The Golden Visa is a permit aimed at those foreigners who are interested in entering Spanish territory in order to make a significant capital investment, if this is the case, they may request a stay visa or, where appropriate, a residence visa for investors.
The investment can be in financial assets, real estate or business projects. If the investment is made through a company, the applicant must be the owner of the majority of the share capital, as established in article 63.3 of Law 14/2013. In addition, a report from the General Directorate of International Trade and Investment (DGCOMINVER) of the Ministry of Industry, Trade and Tourism must be submitted. This report must prove that the company is domiciled in a country that is not characterized as a tax haven.
Spanish Golden Visa’s Characteristics
The visa and authorization for non-EU foreigners has the following characteristics:
- It is valid to work and reside throughout the Spanish territory.
- Includes the following family members: spouse or common-law partner, minor children or economically dependents of the holder, dependent ascendants.
- It also includes family members who meet the age stipulated in labor regulations.
- It can be requested by the investor himself or an accredited representative. The investment can be made through a legal person, but it must meet certain requirements.
- In the case of projects of general interest, the representative who manages it can benefit from this residency regime.
- Deadlines are fast. The visa is granted in 10 days and the residence and work authorization in 20 days.
- It allows you to travel through the 26 countries of the Schengen area.
Spanish Investor Visa Validity
The validity of the visa and residence authorization for non-EU foreigners for investment projects has different validity depending on the type of investment made or to be made.
- Real estate assets with a deposit contract: 6 months. That is, in the case of people who live outside of Spain and have the contract, but have not yet finished carrying out the operation. In this case, it must also be demonstrated that you have the money to formalize the purchase of the property.
- Investor visa: 1 year.
- Initial authorization for the investor: 2 years.
- Renewal of investor authorization: 5 years. Effective residence is not required for this renewal.
- To obtain this type of visa, the investment must be made prior to the application, accrediting it within 60 days of presentation.
It should be mentioned that in Portugal, a few days ago, the government has definitively ended the granting of this type of visa to foreigners and that could also happen in Spain.
The latest to join this current of opinion has been the Más País Verdes Equo formation, which a few days ago presented a bill to the Congress of Deputies requesting the suppression of this type of incentives for some investors. Specifically, they request to eliminate residence permits for foreigners who acquire real estate (currently for a minimum value of 500,000 euros). In addition, they consider that these permits do not benefit the national economy and expel the local population from their neighborhoods, generating a “very negative” chain effect on the housing market, and have indicated the need to end what they consider a “favoritism” that “encourages speculation in housing prices in Spain.”
It is curious that the legislative proposal only requests the elimination of the visa for real estate investors, since it maintains the current immigration benefits for those non-resident non-EU citizens who make significant capital investments for a value equal to or greater than 2 million euros in titles of public debt, or for a value of 1 million euros in shares or participations in Spanish companies or in bank deposits in financial institutions in the country. In this way, large Ibex corporations and banking entities are favored, which are the usual beneficiaries of this type of investment in current accounts or in securities.
Therefore, it only remains to wait and see what happens here in Spain.
