Golden Visa

The so-called Spanish «golden visa» - this is part of the law on the procedure for staying in Spain, suggesting an opportunity for obtaining a residence permit buyers from countries outside the EU for a period of at least one year. You may have already heard about this, because this issue is quite actively discussed over the past year, not only in Spain but also abroad.

What does the Spanish «golden visa»?

So figuratively called residence that offers the Spanish government to investors. September 25, 2013 in the Spanish Senate adopted the law on entrepreneurship and international relations, contains a paragraph on a new procedure for issuing residence. It is expected that citizens of countries outside the EU, in the implementation of the investment will be eligible for a residence permit, which allows unimpeded entry not only in Spain but also in 25 countries of Europe.

Who might be interested in these changes?

Notable interest was shown by immigrants from Russia, China, Iran, Singapore, Egypt, India and the Far East. Thus, it may be improved standard of living as well as themselves and their families, in addition to the right of access to European educational institutions.

What the investment should be?

Those who are interested in investing money in real estate, have to spend a minimum of 500,000 euros per person. Noted may be either a property or all of the acquired entities. Any amount in excess of 500,000 Euros can be financed by the bank.

Term of this visa 10-15 days.

Please pay attention to the fact that those who buy property worth less than € 500,000, can also expect to receive a residence permit in Spain. In this case, the procedure for the review will be a bit longer (about three months), and will be based on the position of the Aliens Act, as it was before, and not on the position of the new Law on investors.

What kind of property can be acquired?

Money can be invested in any real estate. Despite the fact that living in them is not a prerequisite, take this property rental is allowed. The question certainly of interest to many, is an opportunity to purchase the so-called commercial facilities. The law quite so permits, which means that the investor full freedom in choosing the object of cash investments.

Confirmation of investments

To request a residence permit for investors will need to be genuine proof of purchase of certain property. This can be done by providing an updated extract from the land registry, containing a special code by which the authenticity of this document can be verified online.

What is the "Residence Permit"?

Initially issued this kind of visa is allowing residence for one year to the applicant, and to its close relatives. If the investor wants to continue to stay in Spain, it is necessary after a year to submit a new application for a residence permit issued for a period of two years with the subsequent extension.

Main requirements to obtain a residence permit as investors:

  • Do not live for the moment in Spain legally.

  • Being an adult.

  • Do not have a criminal record for the last 5 years in the country, which have been lived.

  • Do not be deported to countries with which Spain has signed the corresponding contract.

  • Positioning of private medical insurance yl state, executed in Spain.

  • Being able to keep the whole family during their stay in Spain.

  • Have the appropriate visa of the investor, either to apply for a residence permit within 90 days after the end of the original visa.

  • A stay in Spain at least once during the entire period.

  • Provide proof of the investment made.

  • Confirmation of payment of all relevant taxes.

 

With the adoption of this bill Spanish government hoped to attract foreign capital in order to reduce the free housing, as well as the development of private business.