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SPANISH GOLDEN VISA

On the 30th of September 2013, the Spanish Parliament approved a new law (Law 14/2013), which seeks to encourage new business initiatives within an international scope and regulates how to obtain a residence permit when investing in Spain. By means of the new Law, non-European citizens could be entitled to obtain said permit (allowing to travel within the 26 country Schengen zone), whenever they are prepared to carry out a significant capital investment in Spain.

Only certain types of investment are included in this group. Those would be the following:

(1) Real Estate investments of a minimum amount of 500,000.00 EUR (per person, excluding loans/mortgages).
(2) Capital Investments. When investing on Spanish Public Debt, the minimum amount is 2,000,000.00 EUR; when investing on shares of Spanish Companies or bank deposits the minimum amount is 1,000,000.00 EUR.
(3) Investment in Projects that could be considered of public interest.

Real estate investments in several properties are also valid, as long as the full invested amount is at least 500,000.00 EUR. The investor is free to use or rent out the real estates either for long term, short term or as touristic apartments.

The initial visa is valid for 2 years and can be extended and renewed as residency every 5 years. If the initial visa is applied for through the Consulate or Embassy then the initial period is 1 year with first renewal of 2 years and following renewals of 5 years. The requirement for renewal is that the person is under the same circumstances as when obtaining visa on the first place.

Applicants will also need to meet certain other requirements for becoming resident, i.e. hold a public or private health insurance, have sufficient resources for themselves and their family members, showing a clean criminal record and not having debts with the Spanish public administration.

In principle the minimum real estate investment is 500.000 EUR per person for a residence permit, but in case of a family, further study should be carried out to prove that the head of the family is able to show commitment to support the rest of the family (spouse, children and ascendants/parents).

Acquisition of real estate may be done through an investment company vehicle, whenever the company is not incorporated in a tax haven jurisdiction, and that the applicant for the residence permit holds the majority voting rights, being entitled to appoint the majority of the members within the Board of Directors and the participation is for at least 500.000,00 EUR

The Procedure

The application for the Residence Visa must be submitted to the competent consulate of Spain in the country where the foreigner lives (initial visa period 1 year) or to the Immigration Office in Madrid (initial visa period 2 years) and the following general procedure will be needed:

(1) Investment in Spain and registration

(2) Preparation of application file

Photocopy of all pages of the passport, Title deeds, Certificate Land Registry, Health insurance, Clean criminal record, Family documentation, Economic resources, Not being found illegally at Spanish territory, No debts with the Spanish public Administration, Proof of having paid the Visa fee or the Residency administrative tax, Other documentation upon request

(3) Pre-check

Consulate appointment at home country (initial visa is for 1 year) or electronic application at the Immigration Office in Madrid (initial visa is for 2 years). The Consulate application does not require a visit to Spain. The Immigration Office application requires three visits to Spain:

(a) At the time of presenting the application the foreigner should be legally in Spain
(b) Once approved the investor should come to the police station for taking of biometric data
(c) To pick up the residence card

The renewal application takes place at the Immigration Office in Madrid (the applicant does not need to be present in Spain for this), followed by an appointment with the Police station and later on an appointment for the collection of the residence card (both appointments have to be attended in person).

General Requirements

– Minimum investment of 500.000 euros in real estate.
– Clean criminal records.
– Private health insurance.
– Sufficient economic means to cover personal and family living expenses.
– If the family is being reunited: proof of family ties and economic dependency for the parents/ascendants and for the children who are over 18 (they should also prove that they are still single).
– Payment of Residency administrative tax and fee.
– No debts with the Spanish public Administration.

Timeline

Once the full file is presented to the Consulate or Immigration Office, the permit should be approved within 10 working days. If presented at the Immigration Office, then 20 working days. However, it should be kept in mind that the preparation of the file, before the actual presentation, may require some time (translations, certificates, insurance etc.).

Callow Estates provide this Spanish Golden VISA guide for information purposes only, it is not intended to replace professional advice and should be used just as a guide.

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