The ‘Golden Visa’ for Spain
By Luis Wuest Sánchez, Dr. Frühbeck Abogados S.L.P.
In order to promote and support the development, growth and internationalisation of economic activity, in 2013 the Spanish government adopted a law which is still in force. In certain cases, this law facilitates and accelerates the issuing of visas and the residence permits for Spain. These cases essentially apply to investors, entrepreneurs, highly qualified professionals and workers subject to intra-corporate transfers within the same undertaking or group of undertakings.
This article deals with one of these cases – the case of foreign investors or the visa commonly known as the ‘Golden Visa’.
The Golden Visa is a residence visa obtained through the acquisition of real estate (RIV) in Spain. This kind of visa allows foreigners, who prove the acquisition of real estate in Spain with an investment equal to or greater than EUR 500,000 to live in Spain. The Golden Visa is aimed at those investors who want to stay in Spain for longer than one year.
This permit is considered a valid document for residing and working in Spain for one year, without the need for a foreigner identification card. The permit is renewable provided that the real estate is still in possession of the permit holder. Furthermore, it is possible to apply for a visa for the permit holder’s partner and children. Nevertheless, in the case of visas for children of legal age it is necessary to prove that the children are economically dependent on the permit holder.
Likewise, to apply for the Golden Visa you need to comply with the general requirements, among others, of not living illegally in Spain, being over 18 years old, not having criminal records in Spain or in other countries of residence where the person might have lived over the past five years, having a public or private health insurance with an insurance company authorized to operate in Spain, and having sufficient financial means to cover personal expenses.
Moreover, there are other specific requirements for the Golden Visa. The most important one is that the applicant shall prove the intention or the final purchase of the property. The first requirement can be proved through a preliminary contract with guarantee for the purchase through a down payment or by any means offered by the law formalized by public deed. The second requirement can be proved through a registry certification of ownership and encumbrances issued by the Land Registry which corresponds to the property or properties.
In any case, the applicant shall prove the existence of an investment in real estate in the amount of EUR 500,000 free of all charges and encumbrances. This proof can be provided either before or after the purchase. Therefore, the Golden Visa for investments in real estate offers a solid investment opportunity for foreigners who are interested in making investments or purchasing real estate in Spain, either because of the fascinating Spanish architectural and interior design, or just because of the amazing Mediterranean climate and their desire to live in Spain.
Luis Wuest SánchezDr. Frühbeck Abogados S.L.P., Barcelona, Spain
T: +34 93 254 10 70, F: +34 93 418 93 50
Published: July 2017 l Photo: Colourbox.de - Konstantin Tronin