The Investors Residence Visa “Golden Visa”
With the entry into force of Law 14/2013, of September 27, of support for entrepreneurs and their internationalization, the possibility of obtaining a residence visa was introduced by foreigners, whether natural or legal persons, who perform certain significant capital investments in Spain, also known as the “Golden Visa”.
In order to obtain the Golden Visa, it is necessary first of all to have made a significant capital investment in Spain and to have accredited it. There are several investments that can be made according to the law, of a financial, real estate and entrepreneurial nature, which are summarized below:
- Buy a property in Spain for a value equal to or greater than € 500,000 (before taxes). Investment in multiple properties or co-ownership is allowed.
- Acquire at least 1 million Euros in shares of Spanish companies, or deposit at least 1 million euros in the Spanish banking system.
- Invest at least 2 million Euros in Spanish Treasury Bonds.
- Carry out a business investment that involves the generation of employment, local economic impact or technological / scientific impact.
On the other hand, a series of requirements common to all the investments contained in Article 64 of the Law are required and are summarized below:
- Must not have entered or remained illegally in Spain or having been refused entry into any of the countries of the Schengen area.
- Must be a non-EU citizen.
- Must be 18 years of age or older.
- Must not have a criminal record in Spain.
- Must have public or private medical insurance valid in Spain.
- Must have sufficient economic resources to keep both the applicant and his family in Spain.
Once the investment is made, the foreign investor can apply for a residence visa, which, once granted, will entitle him to reside in Spain for at least one year, without having to process the foreigner’s identity card; this is the case since Regulation (EU) No. 265/2010 of the European Parliament and of the Council of 25 March, amending the Convention implementing the Schengen Agreement and Regulation (EC) No. 562/2006 establishes that the duration of long-term visas will be one year maximum.
In the event that the investor wishes to extend the residence permit for more than one year, they must process and apply for residence authorization for investors, in which, in addition to continuing to comply with the general requirements of Article 62 of Law 14/2013, they must comply other additional:
- Be the holder of a valid residence visa or be within 90 calendar days after the expiration of this.
- Have travelled to Spain at least once during the period authorized to reside.
- Prove that the significant capital investment initially made is maintained, by submitting certificates similar to those mentioned in section 2.1 above, without it being necessary, therefore, to make a new investment in our country to obtain the residence authorization for investors