With the entering into force of Law 14/2013 of 27 September, on entrepreneur support and internationalisation, and for the purpose of attracting investment and talent to Spain, the requirements for work permit and residence permit applications have been made more flexible. The law provides for the granting of a Golden Visa in Spain through an investment in real estate equal to or exceeding €500,000 free of charges and tax.
Specific requisites – Golden Visa in Spain
The acquisition of property must be proved through a title-holder and encumbrances certificate from the Land Registry. If, at the time of acquisition, the property is in the process of being entered into the register, submission of a certificate confirming the entry the acquisition document is in, together with the corresponding taxes, will be sufficient. In the event the acquisition has not been formalised, the application can be carried out by proving the acquisition through a pre-agreement with a guarantee of its fulfilment by means of down payment or another accepted means.
In addition to proving said specific requisites for the residence and work permit, applicants must prove they are of legal age, do not have a criminal record, do not feature on an entry-refusal list in the territorial space of any country with which Spain has formalised an agreement for such purpose, have medical insurance, can prove sufficient financial means and they have paid the corresponding fees.
The process – Golden Visa in Spain
The process can be carried out from the country of residence. In this case, a one-year visa should be applied for.
If applicants are legally living in Spain or their visa has expired, they should apply for a permit with an initial duration of two years. It will be renewed every five years.
Under this law, the resolution periods are considerably reduced, being ten days for visas and twenty days for permits. In the event that no notification is received from the administration, it is understood that the permit is to be granted.
Another benefit of this permit is that there is no minimum residency period. The only requirement is that the holder travels to Spain at least once during the permit validity period.
Furthermore, this law also allows for the possibility that the spouse and under-age children, or children of legal age that are financially dependent on the investor, can apply for residence permits either jointly and simultaneously with that of the investor or following his or her application.
Summary – Golden Visa in Spain
In summary, the entering into force of this law opens the door to real estate investors in Spain, making it a swift procedure with easier requisites than those provided for under the Law on Foreign Persons.
If you are interested in applying for a permit for real estate investment (Golden Visa in Spain), don’t hesitate to contact our office.