Similar to what other European nations did, Spain also introduced its Golden Visa program which aims to aid the country’s financial well-being. It is different from the Gold Visa cards, Golden Visa is the right to reside in a specific country. Additionally, it allows visa-free travel to the country.
What is Spain Golden Visa?
Spain is part of the EU since 1985, and has been part of the Schengen region since 1995. The high standard of living and its growing economic growth make it a desirable option for relocating. Families and companies alike consider Spain as a viable option to invest in the future.
Particularly for non-EU citizens who wish to pursue their careers or other ambitions to Europe, Spain Golden Visa Program is an ideal alternative. It permits you to live as a student, work, or study in Spain. Additionally, it could be a path to permanent residency and eventually, citizenship.
In the five-year period following your temporary residency After five years of temporary residence, you can apply for permanent residence in Spain. After 10-years of continuous residence you are eligible to apply for citizenship via the process of naturalization subject to the conditions satisfied.
Eligibility Conditions to be eligible for Spain Golden Visa
There are a variety of ways to invest in Spain Golden Visa Program. You can invest EUR500,000 in real estate, EUR2 million in Spanish Government Bonds, or EUR1 million in shares of Spanish companies.
Alongside the financial requirements You must also attain a minimum of 18 years old age, and have a clean criminal history and the health insurance coverage of a public or private insurance policy.
The specific criteria are:
You’re at least 18 years old
You’re not a illegal resident of Spain
You haven’t had a criminal background in the past five years
You’re not listed among the undesirable individuals
Private health insurance is available to cover your stay
You have the ability to demonstrate that you have sufficient money to support yourself without having to work in Spain
You’re not being denied residency in other countries or from Spain
You aren’t suffering from any of these illnesses, in accordance with a 2005 regulation
Real Estate Investment Option
This program requires you to put in a significant amount of Spanish real property. The amount that is specified in it is EUR500,000. It is possible to choose either commercial or residential properties or a mixture of both. The property may be available for rent. Multiple buyers may join their investments into one property. In addition, any amount in excess of the investment minimum can be mortgaged.
The Business Development sector in Spain
This option to gain Spain residency via investment specifically targets to improve to boost the Spanish economy. If you decide to go with this option 1.) you need to create employment 2.) the investment should be a socio-economic benefit to the country) help in the development of scientific or technological advancements. The minimum investment required for the option you choose is EUR1 million.
Capital Transfer
You can also make a large investment in Spanish Treasury Bonds to benefit from the Golden Visa Spain. Because of their security in the financial market, this option is very popular with applicants. Treasure Bonds are backed by the federal government. They are a fairly secure form of investment that can provide high yields. The minimum investment amount for this choice will be EUR1 million. In other words, you can invest a minimum amount of EUR1 million worth of shares of Spanish banks or deposits at the help of a Spanish banking institution.
Corporate Projects and Business in Spain
The projects that are considered suitable in order to qualify for Golden Visa Spain must meet the following requirements:
If it is proven that it is an engine for job creation.
If the investment is anticipated to create an economic or social impact in the region where the money is being invested.
If it is significant contributions to science and/or technological innovations.
There are more than 3,000 new start-ups operating in Spain that are willing to invest. In order to promote these initiatives the government has enacted tax reforms that encourage investment in these businesses. This choice requires special attention due to its legal complex procedures. This is why it is strongly recommended to go through the procedure with the assistance from an expert.
Spain Golden Visa Application Process
Spanish Golden Visa process is quite simple. This is a brief overview of the most important steps.
Step 1: Firstly you select your favourite investment option. These investment possibilities are described in the above section under the heading “Investment Options for Spanish Golden Visa”. Additionally, our staff comprised of Golden Visa experts can help you analyze the investment options.
Step 2: Once you have made your choice You then complete and submit your Application to apply for Schengen Visa.
Step 3. At this point you travel to Spain to provide authorities with the biometric data required. This process typically takes about two months to be completed.
4. The last stage of the application process is waiting for the outcome of the official review. The approval process or denial usually takes about 20 days.
Step 5: Receive Your Spain Golden Visa and start enjoying the advantages.
Essential Documents to Apply required for Golden Visa in Spain
To submit a request for a residence visa you must submit specific documents along with an application form.
1. A valid passport that is valid for at the very least for a year
2. A document that confirms that there is enough money to cover expenses during the period
3. Document that confirms that you’re covered under medical insurance
4. A document from the appropriate authorities that confirms the educational status by your kids (if appropriate)
Each of these documents has to be transliterated into Spanish and legally certified.
The process of opening a bank account along with the NIE Number
NIE The acronym, NIE, also referred to as Numero of Identification Extranjero can be translated to”the Foreigner’s Identification number. It is the Spanish NIE Number is an identification number for tax purposes. It is utilized for a variety of things related to the Spanish tax system, and real estate. It is utilized for tax payments, official purchases, or performing other official or legal processes. It is required for every fiscal transaction that involves with the Spanish fiscal office. The NIE number is required for any foreigner who has financial, professional or social obligations in Spain. It is advisable to get an NIE number whenever you can, even if there isn’t any permanent residence requirement.
