Once again, Spain’s property market is booming. Investors from many countries and also people looking for a better lifestyle are turning to Spain as an ideal destination to purchase property .
The Spanish Golden Visa remains a popular option for non-EU citizens to gain entry to life in this wonderful country.
We are noticing a recent trend for professionals and families moving from the United States to Malaga to allow their children to benefit from the excellent international schools on offer. Malaga’s Mediterranean climate appears to be attracting a number of Canadain families and couples.
The Spanish Golden Visa offers these opportunities.
In a previous article, we outlined the Spanish visa application procedure for non-EU citizens and detailed the requirements for the person making the Spanish Golden Visa application (Read the article). In this article, with the help of our chosen immigration expert lawyers, we will provide answers to frequently asked questions about the Spanish Golden Visa.
– What is a Golden Visa?
A Golden Visa is a new type of residence visa, established by Law 14/2013 of the 27th September, aimed for non-resident foreigners who wish to enter Spanish territory in order to carry out a significant capital investment.
– What types of Golden Visa are there?
The Law distinguishes two big groups. Capital investments (in public debt, stocks or social shares in Spanish companies, bank deposits in Spanish financial entities and by the acquisition of real estate) and other types of investment (creating a company of general interest, highly qualified professionals and transfers within the same company).
– Does the Golden Visa authorize me to travel freely within the Schengen area?
Yes. The investor’s visa authorizes to travel freely within the “Schengen” area (Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland).
– Can I keep my fiscal residence out of Spain?
Yes. The holder of the permit will be able to maintain their fiscal residence out of Spain, as long as they remain in our country for a period less than 183 days per year. Furthermore, the residence permit can be renewed even in the case that there are absences of more than six months per year.
– How long can I stay in Spain with my Golden Visa?
The residence visa for investor’s authorizes to remain in Spain during a year. Once this period has expired or when it is in force, a residency authorization can be requested for two years, which can be renewed another two years in the case that the maintenance of the investment is proved.
– Does the Golden Visa authorize me to work?
Yes. The Golden Visa authorizes to live and work in Spain. This results from the fourth additional disposition of the Law, which states a single application proceeding for a permit which allows living and working in Spain. 7
– Is the proceeding to obtain the residence shorter now?
Yes. The visa applications will be resolved and notified in a time period of 10 working days, whereas the maximum period to resolve the residence authorizations will be 20 days since the request is presented, with an implied grant of authorization.
– Are the 500.000 Euros per applicant o per application?
Per applicant, however, the applicant can also include family members, who will be able to request jointly and simultaneously or successively, the authorization, and, in turn, the visa. In any case, the applicants will have to comply with the general requirements and prove the family relationship by means of the corresponding certificates.
– Who is considered a family member with effects of requesting the investor’s visa?
Spouses, children under 18 years of age or children of legal age who are not able to provide for themselves due to their health condition will be considered as family members.
– Can I purchase more than one property?
Yes. The reference that the law states concerning real estate does not refer to one asset or to one type of asset. However, the investment has to be carried out first and the visa requested after.
– Does the investment have to be carried out free of charges and encumbrances?
Yes. In the event of the acquisition of real estate, the applicant will have to prove that he can carry out an investment of 500.000 euros free of charges and encumbrances. However, the amount of the investment that exceeds the amount required can be subject to charges and encumbrances.
– At the end of the maximum period of five years, can I request a long term residency?
The residency can be requested, however, it will not be granted automatically at the end of the investor’s permit. In this case, the applicant will have to prove the fulfilment of the established legal requirements.
– What requirements do I have to comply to access the long term residency?
In order to access the long-term residency, the foreigner is required to have lived legally and effectively in Spain for five years. That the residence is effective means that 8
the absence periods in Spanish territory will have to be less than six consecutive months and not exceed a total of ten months during the said five years.
– Does the time period of legal residency in Spain count at the time of requesting the nationality?
Yes. The time period lived in Spain legally will be taken into account to request the long-term residency as well as the nationality.
– Can I have direct access to the residence authorization for two years without having to obtain first the investor’s visa?
No. It is necessary to have the investor’s visa which is valid for one year. During this year, you can request the residence authorization at any time without having to wait to complete the year.
– Does the Law 14/2004, of the 27th September have retroactive character?
No. The Law is only applicable for the investments carried out from the 29th September 2013, date when the Law entered into force, as states on the thirteenth final disposition of the same.