With the GOLDEN VISA to TAX RESIDENCE.
What allows me to live and work in Spain as a non-EU foreigner?
The Golden Visa is a visa that allows foreign investors who are not members of the European Union to legally reside in Spanish territory, provided they make a significant capital investment, either in financial assets or in real estate.
This type of visa is not processed at the immigration offices, but at the offices of the Unit for Large Enterprises (UGE), which specialises in this purpose. With this visa, you can move freely in all European countries of the Schengen area.
Can I really benefit from the Golden Visa Card?
The Golden Visa and Permit have some beneficial features for the investor and his family members, as they can include his spouse, minor children or children who are economically dependent on him, as well as dependent relatives in the ascending line and even family members who reach the age specified in the labour regulations. In other words, the family members of the investor are the beneficiaries of this type of residence.
How and when can I obtain the Golden Visa and what are the requirements?
If all the requirements are met, the investor can apply for the Golden Visa in person or expedite the procedure through an accredited representative to obtain the residence and work permit in less than 30 days. In addition, there are two basic requirements: a police clearance certificate and private health insurance, provided that it is an insurance company operating on Spanish territory or a Spanish insurance company.
From the moment of entry into Spanish territory, one has 90 days to obtain the Golden Visa Card. This means that the investment must have been made and recognised within a maximum period of 60 days from the date of application. Investments can be: Business projects, bank deposits, investment¬ funds, listed shares, the purchase of real estate, etc.
But if I buy a property, how can I legalise it and am I then obliged to stay in Spanish territory?
The purchase of real estate has proven to be the most common application for this visa, so we will take a closer look at this type of investment.
In order to obtain the Golden Visa for the purchase of a property, a contract of sale of the goods and the land must be presented, as well as a certificate of ownership and encumbrance issued by the Land Registry of the place where the property was purchased. With this form of investment, several properties may be acquired as long as one of them is used as the investor’s usual place of residence. The amount to be invested must be at least 500,000 euros, for which no mortgage can be applied. This means that an initial investment of at least 500,000 euros must be made free of debt and loans or mortgages can be applied for from this amount.
If the investment is made through a company, a report must be submitted to the Ministry of Industry, Trade and Tourism and the Directorate General for International Trade and Investors.
The validity period of the residence visa depends on the type of investment, e.g. 2 years for the investor’s initial permit and 5 years for the investor’s renewal permit. Unlike other permits, the Golden Visa allows you to be away from Spain for a longer period of time without losing your residence and you can even obtain Spanish citizenship according to the Spanish Civil Code.