In 2013, Spain introduces the Law 14/2013, of September 27th, on support for entrepreneurs. This law enables non-European nationals to obtain qualified residency permits in return for investing in Spain, becoming this authorization popularly known as the Spanish Golden Visa. Bufete Escura has a specialised professional team which provides advice on real estate and investment matters and on the whole processing of Golden Visa. Due that Bufete Escura has received many inquiries on this matter; hereinafter we provide an informative summary on the Spanish Golden Visa.
WHO BENEFITS: Together with the investor, his/her family can also benefit: spouse and children under 18 years of age or of legal age but economically dependent.
- The Investor.
- The spouse or person with a similar affective relationship.
- Those of legal age who, being financially dependent on the holder, have not formed a family unit for themselves.
- The parents in their care, who accompany or join the foreign nationals, jointly and simultaneously or successively, for an authorization and, where applicable, a visa. To do this, evidence must be provided of being in compliance with the stipulated requirements.
WHERE: In Spain, a member of the European Union and Schengen Members unlimited travel across all 26 Schengen countries without border controls.
DURATION: According to the law the initial authorization of residence for investors will last two years.
Once this period has expired those foreign investors wising to reside in Spain for a longer period of time may apply for the renewal of the residence permit for successive five year periods, providing that required preliminary conditions are maintained.
The granting of a “Authorization of Residence (Golden Visa) fir investors constitutes title enough to live and work in Spain during the hereinbefore term.
WHY: uncertainly, instability and risk in many parts of the world make wealthy people choose and secure the best future for themselves and their families, investing in the real states business and obtaining a residence authorization for the investor and his/her family provides peace of mind.
- INVESTMENTS IN PROPERTIES IN SPAIN: The minimum of 500.00,00 € need not only refer to one property but may relate to several properties where the total investment amounts to of 500.00,00 € or more.
- CAPITAL INVESTMENT: To be considered, one of the following criteria must be fulfilled:
- One million Euros in company shares or stock of Spanish capital companies with an actual business activity.
- Two million Euros in Spanish Public Debt: The applicant shall provide a certificate submitted by the financial institution, stating that the applicant is the sole holder of the bank deposit.
- One million Euros bank Deposited Investment: The applicant shall provide a certificate submitted by the financial institution, stating that the applicant is the sole holder of the bank deposit.
- A business project predicted to be carried out in Spain that is deemed and proved to be of general interest. It is necessary to submit a favourable report to prove that the business submitted has the necessary grounds of general interest; the report must come from the Economic and Commercial Office, from the geographical area where the investor files the visa application