Non-EU citizens usually get their NIE application in conjunction with their Spanish residence. Spanish NIE Number is needed for a variety of activities, including:
Opening an account with a bank
Legally employed
Taxes to pay in Spain
Selling or buying the property
Cars for sale or purchase
Self-employment is a way to earn money.
Registration of a company
Inheritance
Learning in Spain
How to get an Spanish driver’s license
Arrange the utilities
The Application to apply for a Golden Visa to Spain
In general, authorities are given 20 days from the submission date for processing the application. If they do not refuse the application within that period, then the application will be automatically approved.
In certain circumstances, getting an Golden Visa in Spain might require up to 10 months.
Spain Citizenship through Investment
Spain Golden Visa is a residency by investment program that gives investors the opportunity to reside in Spain as a reward for a small investment. It’s not a straight path to citizenship. If you do get an Golden Visa and decide to stay in Spain it is possible that you will become eligible for citizenship in 10 years.
However, there are some requirements that must be met in order to become a citizen within the nation, like abstaining from your citizenship. This is why talking to lawyers and professionals will be beneficial prior to making the commitment.
Spain Golden Visa Renewal Process
Initial Golden Visa that is granted is valid for one year. It is possible to extend the validity up 5 years. After five years, you are able to apply for permanent visa.
To be able for extending the Residence Visa:
You must possess a valid Investors Residence Visa or one that expired not more than 90 days prior to the expiration date,
You should have been in Spain for a minimum of a month in the preceding year,
Your investment should be in place
You still need to satisfy the visa requirements to allow you to get a residence visa first in the in the first.
The Golden Visa is a great way to enjoy Spain Benefits
Traveling Benefits
Spain as one of the members of EU as well as the Schengen zone, offers visa-free travel for many countries. The most commonly referred to “Schengen” countries include: Spain, Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Sweden, and Switzerland.
Education
Spain Golden Visa Program includes the family’s residence. Many investors select their programs to improve educational requirements for their child. Being an EU member, Spain offers a wide selection of schools that cater to the international population of society.
Retirement
There are a variety of pension plans that you can choose from in the Spanish market for financial services and Spain is known as a fantastic location to retire.
Most Frequently Asked Questions Regarding Golden Visa for Spain
What is what is a Golden Visa in Spain?
It is a brand new type of visa for residence, made by the law 14/2013 of the 27th of September. It is designed for foreigners from other countries who are seeking to enter Spanish territory to make a substantial capital investments.
What are the various kinds that are available for Golden Visa in Spain?
The law defines two main categories. Capital investment (in public debt as well as Social shares in Spanish companies as well as bank deposits within Spanish financial institutions, as well as purchasing real property) and various other types of investment (creation of the company that is of general purpose, the hiring of highly skilled professionals and transactions within a single company).
Do my Golden Visa authorize me to freely circulate within the Schengen zone?
Yes. Spain visas for investment permit you to travel without restriction in the “Schengen” region (Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden along with Switzerland).
Can I continue to have the tax residence of my clients in a different country? Spain?
Yes. You are able to maintain your tax residence in Spain for as long as you remain in Spain for not exceeding 183 days per year. Furthermore, the residence permit is able to be renewed even if you are absent for more than six months in a year.
Do I need my Golden Visa authorize me to work?
Yes. It is true. Golden Visa authorizes you to reside as well work Spain.
How do I get to remain in Spain using this Golden Visa?
The residence visa permits you to reside in Spain for a year. After this time has expired the residence permit can be sought for a duration of two years. It is also renewable for a second time if you can prove that you have maintained the investment.
Does the EUR500,000 amount apply to each applicants or per applicant?
For each applicant, you may also include friends and relatives who are able to together and simultaneously or sequentially apply for the authorization and, should they need it, a visa. However, they must satisfy the basic conditions and establish the bond between them by presenting documents.
Can I purchase several properties on an investment visa? Spain investor visa?
Yes. The definition of real estate assets as defined by law is not limited to one property, and it does not mean only one kind of property. In all cases the investment must be completed prior to requesting the visa.
After the expiration of the maximum time period of five years, may I be granted a long-term residence?
It can be requested however, it is not automatically granted at the end of the permit to invest. In this instance it is necessary to prove the continued residence in Spain is required to be established to be able to obtain the permanent residence.
What are the requirements I need to fulfill to get the long-term residence?
In order to be eligible for long-term residence, it is mandatory that you live legally and successfully within Spain over the past five years. This residency is valid means that the duration of your stay outside of the Spanish Territory must be less than six consecutive months, and not exceed 10 months in the five years.
Does the duration of legal residence in Spain will count in the process of applying for nationality?
Yes. The period of time you have lived in Spain legally can be used for the long-term residency request as well as the nationality.
Do I have access directly to my residence permit for the next two years, without needing to obtain an investor’s approval?
There is no need to possess the investors’ authorization, which is valid for a period of one year. The residence authorization is able to be sought anytime without needing to wait for the completion of the year.
Are you sure? Spain the country where you can invest and become a citizen?
Spain Golden Visa program isn’t an easy way to become a citizen. If you’ve lived in Spain for a period of 10 years and meet the requirements to be eligible, you could be a candidate to become a citizen.
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