The type of visa available to a foreign investor who is not an EU citizen is known as the “Golden Visa” and may be opted for when carrying out any of the following investments:
- An investment of a value equal to or higher than 2 million Euro in Spanish public debt instruments, or of a value in excess of 1 million Euro in shares or participations in Spanish companies, or bank deposits with Spanish financial entities.
- The acquisition of a property in Spain for a value equal to or higher than 500,000 Euro.
- The undertaking of a business project to be carried out in Spain and which may be considered and accredited of general interest.
The “Golden Visa” was born in 2013 as an incentive to promote investments in Spain from non-EU foreigners, as it gives them the opportunity to opt for a residence permit in Spain, which offers them, among other things, the chance to travel freely within the Schengen area.
Thus, on 31st July 2015, the following modifications in relation to the “Golden Visa” came into force, with the intention of attracting a larger number of investors in Spain:
– The possibility to opt for a residence permit is extended to those accompanying the investor through a personal relationship similar to that of a spouse, as well as economically dependent children over the age of 18, and relatives in the ascending line dependant upon the investor or upon his or her spouse / partner.
– The requirement of “having travelled to Spain at least once during the authorized residence period” is eliminated, so that the investor will not be obliged to visit Spain in order to request or renew his or her residence permit.
– The period for renewal is extended from 2 to 5 years.
-The granting of a provisional visa for 6 months is enabled for those investors who have not yet formalised the property purchase in a public deed, but have signed a deposit agreement, as long as the money for the total amount of the purchase has also been deposited in a Spanish bank, and is only available for the purchase operation. Once the purchase procedure has been concluded, the aplicant may apply for a 1-year visa or a residence authorization.
– The purchaser of the property will be able to directly access a residence permit without having to return to the country of origin in order to process a new visa.
– The investment may be carried out through a company or a legal person, who is not domiciled in a tax haven, as long as the visa applicant has the effective control of said company.
Vilá Abogados
For more information, please contact:
15th September 2015
