If you are looking for the fastest and most straightforward way to obtain residency in Spain, a path that doesn’t require many requirements and complications while offering significant advantages, the Golden Visa or Investor Visa is probably what you are looking for.
Several countries offer Golden Visa programs, including Portugal, Spain, Malta, Cyprus, Greece, and many others. Each country establishes its own investment conditions and the benefits obtained. It is important to research and understand the specific requirements and conditions before participating in a Golden Visa program.
In this article, we will explain everything you need to know to invest and obtain a Golden Visa, allowing you to acquire residency in Spain.
What is the Golden Visa?
The Golden Visa in Spain is a residence permit that has gained great popularity in recent years, since its establishment in 2013. It offers significant advantages. It is a three-year residence permit that not only allows you to legally reside in Spain but also enables you to work. Therefore, it is ideal if you are thinking of starting a business or working for a company, among other possibilities.
One of its great advantages is that you can include your family in the application. You can include your spouse and children without any issues in the same application.
Furthermore, the Golden Visa allows you to travel throughout the Schengen Area once you obtain the residence permit.
Another highly advantageous aspect is that, unlike other permits that require being in Spain for a minimum of six months (183 days) per year, with the Golden Visa, you only need to visit the country once a year, regardless of the duration, in order to renew it. This, among other benefits, allows you to avoid becoming a tax resident and, therefore, save on taxes with this visa.
To top it all off, the Golden Visa also offers a quick resolution, as you can obtain this authorization in just 20 days once you submit all the required documentation.
Requirements for the Golden Visa
The main requirement for the Golden Visa is INVESTMENT. It is a residence permit granted to foreigners who invest in the country.
Typically, this investment is made through real estate. A Golden Visa is granted to foreigners who purchase a property valued at a minimum of 500,000 euros. (Here is a list of more than 9,000 properties for sale.)
Additionally, this investment can also be obtained by investing in Spanish business shares worth one million euros. This can be done through investment funds, as well as through the purchase of public debt or bonds with a value of 2 million euros.
Therefore, regardless of the type of investment, as long as it exceeds the specified amount, you can obtain this advantageous residency. In addition to this, there are a couple of simple requirements:
- Being over 18 years old.
- Having no criminal record in the past five years, both in Spain and in any country where you have resided.
- Contracting private medical insurance that provides full coverage throughout the Spanish territory.
How does the application process work?
In any case, the first step towards obtaining your Golden Visa is to purchase the property or make the investment, whether it’s buying shares or bonds. You need to be the owner of this investment and be able to prove, for example, the purchase of the property. Through the certificate of domains and charges, you can demonstrate that you are indeed the buyer of the property and that it meets the minimum value of 500,000 euros to prove the investment.
Once you become the owner of the property or the real estate, the next step is to prepare the required documentation, which we will talk about later, to obtain this permit and submit it to the Foreigners Office. However, there is a small nuance here. Unlike other permits, in this case, it is the UGE (Unit of Large Companies / Unidad de Grandes Empresas) that will process your application. One of the advantages is that it will be resolved in just 20 business days.
Here you have two options: you can start your application from your country of origin at the Spanish Consulate where you reside. In this case, once the file is approved, you will be granted a one-year visa, known as a Visa, which allows you to enter Spain, live there for a year, and then modify it into a residence permit.
Another advantage is that you can start the process directly from Spain while being a tourist. Even if you can prove that you have made the investment, you can enter Spain as a tourist and submit your application with all the required documentation online to the Unit of Large Companies and Strategic Groups. You will obtain a three-year residence permit, an Authorization of Residence, which can be renewed for five years.
In either case, once you enter Spain with your resolution, whether you received the visa in your country of origin or submitted it directly to the UGE as a tourist, when you receive the resolution, you simply have to go to the police station to register your fingerprints, and they will issue your physical residence card.
Required documentation for the Golden Visa:
Like any permit, it is necessary to submit the generally required documentation for the Golden Visa application to be accepted. Below is the documentation you will need to have prepared before submitting your application:
- Application form: You must complete and sign the official application form, providing personal information and details about your investment.
- Valid passport: You must submit a copy of your valid passport, which must have a validity of at least six months.
- Proof of investment: You must demonstrate that you have made an eligible investment according to the requirements of the Golden Visa program. This may include:
- Purchase of real estate in Spain with a minimum investment value.
- Investments in Spanish companies.
- Purchase of Spanish public debt.
- Criminal record certificate: You must obtain a criminal record certificate from your country of origin or any country where you have resided in the past five years. This document must be apostilled or legalized.
- Medical insurance: You must have valid public or private medical insurance in Spain for the entire duration of your stay.
- Health certificate: You may need to provide a medical certificate demonstrating that you do not have any serious illnesses that could have an impact on public health.
- Proof of financial means: You must demonstrate that you have sufficient financial means to support yourself and your family during your stay in Spain.
It is important to note that the documents to be submitted should be dated within a period of no more than 60 days for the Visa and no more than 30 days for the Residence Authorization.
When going through the entire process, it is recommended to visit the website of the Ministry of Foreign Affairs, European Union and Cooperation to verify that there have been no changes.
Frequently Asked Questions
Here are the most common questions that clients have regarding the Golden Visa:
- Can I apply for a mortgage to make the investment? The answer is yes, you can use a mortgage or financing as long as we are talking about an investment of over 500,000 euros. In other words, you must invest at least 500,000 euros from your own funds, and any amount above this can be financed through a mortgage.
- Can I obtain Spanish citizenship through the Golden Visa? Yes, it is possible to obtain citizenship through this program. It is important to note that the Golden Visa itself does not automatically grant citizenship but rather serves as a requirement to apply for it after a specified period of time. In the case of Spain, this period is 10 years of residence in the country.
- Can I purchase multiple assets, different properties, whose value is below 500,000 euros? Yes, one of the advantages of this law is that you can apply for the residence permit by purchasing, for example, two different properties, individually valued below 500,000 euros. However, if the combined value exceeds 500,000 euros, you would be eligible to apply for the residence permit.
- Can I use a property that was purchased years ago to apply for the Golden Visa now? Yes, it is entirely possible as long as the purchase took place after the approval of the Golden Visa law in 2013. If you purchased the property in 2017, 2020, 2022, etc., you can apply for the Golden Visa now in 2023.
- If I make a joint purchase with my spouse, can we use the same 500,000 euro investment for both of us, or do we each need to individually invest at least 500,000 euros? This will depend entirely on the marital property regime you have. If you are registered under a community property regime, then it is possible to use the same investment for the application. Otherwise, it would not be possible.
- Can I travel freely within the European Union with the Golden Visa? Correct, in general, a Golden Visa allows for free movement within the Schengen area, which consists of 27 EU countries.
How do I apply for the Golden Visa online?
All documents must be submitted through the electronic headquarters of the Ministry of Inclusion, Social Security, and Migration. It’s important to note that when submitting the application, you will need an electronic certificate.
How do I find properties that meet the requirements and are opportunities?
We have information on all the properties available for sale on the Costa del Sol and the Balearic Islands in our listings. We can provide you with lists of recommended properties based on the characteristics you are looking for. We also have legal services available to assist you with all the necessary documentation for the property, and more. Please contact us for any inquiries or doubts you may have.
Golden Visa will always be available?
We don’t know for sure, but it’s possible that the Golden Visa program will have its days numbered in a few years.
Nevertheless, you can still take advantage and apply for your Golden Visa in Spain without any issues. If you have any doubts, feel free to contact us.
