New laws introduced in Spain in 2013 make it possible for non-EU nationals to obtain a Spanish Residence Visa and subsequently a Residence Permit provided they make a significant investment in Spanish real estate and provide certain documentation. This is known as the Spanish Golden Visa. Here we guide you through the legal requirements.
Residence Visa and Residence Permit - the Spanish Golden Visa
The Entrepreneurial Support Act (Law 14/2013) of 27 September 2013, makes it possible for non-EU nationals to obtain a Spanish Residence Visa and subsequently a Residence Permit if they make a significant investment in property in Spain with a purchase price equal to or higher than €500,000.
The Residence Visa is granted for a period of 1 year. The holder of the Residence Visa is entitled to apply for a 2-year Residence Permit that can be renewed provided the investment is maintained and the holder has made at least one visit to Spain during the Residence Visa period.
An application for the Residence Visa will be processed at the Spanish Consulate in the country in which the non-EU national is currently residing, or in his/her country of origin.
What documents are required for a successful Spanish Golden Visa application?
The Law establishes the following requirements for a successful applicant for the Spanish Golden Visa:
- Must be at least 18 years old.
- Submit two recent biometric passport sized photographs.
- Submit a Hukou: original and photocopy of all pages along with a Spanish translation.
- Hold a valid passport with a minimum validity of 6 months from the date of the application for the Residence Visa.
- Hold public or private health insurance contracted with a company operating in Spain.
- Criminal record certificates must be issued by the Spanish authorities and by the relevant authorities in the countries where the applicant has lived in the 5 years prior to submission of the application in proof of that.
- No previous illegal stay in Spanish territory; not classified as undesirable in a territory with which Spain may have agreements in that regard.
- Show proof of sufficient funds to support the applicant and members of his/her family during their residence in Spain. These funds must cover an approximate amount of €26,400 per annum for the main applicant and €6,480 per annum for each dependant under the applicant’s charge (each member of the applicant’s family applying for a Residence Visa).
- Show proof that the applicant has acquired Spanish real estate (one or more properties) for a minimum value of €500,000, free of any charges, by submitting a certificate issued by the Spanish Property Registry corresponding to each property purchased and dated within 90 days prior to submission of the application.
- Pay the Residence Visa fee.
- The Residence Visa application must be submitted either personally, or by a duly authorised representative of the applicant. An appointment must be made with the Spanish Consulate designated to handle applications in the applicant’s area of current residence.
Family members and the Spanish Golden Visa
If the Residence Visa is for family members, each family member must submit a separate application and a separate set of documents, essentially the same documents described above with the exception of the property registry certificate that is substituted by documentation evidencing the family relationship with the investor. The family members entitled to apply for this kind of Residence Visa are:
- Children under 18 years
- Children over 18 who are unable to provide their own needs due to their own incapacity
Applying for a 2-year Residence Permit under the Spanish Golden Visa
Once the 1 year Residence Visa has been issued, the holder is entitled to travel to Spain and apply in Spain for a 2-year Residence Permit. In order to apply for the 2-year Residence Permit the applicant must prove that the investment continues to exist, that he/she continues to comply with the necessary requirements for which he/she was granted the Residence Visa, and that he/she has made at least one visit to Spain during the Visa Residence period.
In addition, the applicant for the 2-year Residence Permit has to prove that he/she has complied with Spanish taxation requirements during the course of the previous year. The 2-year Residence Permit is renewable for successive periods of 2 years upon production of proof that the requirements continue to be met.
Spanish Golden Visa - next steps
At E&G Solicitors in Spain we can act on your behalf in relation to all of your Spanish legal needs, providing you with the necessary advice and assistance so that you can be certain that you are making your property investment in Spain within the rules and that your purchase will lead to a successful application for the Spanish Golden Visa. We can carry out all work by way of power of attorney, so that your required presence in Spain can be limited to one short visit in any 2-year period.
For more information or to discuss how E&G Solicitors in Spain can assist with your application, please contact us on 020 3478 1420, by email at email@example.com or by completing our contact form.