Golden Visa residency for non EU Citizens

On 29th of September of 2013 came into effect in Spain the Law 14/2013 of Support of Investors and their Internationalization, which will facilitate and accelerate the entry and residence in our country due to the granting of visas and residence permits valid throughout the national territory for foreigners, who do not belong to the European Union and are not beneficiaries of the rights of free circulation and residence and acquire a property in Spain. This is valid for natural and legal persons.

The visa are issued by Diplomatic Missions and Consular Offices of the country of origin or residence, meanwhile the authorizations of residence are carried out in the Federation of Large Entities and issued by the General Migration Office. The necessary handlings can be carried out by a representative.

The spouse and children under 18 years, or of full age and evidently unable to make their living due to their state of health, who meet or accompany the buyer, can jointly and simultaneously or later apply for the visa and the authorization of residence.

Investment: purchase of a property

The acquisition of a rural or urban property in Spain after September 29th of this year for an amount of 500.000 Euros or more is understood as a significant capital investment and the reason why for them the delivery process of visa or residences is simplified. It is possible to purchase more than one property, but one of the mentioned value is sufficient (considered as luxury scale). The object has to be free of charges (except for the part exceeding 500.000 Euros).

The amount of 500.000 Euros is to be understood excluding all taxes so that the purchase of the property cannot consist for example in the investment of a value of 450.000 Euros + VAT.

As estate properties are valid the following: Business premises, industrial warehouses, garages, store rooms, flats, houses, etc.

In the case of an acquisition by two persons, if the value is of 500.000 Euros, only one of the co-owners is enabled to choose this privileged way of obtaining the visa and residence permit, whereas if the value is of 1.000.000 Euros, both can be beneficiaries.

Investment accreditation

The applicant must prove that the purchase has been carried out in the minimum required amount, in a period not exceeding 60 days preceding the presentation of the application. This means, that the applicant must prove that he bought as a maximum 2 months before the presentation. For practical purposes, if he applies on December 5th, the property must have been purchased, as latest on October, 5th. If he purchased on July, 5th and applies on December, 5th, it is invalid.

The ownership of the property has to be proved by a certificate of property ownership and encumbrances certified by the land registry as well as presentation of the Public Deed of the purchase of the housing.

If in the moment of the application of the visa, the inscription in the land registry is not yet completed, the presentation of a certified copy of the public deed and a certification evidencing the payment of the taxes is sufficient.

General requirements

 For visas and residence permits, the applicant must demonstrate:

  1. Not to be irregularly in Spanish territory.
  2. To be elder than 18 year to be accredited by presentation of the identity card or passport.
  3. Not to have any criminal record in Spain and the countries, where the applicant has lived for the last 5 years.
  4. Not to appear in the list of rejected persons in the territory of the countries with which Spain has signed an agreement.
  5. To be holder of a public insurance or private health insurance with an insurance company authorized to operate in Spain.
  6. To have sufficient financial resources during the period of residence in Spain for him/herself and the family members.
  7. To pay the duties of the proceeding of visa authorization.

In any case the applicant must fulfill all the tax and social security obligations as well as the prevention of money laundering and financing of terrorism.

Residence visa

The validity is of one year.

It authorizes the residence in Spain without necessity to request a green card (residence authorization).

It does not include an employment permit.

Authorization of residence

The initial term is of 2 years.

If after this time limit the applicant is interested to stay for a longer period, a renewal for the same term of 2 years can be requested (in case of maintaining the requisites of requirement that generated the right).

The validity can, in no case exceed five years.

The application is determined in a time limit of 20 days after the presentation. In case you don’t receive the correspondent notification, the authorization is understood as conceded tacitly.

The following preconditions have to be complied and furthermore:

  • To count of a valid residence visa or to be in the time limit of not more than 90 natural days after its expiration.
  • To demonstrate, that 90 days before the title of the property is maintained.
  • To have at least once entered into Spanish territory during the time of the authorized residence.

For practical purposes, we inform that it is sufficient to stay for a few hours in Spain. Consequently a permanent residence in Spain is not necessary; the applicant can go on living in his country of origin.

Nationality

The Law does not mention anything related with the right to apply for the Spanish nationality.

This publication contains general information and does not constitute a professional opinion or legal advice.

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