WHAT IS GOLDEN VISA SPAIN? What does a Spanish Golden Visa entitle you to?
Golden Visa Spain is a visa issued to non-EU nationals, granting them and their family members residence permit in Spanish and visa-free access to the Schengen area, when making a significant investment in the Spanish economy.
The most usual way to be offered a Spain Golden Visa is through the purchase of real estate properties for a minimum investment of 500,000 Euro. However, the visa is also available to businesspeople who invest in the Spanish economy, either monetarily or with highly qualified knowledge.
What are the advantages of a Golden Visa in Spain?
Holders of a Golden Visa in Spain have a Spanish residency permit. This means that they, along with their closest relatives, have the legal right to live and work within the Spanish territory, as well as having access to the following benefits and rights:
- Permission to live in Spain.
- Authorization to work in Spain, either as freelance or employee.
- Freedom to travel within the Schengen area.
- Consent to extend the rights and benefits to family members.
- Usage of public services.
- Ability to gain Spanish citizenship after 10 years.
Permission to live in Spain.
Golden Visa Spain allows its holders to live anywhere within the Spanish territory, independently of the city or region where they made the investment or applied for the visa.
Successful applicants will receive, in first place, the Golden Visa which will grant them residency in Spain for one year. Afterwards, during this first year, they will have to enter Spain and exchange this visa for a Spain residence permit; this second permit will be valid for two years, as long as the holder maintains the inversion and keeps meeting all requirements. The Spanish residence permit is extendable.
As a non-national with permission to live in Spain, you can enter and leave the country as many times as you wish. However, if you expect to opt to the Spanish citizenship, you will have to stay within Spain for a minimum of 6 months per year.
Authorization to work in Spain, either as freelance or employee.
Golden Visa holders are authorized to work in Spain, both as a freelance (autónomo) or as an employee in a company. Therefore, any GV holder over the age of 16 -the legal age to work in Spain- can be employed by a local or international company and work in Spain or create their own company and either work as freelance by themselves or hire employees to work with them.
Freedom to travel within the Schengen area.
With a Golden Visa -and thus, being a European Union resident-, you will be free to travel to any country within the Schengen Area, visa-free.
The Schengen Area is a group of European countries which have supressed their internal borders, for the free and unlimited moviment of people. All 26 countries comprising the Schengen Area share common rules and laws that control the borders and crime within the zone.
Consent to extend the rights and benefits to family members.
When you get a Golden Visa in Spain, your closest family members will also be able to benefit from it, having all your rights as a GV holder extended to them as well. Relatives allowed to be included in your visa are:
- Your spouse or partner. Unmarried, cohabiting couples also benefit from the law when they register under the Spanish “domestic partnership” Civil Registry, a rule which also applies to same sex couples.
- Your children under 18 years all.
- Your adult children who are dependent of you, including:
- Adult children who are phisically or mentally disabled.
- Adult children who depend economically of you. In this case, you will be asked to prove that your adult children are not working and have not formed a family unit for themselves.
- Dependent elderly parents.
Usage of public services.
With a Spanish Golden Visa, you and your family will be able to use Spanish public services such as healthcare and education.
Spain has a high-quality health care system that guarantees universal coverage for all residents. Health care in Spain consists of a combination of private and public health care, in which every resident can choose the health care system of their preference. About 90% of Spanish people use the public health system, called the National Health System. In any case, people with a private health insurance, are allowed to attend the medical center or hospital of their preference, either private or public.
In Spain, it is mandatory for all children between 6 and 16 years old to go to school; homeschooling is not legal for children in age of obligatory schooling. Families can choose the most suitable school for their children, having public, concerted and private schools among their options. As Spanish residents, children of owners of a Golden Visa in Spain who opt to attend a public school, have no cost for their education. Otherwise, if you wish that your child studies in the best schools and/or their first language, a private or international school could be your best option.
Ability to gain Spanish citizenship after 10 years.
Spanish residents are able to become Spanish citizens after living in Spain for 10 years. Some requirements apply for those wishing to be citizens, such as having lived a minimum of 183 days each year in Spain, for the last 10 years.
Which are the Spain Golden Visa requirements?
In order to be granted a Golden Visa Spain, the applicant needs to effectuate an investment in Spain -the investment needs to be one of a provided list-, as well as meeting some requirements that will ensure that their residency in Spain will be benefitial and safe.
Required investments for Investor Visa Spain
The reason why Golden Visa Spain, also known as Investor Visa Spain, was created, is to attract foreign investment in the country. Therefore, making an investment -either monetary or with qualified work- is the central part of a Golden Visa. The investor must contribute in one of the following ways:
- Investing in real estate to obtain a Golden Visa Spain.
- Purchasing Spanish public debt.
- Purchasing shares from a Spaish company.
- Depositing funds in a Spanish bank account.
- Being hired as a qualified professional by a company located in Spain.
