Golden Visa Spain residency by investment
The “Golden Visa” is a residence permit for non-EU nationals who spend at least 500,000 euros on real estate in Spain. The Golden Visa program, which was approved Spain’s residency by investment in 2013 and is currently in effect in other nations including Malta, Portugal, and the United Kingdom, aims to draw in foreign investors who want to purchase homes or other real estate in exchange for having it made simpler for them to get a residence permit.
What are the advantages and am I eligible to apply for a golden visa in Spain?
You can live and work in Spain with a “golden visa.” Anyone who has spent more than €500,000 on real estate without taking out a mortgage and those who have deposited €1,000,000 in a Spanish bank or invested €1,000,000 in shares are eligible to apply.
The so-called “Golden Visa” is a residence permit for non-EU nationals who spend at least 500,000 euros on real estate in Spain. The Golden Visa program, which was approved in Spain in 2013 and is currently in effect in other nations including Malta, Portugal, and the United Kingdom, aims to draw in foreign investors who want to purchase homes or other real estate in exchange for having it made simpler for them to get a residence permit.
Spanish Golden Visa: Requirements for Applications
The following standards must be satisfied for the applicant to be granted a Golden Visa in 2022:
1. You have to be a national of a nation not in the European Union. You must keep in mind that it is geared toward investors outside of Europe.
2. Be older than 18 years old.
3. Own a clean criminal record.
4. Obtain private health insurance while in Spain.
5. Show that you have the resources to sustain your family while living in Spain.
6. Make the corresponding investment, which will vary in size depending on which one. Here is a list of every potential investment:
• Invest in government debt in an amount equal to or more than €2 million.
• Invest more than €1,000,000 in shares of Spanish corporations or bank accounts in Spanish firms.
• Purchasing a home in our nation for more than 500,000 euros.
• Open a company in Spain that satisfies the following conditions:
• To produce jobs.
• Having a significant socioeconomic impact on the nation or region.
• That is a novel advancement in science or technology.
Granted the golden visa for investments
There are eight in total, and even though the most significant capital expenditure is the most pertinent, “all the information submitted to the file will be evaluated, no factor being, by itself, the evaluation of the concession” (Criterion 1.1 of Application of Law 14/2013) states that “no factor being, by itself, the evaluation of the concession.” In other words, meeting one requirement does not imply meeting all requirements. Because of this, every one of them needs to be accomplished.
Large financial investment.
The most crucial prerequisite is making a sizeable financial investment, which can be done in six different ways by Law 14/2013’s stipulations in Article 63.2. The first would involve investing in real estate, the second in real estate (containing four assets), and the third would involve investing in a corporate initiative of general interest.
Investment in real estate
According to Law 14/2013’s Article 63 B, the investment in real estate will be worth 500 000 EUR plus taxes. An electronic verification code for online consultation may be included in the certification. The acquisition’s volume will be one of the qualifications; if not, the qualification will be approved by the appropriate public document.
The real estate investment must be made in one or more of these properties and at least as much as 500 000 euros including taxes. The Spanish Courts have ruled on this numerous times. The following ruling has clarified this idea:
This also results from the literal wording of Article 63.1.b) of the Law above 14/2013, which refers to the value of the investment as “the purchase of the real estate in Spain,” in the plural, suggesting that the 500,000 euros invested do not necessarily have to have been invested in a single property but that it is also possible that it has been invested in more than one property (STSJ d).
Alternatives to investing in real estate
Various alternative assets besides real estate investment can support our application for a Golden Visa.
Social participation or shares
Shares or participations in Spanish capital businesses with a running business of one million euros. The type of accreditation of these shares will differ based on whether they are classified or unclassified shares, following Article 64(a) of Law 14/2013. According to the cited article, we quote the following:
A copy of the investment declaration made in the Foreign Investment Registry of the Ministry of Economy and Competitiveness must be submitted for investments in unlisted shares or participation.
A certificate from the financial intermediary, duly registered with the National Securities Market Commission or the Bank of Spain, certifying that the interested party has invested for this law must be presented in the case of investment in listed shares.
Closed-end investment funds or venture capital investment
One million euros in venture capital, closed-end investment funds, or investment funds. The most important factor in these situations is that the investment fund must fall under the purview of Law 22/2014, of November 12, which regulates venture capital entities, other closed-end collective investment entities, and companies that manage investment entities, or Law 35/2003, of November 4, on Collective Investment Institutions.
Conclusion
To get residency by investment in Spain the property or the total of the properties (if there are multiple) must be valued at at least 500 000 Euros plus taxes to meet the real estate investment criterion. That amount must also be free from any debts or encumbrances. One thing to keep in mind is that “the fraction of the investment that exceeds the appropriate amount [500 000 Euros] may be subject to a fee or tax”.