Spanish Golden Visa, Residence Permit in Spain for Non EU Real Estate Investors

05.01.2014 / Lawyers Barcelona, Spain - Law Firm Barcelona, Spain

 

On September 27th the Spanish Government published “Ley 14/2013, de apoyo a los emprendedores y su internacionalización” creating a new kind of visa and residence permit for investors.

 
1. THE INVESTMENT

Eligible applicants for such visa and/or residence permit are non-resident investors who have made any of the following investments in Spain:

a) An investment for:

(i) a value of more than EUR 2 million euros in Spanish public debt (bonds); (ii) EUR 1 million in shares of a private Spanish company or in a bank deposit in a Spanish financial entity.

b) The acquisition of real estate in Spain representing a net investment above EUR 500.000.

c) A business project in Spain suitable to be considered “of general interest”, implying: 1) creation of employment; 2) socio-economic impact on the geographical area in which the activity will be performed; 3) a relevant contribution to scientific and/or technological innovation.

 
2. THE PERMITS

Such investment will entitle the applicant to:

(i) Obtain a new kind of VISA enabling to enter and stay in Spain for a maximum period of 1 year thus increasing the maximum stay period for non-residents which is currently of 90 days. The visa will enable the beneficiaries unrestricted capacity to move within the “Schengen” area (currently, Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland).

(ii) Obtain a new kind of two-years RESIDENCE PERMIT renewable for further terms of 2 years. This permit will not require the beneficiaries a minimum residence period in Spain of 183 days a year to renew it. This means that the holder of this permit may be authorized to maintain its tax residence outside Spain.

 
3. THE REQUIREMENTS FOR THE RESIDENCE PERMIT FOR INVESTORS

The applicant must fulfill some general requirements and others that are specific to each kind of investment.

  3.1. General requirements are:

- Not to have entered or stayed irregularly in Spanish territory.

- Be of legal age (over 18).

- Not have a criminal record in Spain nor in the countries where the applicant has previously resided.

- Not to have been refused entry in any of the Schengen countries.

- Have a public or private health insurance from an entity authorized to operate in Spain. - Have sufficient economic means to cover living personal expenses as well as those of any family seeking residence. - Be a holder of a visa for investors in force or within 90 days from the end of the expiry term. - Have travelled to Spain at least once during the period the applicant has hold the investors visa.

  3.2. Specific requirements in case of investing in Real Estate:

In the case of a real estate investment, the applicant must prove ownership of one or more immovable properties in Spain with an overall net investment contribution above EUR 500,000. Amounts in excess of EUR 500,000 may be subject to liens or encumbrances.

Proof of the investment must be made through a Registry of Property certificate attesting ownership dated at latest 90 days before the filing of application. Alternatively, in the event the ownership title is not yet registered, through a copy of the acquisition public deed and proof of filing the deed in the Registry.

The law does not gives no relevance to the date of acquisition of the property, opposite to what happens in the case of investments in public or private debt which are required to have been made within a certain period prior to the application.

 
FINAL CONSIDERATIONS

Holding a residence authorization for investors will not be enough to have access to the Spanish long-term residence or nationality.

Feel free to ask for more information at the contact details mentioned below.

Our lawyers provide services with the aim of offering the highest level of professionalism, quality and immediacy.

BALCELLS INTERNATIONAL LAWYERS GROUP S.L.U.

 

By mail at: info@balcellsgroup.com

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