- Setting up a business considered of special economic interest.
Investing in real estate to obtain a Golden Visa Spain
Purchasing real estate is the most common type of investment for people intending to obtain an Investor Visa in Spain. 95% of all Golden Visas in Spain are granted via investing in real estate. The investment in real estate must be of a minimum value of 500,000 Euro. It is possible to effectuate the investment by purchasing either one or several properties, as long as the total investment amount is met. If you wish to mortgage the property, please note that the first 500,000 Euro needs to be cash paid in order to qualify for the Golden Visa, and only the value exceeding over 500,000 Euro will be able to be mortgaged.
If you decide to invest in real estate to obtain your Golden Visa, you will need to provide the certificate of domains and charges from the Land Registry and the deeds of the properties you purchased.
Purchasing Spanish public debt.
If you invest 2,000,000 Euro in Spanish public debt and keep the investment for a minimum of 5 years, you are able to apply for the Golden Visa Spain. As a prove of your purchase, you will need to provide a certificate from the Bank of Spain or another financial institution through which the investment was made, stating you are the sole owner of the investment for a period of at least five years.
Purchasing shares from a Spanish company.
Investing 1,000,000 Euro in shares or stocks from a Spanish company is also a way of being accepted to apply for the Investment Visa. Those who choose to invest in Spanish stocks or stocks must obtain and submit an investment declaration (stocks) issued by the Ministry of Economy’s Investment Register or a certificate of financial intermediary registered with the National Securities Market Commission. Must be submitted.
Depositing funds in a Spanish bank account.
Another option for getting the Spain Golden Visa via investment is by dipositing a minimum amount of 1,000,000 Euro in a Spanish bank account. In this case, you will be asked to present a document reflecting your ownership of the effectuated deposit. This certificate must be issued by the financial institution that is the beneficiary of the deposit.
Being hired as a qualified professional by a company located in Spain.
If you have received a job offer as a highly qualified professional in a Spanish company, you can also be eligible for a Golden Visa Spain. In order to be considered a highly qualified professional you must meet at least one of the following requirements:
- Be hired as a manager or chief officer in a company and being in charge of a substantially extensive group of employees within the company where you will be working.
- Be hired by a Spanish company for a job position which requires a very specialized technical knowledge. Prior to receiving the job offer you must have already acquired the knowledge.
- Having obtaing a graduate or postgraduate degree, or a PhD, from a prestigious university or business school.
Setting up a business considered of special economic interest.
Start a business that is of particular interest for the Spanish economy and/or society. This is, creating a new businesses which will provide employment opportunities, contribute to scientific and/or technological innovation, or have a socio-economic impact within the region in which the business operates. In order to obtain the Golden Visa you do not need to have already created the business, but to provide a business plan and prove that you will start the business up.
Personal Golden Visa requirements
In order to be granted a Spanish Golden Visa, only making an investment will not be engough. The applicant will also have to meet some personal requirements:
- Be 18 years old or older. Please note that 18 is the legal age in Spain.
- You need to prove that you dispose of sufficient economic means to live in Spain for yourself and your family. This means that you will need to demonstrate that you will be able to cover all living expenses, including residence in Spain and travel from your country, for all the people that will be involved in your Golden Visa application.
- You have a private health insurance which meets the following requirements:
- The provider of the medical insurance is authorized to operate in Spain.
- The medical insurance must not have co-payment.
- The waiting period for hospitalization needs to be 6 months or less
- Travel insurances are not be accepted.
- You must not have entered or stayed illegally on Spanish territory.
- You must have not been refused entry into any of the Schengen countries.
- You do not have any criminal record in Spain, nor in the current country of residence, for the last 5 years.
Application process for the Spanish residency with Golden Visa.
The Golden Visa application process is done in three steps:
- Investment for Investor Visa Spain.
- Fill out Spain Visa application form.
- Preparation of documentation for Golden Visa Spain.
- Receive approval for Spanish Golden Visa.
Investment for Investor Visa Spain.
In order to be granted a Golden Visa in Spain, it is mandatory that you make an investment, either monetarily or with special knowledge, as explained on Required investments for Investor Visa Spain. Only with this investment, you will be able to apply for a Gold Visa at the Spanish embassy or consulate. At the time of application, you must be committed to make an investment, but the investment does not necessarily need to have been performed.
Fill out Spain Visa application form.
A key part of the application process for your Spanish Golden Visa is to fill out an aplication form. You will need to submit this form, along with a list of given documents, to the embassy, the consulate or the representator who is helping you through the application process.
Preparation of documentation for Golden Visa Spain.
In order to be considered for a Spanish Gold Visa, you will be required to prepare and submit some documents about yourself, your family and your investment. Note that all documents will have to either be originally in Spanish or translated into Spanish by a certified translator and apostilled. Find below the list of documentation that you will be asked to bring when you apply for the visa:
- Spain Visa Application Form.
