Good weather, progressive economic recovery or the long-life expectancy are just some of the factors that make Spain an attractive country to invest in real estate. What’s more, the real estate market, along with tourism and catering, is one of the country’s great economic drivers. That’s why the residence permits to invest in Spain have a simple procedure for foreign investors.
We have to keep in mind that investing real estate in Spain is way cheaper than in other countries and, if we add to this fact that since the 80s the foreign population arrives more and more intensely, we find an economy that is in constant search of new ways to provide the best accommodation for new residents.
With all of this, the Law of Support for Entrepreneurs and their Internationalization came into force back to September 2013, a law of residence by real estate investment aimed at investors, entrepreneurs, highly qualified personnel and training and R&D&I with the aim of promoting the international mobility of professionals and those who invest in real estate.
The Golden Visa Spain is born in this context as one of the easiest ways to obtain Spanish residency.
What is the Golden Visa?
The golden visa programme allows non-European citizens to get residency to invest in Spain for one year and with the possibility of renewal. Among the most important benefits of the visa we can see that it doesn’t require to stay in the country (more than 183 days) so you will have to visit the country just a few times.
In addition, thanks to the Golden Visa, you will move completely freely throughout the Schengen area, you could apply for residency for your partner and children and you will have the right to work in the country.
The Golden Visa Spain programme preserves any guarantee that is essential for the security of society and the support of public services with the aim of promoting entrepreneurial culture, creating an environment favourable to economic activities and facilitating the entrance of investment and talent.
An easy and agile process
To obtain a visa you will have to invest a minimum of 500.000 euros in a Spanish property. In this way, you will get the visa for one year and then, if all the requirements are maintained, a residence permit valid for two years or more.
The application for the Golden Visa Spain must be submitted to the embassy or consulate of Spain corresponding to the country of residence of the investor.
Spanish residence requirements
In order to have a visa, you have to accomplish these requirements:
- Make, at least, one investment in Spain.
- Be over 18 years old.
- Be a foreign investor.
- Present the criminal record certificate.
- Have the necessary resources to face the expenses during your residency.
- Have public or private insurance with an authorized insurer.
- Pay the visa fee.
Apart from the Golden Visa, there are other types of residence visas in order to invest in Spain. For example, you can get the Residence Visa for Capital Investors or RIC which can be obtained with the initial investment of at least two million euros in Spanish government bond, the investment of one million euros in shares of Spanish companies, one million euros to investment funds or either one million euros in Spanish bank deposits.
Parallel to the requirements for the Golden Visa, you must also prove that you have made the investment in the minimum amount required within 60 days of the filing of the application.
If you are thinking about looking for residency to invest in Spain and need legal advice to facilitate all the administrative procedures, don’t hesitate to contact us!