period of two years, which will be renewable for equal periods. However, the granting of the residency card is considered voluntary in which case, the visa to reside will be sufficient.
The Schengen area is a group of more than 26 European countries that have eliminated the passports and immigration controls of their common borders. With a Spanish residency permit, its owner can travel freely through all the countries of the mentioned area.
The investors can travel freely though the Schengen area or a period of maximum 90 days for every half a year since the date of the first entry.
The countries that comprise the Schengen area are: Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Liechtenstein, Lithuania, Luxemburg, Malta, The Netherlands, Norway, Poland, Portugal, Spain, Slovakia, Slovenia, Sweden and Switzerland.
Yes, the Golden Visa is extensible to family members such as husband/wife, children under 18 or dependent children.
No, the investor only has to have travelled to Spain for at least once during the validity period of the visa.
No, unless that you have been in Spain for a period of over 183 days a year.
With the Golden Visa one can live in Spain. Once one gets the investor’s visa, one can request the residency permit for investors, which will allow you to travel.
The investor’s visa requests will be issued in less than 10 working days, while the residency permits will be issued in less than 20 working days since the submission of the application.
No, the law is only applicable on the investments that have been carried on since September 29, 2013 onwards.
If you need further information on how to obtain the Spanish residency please contact our team. Hermes & Mathew Barcelona Real Estate will be happy to help you.
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