- Two passport-size pictures, which follow the following guidelines:
- Size: 40mm x 30mm (Passport Size).
- Color (no grey tones).
- Head aligned in the middle of the picture, entire face should be visible.
- Background: White.
- Neutral smile and open eyes. Only daily wearing glasses, no sunglasses nor headgear.
- Photocopy of the personal information page of your passport. Make sure your passport will be valid for the initial period of time you intend to spend in Spain and also that it has a minimum of two blank pages.
- If you are not a citizen of the country where you are currently living, you will need a copy of your residence permit.
- Documents which prove you have sufficient income to support yourself and your family during the time you intend to live in Spain.
- Police records proving you have no criminal background. These must be issued within three months prior to the application.
- Proof of health insurance (private or public) with an insurance company operating in Spain and meeting all requirements described in Personal Golden Visa requirements.
- Proof of payment of the visa fee.
- The document that proves your investment for Golden Visa.
Receive approval for Spanish Golden Visa.
Investing in real estate is, for most applicants to Golden Visa, the fastest way to obtian the Spanish residency. Once you hace completed all 3 steps explained above, you only have to wait until you receive your response. If you have managed to successfully meet all requirements and provide all requested documents, you can expect to be granted a Golden Visa for Spain.
How long does it take to get a Golden Visa in Spain?
Once all the documents have been submitted to the competent authority, you will have to wait up to 20 days before obtaining a resolution for your Spain Golden Visa. After that, once the resolution with favorable results is received, there is a period of 1 month in which you will need to apply for the Golden Visa Spain at the Spanish consulate located in your current country. At that time, you must also travel to Spain and submit the application for the Spain Golden Visa with the approval.
The next step will be to obtain the TIE (Tarjeta de Identidad del Extranjero – Foreigner’s Identity Card), as well as to take your fingerprints in a police station. You will have 1 month to do it.
How long can you stay in Spain with Golden Visa?
Altough the regular Golden Visa Spain lasts for 1 year, it is possible to extend its duration, as long as you meet some requirements.
- Investors who will be receiving the Golden Visa through real estate investment have 6 months of visa/residence permit until their real estate assets are formalized.
- Once you receive your Golden Visa, you can initially live and work in Spain for 1 year.
- Once you are in Spain, you can exchange your Golden Visa for a residence permit, which will allow you to stay in the country for 2 years -instead of 1.
- After 2 years, you will be able to extend your residence permit for 5 more years. Although you do not need to spend a certain number of days per year in Spain in order to maintain or extend your residence permit, you do need to have been in Spain at least one time during your period of residence.
- You can extend your residence permit for 5 more years as many times as you wish, as long as you maintain your investment and visit Spain at least once per extended period.
- After 10 years living in Spain, you can apply for citizenship. In order to be considered for this application, you will have to have spent in Spain a minumum of 183 days each year for the 10 years prior to applying to citizenship.
Living in Barcelona with Golden Visa Barcelona.
A Spanish Golden Visa will allow you to reside anywhere within the Spanish territory, including the Canary Islands, the Balearic Islands, Barcelona and all other places in Spain. The region of Catalonia -where Barcelona is located- welcomes the highest amount of Golden Visa holders in Spain, a 32.6% of the total.
According to a study carried out by the Barcelona City Council, the most positive aspects of the city are the environment and quality of life (32.4%) and Gaudí architectural works (30.2%), followed by leisure and cultural activities, climate, sea and beaches and the non-cultural leisure. All of them are excellent reasons why you should get a Golden Visa Barcelona.
Some icons of Barcelona are Futbol Club Barcelona (Barça soccer team), Sagrada Familia and ’92 Olympic Games and the sportive developments that were build for the olympics. Barcelona is a very sportive and artistic city and it can be appreciated both through its citizens and in the streets.
Barcelona is an international city, connected with the whole world, both literally and metaphorically. There are about 400 flight routes departing from Barcelona’s airport and traveling to over 60 countries worldwide. The city is also connected with the world through its culture, gastronomy, cosmopolitanity, the personality of its citizens and the coexistance of cultures that nourish each other, being the Catalan culture on the center. Barcelona is a very complete city, where you will enjoy to live when you obtain your Golden Visa Barcelona.
How do you get a Gold Visa for Spain?
In order to get a Golden Visa for Spain, you need to go through the Application process for the Spanish residency with Golden Visa, as explained above in this article. This includes making an investment, meeting some requirements, preparing documentation and submitting your application.
It is highly recommended to be accompanied by a representative, who is already in Spain, during this process. This person or company will not only advise you regarding your investments and preparation for your arrival to Spain, but will also help you through all the bureaucracy, preparing and submitting your documentation, as well as representing you in meetings with the embassy, the consulate or lawyers.
Contact us if you would like to obtain a Golden Visa Spain.