Spain introduced the Golden Visa scheme in 2013. Although everyone calls it ‘Golden Visa’, the correct name for the law is the Investor’s Residency law and it was primarily introduced to boost the country’s real estate market following the recession. The citizens of China, Russia, India and the Arab nations have always been the main focus of the scheme for obvious reasons: they are important buyers of overseas properties, particularly in Europe and the USA.
The key ingredient of the law is that it offers first time residency visas in return for a minimum investment of €500,000. Furthermore, it gives visa holders the ability to travel freely within Europe’s Schengen zone for 90 out of 180 days. This saves investors time and money, as they no longer have to apply for travel visas for all other countries in the Schengen area once they have a Spanish Golden Visa.
General conditions for granting a Golden Visa
There are a number of specific conditions that non-EU investors must meet, and a range of criteria for the issue of a visa that is different to a visa being granted.
The general criteria for non-EU property buyers wanting either a visa or permit are:
• The applicant must be aged 18 or over
• They must not hold a criminal record in Spain or their country of residence in the five years prior to the application
• They must not already be living in Spain illegally
• They must have medical insurance
• They must have the financial means to support themselves and any family while they are in Spain
• They must be able to pay the application fee
The various ways of obtaining a Golden Visa
There are also other ways of acquiring a Golden Visa, as set out in Article 63 of the law:
• Invest a minimum of €2m in Spanish Treasury bonds
• Make a minimum investment of €1m in a Spanish registered company
• Deposit at least €1m in a Spanish bank account
• Purchase property in Spain with a minimum value of €500,000
Alternatively, they can make a significant business investment in Spain that results in:
• Meaningful job creation in Spain
• A significant socioeconomic impact on the Spanish region where the investment is made
• An investment with technological or scientific impact
Other rules that apply to the visa include:
• Not being resident of a country that is considered a tax haven by the Bank of Spain
• Any company director making the application must be a majority shareholder.
However, it is obvious from all the above stipulations and possibilities that buying a property in Spain is by far the simplest option.
Marbella Hills Homes is a respected specialist in luxury property. Contact us for the best real estate options in the Marbella region.