Get Golden Visa in Spain

In 2013, BOE (Spanish official state gazette) officially and legally states that the process to apply for and get a residence permit will be made easier and faster for investors in specific cases, one of them being the acquisition of a residential property for at least 500.000 euros.

DISCLAIMER: The Spanish government has announced in April 2024 its intention to eliminate the possibility of obtaining Spanish residency in exchange for a minimum investment of €500,000 (known as the ‘Golden Visa’). The details of this draft law are not yet known.

Golden Visa – The key to Europe for non EU investors

It establishes a less complicated process for non EU investors and citizens, enabling them to come to Europe and enjoy a free passage in all 26 countries in the Schengen Area, just like any other EU citizen (for citizens of the UK, USA, United Arab Emirates, India, China, Lebanon, etc…).

The different cases in which investors can obtain a residence permit are listed under the article number 60 of the law and resumed below.

1. Real Estate Investment

In the case of real estate investments, the acquisition of a property in Spain is considered a meaningful equity investment when that investment is of 500.000€ or more per applicant.

2. Business Project

A meaningful business project is that which is considered and proved to be of general interest. To be of general interest it needs to fulfil one of the following requisites:

• It creates employment.
• It has a positive socioeconomic impact in the geographical area.
• It represents a meaningful contribution to the scientific and technological field.

3. Public Debt Securities

The applicant makes either an initial investment of at least 2 million euro in public debt securities, or an initial investment of at least 1 million euro in Spanish companies’ shares or equity participations, or in bank deposits from Spanish financial institutions.

Spanish Golden Visa Eligibility Criteria

Apart from the investment requirements, obtaining a Golden Visa in Spain entails fulfilling certain non-investment related conditions, which include:

1. Being at least 18 years of age.
2. Having valid public or private health insurance from a recognized provider in Spain.
3. Demonstrating adequate financial means to support personal and family living expenses during your stay in Spain.
4. No history of being denied entry into any Schengen country.
5. No prior illegal entry or residency within Spanish territory.
6. Maintaining a clean criminal record in both Spain and your country of residence within the last 5 years.

Spain Golden Visa Duration

The duration of the Golden Visa in Spain varies depending on whether the application is submitted from within the country, requiring legal status in Spain, or from abroad.

• When applying from abroad, the initial residence permit is granted for a period of 1 year. If the application is submitted within Spain, the initial permit is extended to 2 years.

• Upon the expiration of the initial permit, beneficiaries have the option to apply for visa renewal, which leads to the issuance of an additional 5-year residence permit.

For a successful renewal, two primary conditions must be met:

1. Providing evidence of the ongoing validity of the initial investment that led to obtaining the Visa.
2. Making at least one visit to Spain during that year.

Which family members are eligible for Spain’s Golden Visa?

Spain’s Golden Visa program allows for the inclusion of several family members of the primary applicant, which encompasses:

1. Spouse or individuals in a comparable relationship.
2. Dependent children under the age of 18.
3. Individuals who are financially reliant on the applicant and have not established their own family unit.
4. Parents who are financially dependent on the applicant.

Upon approval of the application, these family members will be granted their own residence permits and can enjoy the same privileges as the primary applicant.

  In this way the process to obtain a residence permit as a non EU investor has been simplified and has become less complicated; so that the doors of Europe are now open for these investors. Therefore, now is the perfect time to make an investment in southern Spain and some areas are specially suitable for this, for example the Costa del Sol, Málaga,  Axarquía, etc… which are multicultural areas that already have all the necessary modern infrastructures and offer a unique combination of the best climate (over 300 days of sun a year), and enviable living and business conditions.

We would happy to provide you with more specific information about the Golden Visa in Spain and personally advise you about the different existing possibilities. Please feel free to contact us!

MALAGA SOLICITORS GROUP
Jose M. Lopez-Avalos – Solicitor
Tel. 952 901 225 – mail@malagasolicitors.com