In order to stimulate foreign investment in Spain, the Golden Visa law was passed in September 2013, granting Spanish residency for investors who buy real estate properties in Spain starting from €500,000.
How does it work?
Once you have bought a property that meets the investment criteria, €500,000 or more, you need to apply for a one-year investor visa, which allows you to spend a year in Spain and travel freely in the Schengen area for 90 days out of every 180 days.
Once you have obtained this visa, you are not obliged to spend minimum amount in time in Spain during the year. But, in order to obtain the residency permit after that, you have to visit Spain at least once a year. This visa application is normally processed within 10 working days.
After the first year, investors can apply for authorisation to live in Spain for two years, renewable for another two year, as long as the investment is maintained. For this application, you have to prove that you have travelled to Spain at least once in the previous 12 months. This two-year residency can be renewed as many times as needed. Properties can be bought and sold during this period, as long as the investment threshold is maintained.
There will be no obligation to spend a minimum amount of time in Spain, so investors can remain tax resident outside of Spain, whilst benefiting from Spanish residency and freedom of unlimited travel and stays in the EU.
After five years of continuous residence, investors can apply for permanent residence in Spain.
Likewise, after ten years of residence, Spanish nationality can be requested. In such cases, an effective justification of at least six months of residence must be provided.
The investment threshold for real estate is €500,000 or more per investor, spouse and children under 18 of age.
The investment can be comprised of:
One or several properties.
Residential, touristic, rural, commercial or industrial nature.
Rural land, developed land, buildings under construction or decrepit buildings.
Investors must use at least €500,000 of their own funds, which must come from transparent sources that comply with existing legislation on money laundering and so on. Above that threshold there is no limit to financing or obtaining a mortgage in Spain.
If you have any questions regarding the Golden Visa or require additional information, please don’t hesitate to contact us on +34 951 278 350