Golden visa in Spain
Golden Visa is an unofficial name for special government programs that provide foreigners with a residence permit or permanent residence for investment in the country’s economy.
Golden visa ” is not related to traditional visas. This is a special status for an investor that allows him to obtain a residence permit under a simplified scheme.
The program for granting a residence permit for investment in Spain was adopted in October 2013. This is the most popular Golden visa in Europe.The path of an immigrant to Spain through the Golden visa program
National visa type D for one year → residence permit for two years → extended for another two years → permanent residence in Spain for five years, if the applicant has not left the country for more than ten months in five years → Spanish citizenship after ten years of residence in the country
After extending the residence permit for two years, the resident can extend the card for five years. The number of extensions of residence permits is not limited, if all the conditions of the program are met.
Options for obtaining a Golden visa in Spain
Buy property in Spain for at least 500 thousand euros. It is mandatory to own a home for five years, then it can be sold.
Put 1 million euros on Deposit in a Spanish Bank for five years
Buy shares in Spanish companies worth at least 1 million euros for five years
Invest at least 2 million euros in Spanish government bonds. The maturity of securities is at least five years.
To propose a business project that promotes the creation of jobs, the country’s economic development or innovation
Important. This is a returnable investment: the investor will return their investment under the “Golden visa” program in five years.
Advantages of the program
Freedom to travel. With a residence permit in Spain, they cross the borders of the Schengen countries without a visa.
There are no requirements for permanent residence. Unlike the usual Spanish residence permit, you do not need to live in the country for 183 days a year to get a Golden visa. The program participant must stay in Spain for at least seven days a year. If an investor wants to get permanent residence and Spanish citizenship, they need to live in the country permanently.
Registration in 2-3 months. This is much faster than issuing a residence permit in the General order, which can take years.
Residence permit for the whole family. The investor, spouse and minor children are granted residency in the country. The application can also include parents and adult children if they are dependent on the main applicant.
Right to work. The applicant receives a residence card with the right to work for themselves and their immediate family members.
Treatment. Cuadro medico sin copago health insurance offers free doctor visits, ambulance calls, hospitalization, treatment and operations.
EU driver’s license. The investor will be able to buy and register a car.
Education of children in schools and universities. Children will study in public and private schools in the country, as well as receive higher education.
The absence of a tax residency in Spain. An investor does not have to file a tax return if they stay in the country for less than 183 days.
You do not need to pass exams for knowledge of the Spanish language and the history of the country.
Residence permit through the purchase of real estate in Spain
In order to get a Spanish residence permit, an investor must buy a property in Spain for at least 500 thousand euros. You will also have to pay additional purchase costs-taxes, notary fees and legal fees, which are about 11-12% of the property value.
An investor can purchase a plot of land, residential or commercial real estate. It is allowed to buy several real estate objects, the cost of which exceeds half a million euros in total.
The applicant pays at least 500 thousand euros from their own funds, without attracting a mortgage. At the same time, it is not prohibited to take a loan from a Spanish Bank for the remaining amount. Both individuals and legal entities can invest.
You need to own a home for 5 years to extend your residence permit, then you can sell it.However, you can sell the property earlier and keep your residence permit if you buy another house in Spain for the same amount — 500 thousand euros.
9 stages for obtaining a Golden visa in Spain
Consult with an immigration specialist Tranio and choose an investment object
Get a Schengen visa to enter the country
Open a Spanish Bank account, get a tax number in the country
Make a Deposit of 10% of the property value
Make a full investment
Get a D visa for a year at the Spanish Consulate
Submit a request for a two-year resident card within the visa validity period and 90 days from the date of its expiration. After this period expires, the right to request a residence for an investment that has already been made is lost forever.
Submit your fingerprints to the migration police at the place of registration of your property
Get a resident card with biometric data for 2 years
Requirements for the applicant
The applicant must be over 18 years of age
Invest in the Spanish economy and keep your investment for five years
Confirm financial well-being. Have sufficient income to live in the country without applying to the authorities for social benefits and support. The minimum requirements are 26,500 euros for the investor’s Deposit and 6,600 euros for each family member annually.
Confirm the legality of funding sources
Have no criminal record in the last five years
Do not have debts to the tax service in Spain
Do not have visa violations and restrictions on entry to the EU
Do not pose a threat to national security
Do not have infectious diseases
Documents for obtaining a residence permit for investment
A valid international passport with a validity period of at least one year from the date of submitting documents for a residence permit
Internal civil passport of the country and photocopies of all its pages and certified translation
Visa application form and application form
Two colour photographs of size 3.5 x 4.5
Contract for the purchase of real estate in Spain or a document confirming a different type of investment
Bank account statements, documents confirming the availability of deposits
Certificate of no criminal record with notarized translation
Medical insurance that covers the entire duration of the visa and is concluded with a Spanish company
Documents confirming the legality of income: 2ndfl, 3NDFL certificates, Bank statements, lease or sale agreements for Russian real estate and other property
Receipt for payment of the consular fee
Permanent residence in Spain
You can apply for permanent residence after five years of residence in Spain. You must prove that you have not left Spain for more than 10 months in the previous five years. Permanent residence in Spain gives almost the same rights as citizenship-with the exception of the right to vote and be elected.
You can get Spanish citizenship on a General basis. You can apply for citizenship after 10 years of residence in the country.
First, you must issue a residence permit, then in five years get permanent residence status. And after another five years after obtaining permanent resident status, you can apply for Spanish citizenship. To get it, you will have to pass exams in Spanish and the history of the country.
Dual citizenship is prohibited in Spain. This means that when you apply for a Spanish passport, you will need to give up your first citizenship. Exceptions apply only to citizens of certain Latin American countries.