On the 28th Sept 2013 an important New Law in support of foreign entrepreneurship came into effect in Spain, granting non-EU , EEA or Swiss entrepreneur citizens the right to Spanish territory residency provided they qualified by meeting specific requirements.
The Golden Visa, as it is known, is an informal name given to the Residency Visa for Investors in Spain, created to support foreign investors from non-EU countries, and that also means, as of this year, The United Kingdom.
The qualifying investment options to obtain this Visa are varied, but the figure most commonly used is 500.000€ in a Spanish residential property. Note that this can include any investments made prior to July 2013 and may be consist of one or more properties/ assets. There is NO requirement that you live in any of them, but you must spend a minimum of one day a year in Spain and maintain the investment (s) to ensure the Visa’s renewal (see more on this below). investments in commercial properties and businesses may also qualify, contact us for more information on this.
The main basic requirements for applying include*:
- Full Medical Insurance valid in Spain
- Proof of sufficient income to live in Spain
- Proof of the absence of a criminal record in the country of residency within the last 5 years
*Other requirements may be necessary in certain cases.
Note that The Golden Visa does not automatically make you a resident in Spain, for that you must be prepared to spend at least 185 consecutive days in the country. This Visa will however allow you unlimited stay in Spain and requires a minimum visit of at least one day a year.
Important also is the fact that this visa also allows free movement between and within all Schengen Agreement countries for a total of 90 days in every 6 months.
In the initial process, an Authorisation to visit Spain is granted by the Spanish Embassy of the country of origin which lasts 1 year. During this time, you can come and search for your investment(s) and, once made, a 2-year Visa is granted to you renewable twice bringing the total to 5 years. At this point you may apply for permanent residency. After 10 years you have the opportunity to apply for full Spanish citizenship.
If any of this applies to you or you are interested in finding out more, contact us for guidance and a quotation as necessary and we will respond quickly and effectively.
Esther Pujol Wilkie 