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