In recent years, the Golden Visa has generated significant attention, and it’s not difficult to understand why. Offering a straightforward application process, the opportunity to live and work in Spain long-term, and the ability to bring your family along, the Golden Visa has become an appealing choice for many. Plus, the requirement to visit Spain just once a year is a small price to pay for the benefits it offers. In essence, the Golden Visa is often referred to as the «investor’s residency.» In this article, we’ll delve into everything you need to know about obtaining the Golden Visa in Spain. We’ll cover the various options, advantages, costs, application procedures, recent changes, and tax considerations. Let’s jump right in!
The Spanish Golden Visa, also known as the «investor’s residency,» is a special type of residence permit designed for non-European Union citizens who wish to make a substantial investment in Spain to obtain residency. The initial permit grants you the right to live and work in Spain for three years and can be renewed for up to five years, as long as your original investment is maintained. This visa is highly popular among foreigners seeking to begin a new chapter in Spain, with thousands of active Golden Visa holders in the country. The investment typically involves real estate, although there are alternative options available.
Corresponding Law
Unlike the general Spanish Immigration Law, the Golden Visa falls under the Entrepreneur’s Law (Law 14/2003). This distinction carries significant implications for the application process, including the ability to apply directly from Spain. The governing institution for processing Golden Visa applications is the UGE (Large Business Unit) in Madrid, established to expedite the applications’ handling.
How Easy is it to Obtain the Spain Golden Visa?
Compared to the often complex procedures of other non-EU residency permits in Spain, obtaining the Golden Visa is relatively straightforward. The process has gained popularity due to its speed and convenience, making it an attractive option for investors. While other European countries offer similar routes, the Spanish Golden Visa, particularly due to the vibrant real estate market and Spain’s offerings, is frequently considered the optimal choice.
Investment Requirements for Foreigners in Spain
To invest in Spain, foreigners need a Non-Resident NIE (foreign identity number). This number is essential for any legal or economic transaction within the country. It can be acquired by justifying your investment or property purchase intentions. Note that the NIE is distinct from the TIE (Foreign Identity Card), which is the actual residency card allowing expatriates to live and work in Spain.
Eligibility Criteria for the Spanish Golden Visa
Qualifying for a Spanish Golden Visa requires being a non-EU citizen and meeting certain conditions:
– Be of legal age (18+)
– Have a clean criminal record for the past 5 years
– Possess full healthcare coverage in Spain
– Demonstrate sufficient economic means for maintenance
– Make the required investment (€500,000, €1 million, or €2 million, depending on the chosen route)
Benefits of the Investor Permit in Spain
The benefits of the Spanish investor’s permit are extensive:
– Live and work in Spain
– Initial authorization for 3 years (compared to 1 year for other permits)
– Need to visit Spain only once a year
– Free movement within the Schengen area
– Option to bring family members
– Possibility of working or setting up a company
Cost of Obtaining a Golden Visa in Spain and Regulations
The investment requirement for the Golden Visa depends on the chosen route and ranges from €500,000 to €2 million. Spain offers various investment options beyond real estate, such as shares, public debt, or business projects. Additional costs, such as taxes when buying property, must also be considered.
Requirements for the Investor’s Visa
Before applying for the investor’s permit, you must ensure you possess the necessary documents to prove your investments. The required documents vary based on your chosen investment route, whether real estate, shares, public debt, or bank deposits.
Procedure for Obtaining the Spain Golden Visa
The Golden Visa application process involves two options: applying from your country of origin or applying directly from Spain. Both paths require making the investment before authorization. The process includes obtaining approval for your investment, applying for the relevant visa or residence permit, and later renewing it to maintain your residency status.
The Golden Visa in Spain After Brexit
For UK citizens, the Golden Visa is now an attractive option due to changes after Brexit. UK citizens are no longer eligible for the Golden Visa directly and must follow the non-lucrative visa process. However, the Golden Visa remains a favorable choice for many Britons seeking an uncomplicated route to residency in Spain.
Tax Implications of the Golden Visa in Spain
As a Spanish tax resident, you’ll be subject to taxes. However, if you spend less than 183 days a year in Spain, you may not be considered a tax resident and could be exempt from certain taxes. Tax implications apply to rental income or owning properties in Spain.
Golden Visa Portugal vs. Spain
Portugal and Spain both offer Golden Visas to foreign investors, but there are differences in investment requirements, residency duration, and other aspects. While Portugal’s Golden Visa is undergoing changes, Spain’s program remains an attractive choice for investors seeking residency in Europe.
Securing Your Investor Permit in Spain
Obtaining the Golden Visa in Spain provides a unique opportunity for foreign investors to settle in a country rich in history, culture, and opportunities. Whether you’re interested in real estate, business investments, or other options, the Golden Visa offers a straightforward pathway to living and working in Spain.
Conclusion
The Golden Visa in Spain is a compelling residency option for foreign investors aiming to establish themselves in the country. With advantages such as living and working in Spain, freedom of movement within the EU, and the ability to bring your family, it’s a pathway worth considering. However, before applying, it’s essential to grasp the requirements, investment options,
application procedure, and potential tax implications. At Balcells Group, our team of experts can guide you through the entire process, ensuring a smooth transition to your new life in Spain. If you’re ready to embark on this exciting journey, Spain awaits you!
