“Golden Visa” for investors
The bill aimed at entrepreneurs and supporting measures for the internationalization of the Spanish economy has been approved and officially published. The mentioned regulation has entered into force and it is fully applicable since 30th September 2013.
According to EU rules on visas and the Schengen Implementing Convention Agreement, the entry and residence in Spain can be authorized for reasons of economic interest to non-EU citizens.
This Law regulates certain cases in which, for reasons of economic interest, Spain facilitates and expedites visas and residence permits, in order to attract investment and talent to the Country. The measure is aimed at investors, entrepreneurs, workers of international corporations, highly qualified professionals and researchers, as well as spouses and children, through an agile and fast procedure before a single authority, and for a variable period according to the different cases referred. Such residence permits shall be valid throughout the national territory.
It is advisable to obtain a comprehensive advice about this matter, as many different aspects should be taken into account. A minimum 500€ K investment is necessary, and carrying it out wisely is a must.
It is a legal procedure, so ensure yourself that you are receiving best independent advice available (property, taxation and international Law). A comparatively small expense will become hugely useful and productive. If you are offered legal services, take care of checking the independence and reliability of the advisor recommended. A good advisor will help you to avoid pitfalls when addressing the real estate investment.
The minimum investment is 500.000 € in cash, per application. This application covers the main applicant and his/her family.
The purchase has to be formalized in a public deed, and every movement of funds used shall be justified by legal means, according to anti-laundering money laws.
a.- Portfolio. One or several properties, with joint price of at least half a million €.
b.- Type. Of a residential, touristic, rural, commercial or industrial nature.
c.- Use. For rent, land to be developed, buildings under construction or decrepit buildings for renovation. Properties with different use can be combined.
There is no requirement that any property is intended for a specific use. Therefore, it is accepted to intend the property for leasing purposes totally or partially, or to use it for business activities of any kind. While maintaining the investment, the management of properties can vary along the time without affecting the permits.
The total investment must be free of liens or encumbrances at least on 500,000 €. Loans, financing charge or encumbrance may exist over that amount. A loan/mortgage on properties can be used to buy additional properties.
Initial investment equal to or higher than 2 million euro in Spanish government bonds or 1 million, whether it is in stocks or shares in Spanish companies, as well as bank deposits in Spanish banks.
Ownership of Companies
It is accepted that the investment has been made through a legal person domiciled in a territory non considered as a tax haven whenever the natural applicant person has control over such legal person.
Prior to the application for permanent Residency, the investment must have been completed.
The spouse and children under 18, (or older disabled children) may also be included into principal application for permits at the same time or after the principal applicant.
Other administrative requirements:
a.-Not to reside unlawfully in Spain.
b.-To be over 18 years old.
c.-Not to have criminal records in Spain or in the country of residence.
d.-Not to be listed as unacceptable in Spain.
e.-To have a public insurance or private health insurance valid in Spain.
f.-To have enough economic resources for the applicant and his/her family.
g.- Authorization or visa processing fee.
Types of permit
Visa for investors
It allows to legally living in Spain for at least one year.
Authorization is processed in Diplomatic Missions and Consular Spanish Offices and can be issued for one, two or multiple entries.
Visa applications shall be processed and notified within 10 working days, except in case of applicants subject to prior consultation.
Residency permit for investors
It allows living in Spain for two years, and after that period, it can be renewed for another two years and so on. You can ask for a renewal although you had resided in Spain for less than six months a year.
Processing and granting the mentioned residence corresponds to the Spanish Ministry of Foreign Affairs.
The deadline for giving a resolution will be 20 working days from the submission of the application.
If a negative answer is not issued within the mentioned period, the application shall be considered as accepted.
Long-term residence and Spanish nationality
After five years of continuous residence, you can obtain an unlimited residence permit.
Likewise, once completed ten years of residence, Spanish nationality can be requested.
In such cases, an effective justification of at least six months of residence shall be provided, (unless due cause exists).
Phases and steps
PRELIMINARY. 5 WORKING DAYS. The customer should study:
o Type of property, budget, finance. Area of interest.
o Limitations or requirements in origin for transfer of funds.
o Portfolio, if is the case. Strategy for rent, administration.
o Exit strategy. Company or individual owner.
$1- INTERIM VISA. Investment Visa should be applied for. We can provide a letter for the Spanish Embassy. All documents needed for subsequent INVESTOR´S VISA (once investment is completed) will be already requested at this stage. 10 WORKING DAYS .
$1- FIRST VISIT This first visit should be used to identify properties, lifestyle issues and legal and tax schemes. 2 WORKING DAYS .
$1- LEGAL STEPS. Power of Attorney. Typically will be easier to grant it once you are in Spain. We can forward a draft in advance to be sure that any future need is perfectly covered. NIE, Bank´s account and address for representation (Law Office) can be obtained during the first short stay. 1 WORKING DAY .
$1- PURCHASE PREPARATION. All the standard steps to receive funds, to review legal status of the property, transfer of funds. Preparation of DEED. Completion. 5 WORKING DAYS .
$1- APLICATION FOR INVESTOR´S VISA. Once completion has taken place, and with all the documents prepared, we will apply for unlimited VISA, with one year validity. 10 WORKING DAYS.
$1- This means a predictable total term of six weeks.