The Golden Visa – all you need to know

The Golden Visa (officially known as the investor visa) is the closest match to the swallow lifestyle enjoyed by UK passport holders before Brexit.

Advantages of a Golden Visa over the Non-Lucrative Visa

• Automatic right to live and work in Spain
• You don’t have to become tax resident
• You can spend as much or as little time in Spain as you like (minimum 1 day per year to meet visa requirement)

What are the conditions for a golden Visa?

To be eligible to apply for the Golden visa, a third country national must:

• Within 12 months of visa application* (this is per person if real estate is in joint names) make a mortgage-free investment in real estate in Spain of €500,000 or more
• Deposit €1 million in a Spanish bank account or purchase the same value in shares, investments etc in Spanish entities
• Purchase €2 million in Spanish public debt
• Show similar income levels to the non-lucrative visa for main applicant and any family members

Where do you apply for the Golden Visa?

You can apply either in Spain or at the relevant Consulate in your home country. If you apply in Spain, the visa/residence permit is granted for 2 years; if you apply in your home country, the visa is granted for 1 year.

What documents do you need to apply for the Golden Visa?

• Visa application form
• Recent photograph
• Passport valid for at least 1 year
• Criminal Record Check from home country
• Private health insurance
• Proof of sufficient financial means for all applicants
• Proof of the investment

Good to know

You can invest in more than one property
As long as the total investment exceeds €500k, you can buy multiple properties (or land), and these can be either for residential or commercial purposes.

Frequently Asked Questions

*Is this visa retroactive?
This is a grey area because the law doesn’t state a time period. Based on our experience, a purchase made many years ago is far less likely to be accepted than one made very recently; that’s why we advise the 12 month timeframe.

Can I bring family members into Spain on the Golden Visa?
Yes absolutely, as long as you can meet the income, healthcare and other requirements.

How long does it take to get the visa approved?
Decisions normally come through in around 4 weeks, but it can take longer. You then need to apply in person for your TIE card at a National Police Foreigner’s Office in the province where the property is located.

What about renewals – what are the conditions?
As long as you have kept the initial real estate investment in place, and can still meet the other criteria, you can renew for 5 years after the two years.

Bear in mind that if you sell the real estate or fail to meet any of the other requirements, you may lose your residence permit altogether.

Let Upsticks help

Upsticks specialise in taking the stress out of both new and renewal visa and residency applications, including Golden Visas. To find out more about how we can help, Book A Call or email support@upsticks.es, and we’ll be happy to arrange a free discovery call.

Source links:

https://www.boe.es/diario_boe/txt.php?id=BOE-A-2013-10074 

https://extranjeros.inclusion.gob.es/UnidadGrandesEmpresas/ficheros/requisitos/preguntas_frecuentes_Ley_14-2013_ingles.pdf