SPAIN GOLDEN VISA - RESIDENCE PERMIT BY INVESTMENT IN 2021

Spain Golden Visa Programme - Background

On 27th September 2013, the Spanish Government passed a law to encourage High Net Worth Individuals, who are non-EU nationals to invest in Spain for Residency purposes, Law 14/2013 to support Entrepreneurs and globalization. The new law allows for High Net Worth Immigration to Spain for Investors who purchase a property, with an investment of €500,000 Euros or more to apply for a Residency visa.

The Residency Permit grants the right to reside and work in Spain, as well as travel in Europe (Schengen Area). Contact VisaConnect's specialist Consultants, together with our partner Spanish Lawyers, in 2021, for advice and assistance with your Spain Golden Residence Visa to obtain a Residency Permit in Spain!

Why Invest in Spain Business or Property?

2nd Largest Country in Western Europe - Spain's unique geographical location, on the Iberian Peninsula, with the Mediterranean Sea to the east and Atlantic Ocean to the South, makes Spain very attractive to foreign investors

EU Member Country - Spain has been an EU Member Country since 1 January 1986, which allows for free movement of people, goods, services, and capital within the internal market. In addition, Spain is a Schengen Area member, since 1995, and has maintained the Euro currency since 1 January 1999

Mediterrranean Climate - The Mediterranean climate is very attractive, with mild winters and hot and dry summers which encourage visitors and potential business customers

Gross Domestic Product - The Gross Domestic Product of Spain grew 2% in 2019 compared to 2018. GDP in Spain is expected to reach 1500.00 USD Billion by the end of 2020, according to Trading Economics global macro models and analysts expectations

Growing Economy - Since joining the Eurozone in 2002, Spanish economic growth has been much higher than the EU average. Spain is the eighth largest industrialised economy in the OECD (Organisation for Economic Co-operation and Development)

2nd Most Visited Country in World - In 2019, Spain was the second most visited country in the world, recording 83.7 million tourists. This signified the seventh consecutive year of record-breaking numbers

Stable Political Situation - Spain is a member of NATO and the EU, which provides a stable political situation and diplomatic relations guarantee development opportunities for organisations doing business in Spain

Low Cost of Living - The Cost of living in Spain is one of the lowest in Western Europe. For example, Madrid is ranked 64th in 2018 on Mercer’s cost of living survey, meaning it is considerably cheaper to live in than London

Healthcare in Spain - Spain has a high quality healthcare system, guaranteeing universal coverage for all residents. Over 90% of Spaniards use the public healthcare system. According to the Bloomberg Healthiest Country Index, Spain is ranked as the healthiest country in the world

Public Universities - There are many internationally recognized public Spanish universities, which offer low tuition fees, such as the Autonomous University of Madrid, the Autonomous University of Barcelona, the University of Salamanca, and the University of Alcalá de Henares

Rising Property Prices in 2020 - According to the Marbella Property Market Report 2019, residential property prices rose an average of 6.7 per cent across Spain, in 2019. In addition, statistics released by the Central Bank of Spain in November 2019, show that the return expected on the residential Real Estate market in Spain is 8.5%

Excellent Infrastructure - In 2016, Spain was the 10th jurisdiction at a global level in matters related to infrastructure and logistics (as presented by the Global Competitiveness Report)

Foreign Companies in Spain - There are no restrictions applied to foreign citizens planning to set up businesses in Spain. Also, there are low employment costs and compared to the EU average, the employment costs are 16% lower

Spanish Culture - Spain has a rich culture, including food specialties, such as tapas, festivals and fiestas, Flamenco dance, 3rd most UNESCO World Heritage sites in the world, and famous Artists from Francisco de Goya to Pablo Picasso

Spain Golden Visa - Investment Requirements

To be eligible for the Golden Visa for Spain (Spanish Residency by Investment Programme), the applicant must meet at least one of the categories listed below:

Investment in Spanish real estate of €500,000 Euros. This can be one or more properties of any type, in any location in Spain

An Investment of €1 million Euros in bank deposits in Spanish Financial Entities

An Investment of €1 million Euros in shares of Spanish companies

An Investment of €2 million Euros in Spanish Public Debts

Starting a business project in Spain of general interest, which creates employment, contributes to technological and/or scientific innovation or has a socio-economic impact on the local area

Benefits of the Spain Residence Permit

Outlined below are the benefits of obtaining the Spain Residence Permit though Investment:

Temporary Residence Permits - will also be granted to Spouses, Unmarried Partners, Ancestors and any Dependent children (regardless of Age). Proof of affiliation and/or dependency must be provided

Residency requirements – Only need to visit Spain once during each residency period. There is no obligation to spend a minimum amount of time in Spain. Therefore, Investors can remain tax residents outside of Spain, whilst still benefiting from Spanish Residency

Visa Duration – can be extended to up to 5 years, after which a Permanent Residency Permit can be obtained

Spanish Citizenship – after a 10-year period, the Investor may apply for Citizenship, which allows for the issuing of a Spanish EU Passport. Note that the Golden visa process offers access to a Residency permit, and not Citizenship

Free Movement in EU and Schengen Area - Travel without a visa for 90 days out of every 180 days within the Schengen Area, but you will still need a visa to enter EU countries outside the Schengen Area (for example the United Kingdom)

Work in Spain - You obtain the right to work as an entrepreneur or employee once you’ve been granted the 2 years permit

Property Purchase and Sale – Properties can be bought and sold during the duration of the Residency period, provided that the Investment threshold is maintained

Supporting Documents for a Spain Golden Visa

Outlined below are the supporting documents that must be provided to the Spanish Immigration Office for the Spain Golden Residence Permit:

1. Passports - of the main applicant and all family members

2. Negative Certificate of Criminal Record – legalized and translated, issued by the country or countries of residence of the applicant during the last 5 years

3. Health Insurance

4. Foreigner ID Number (NIE)

5. Financial capacity – evidence of funds

6. Application form – completion of visa application form and attached photo

7. Application fee – payment of application fee

8. Accreditation of Compliance with Visa requirements - If the Investment involves the Real Estate investment of €500,000 Euros, then the Applicant must prove that the Property is free of charges and encumbrances, evidenced by providing a Certificate of Ownership or provide evidence of Pending Registration

Processing Times after Purchase of Real Estate

Foreigner Identification Card - Golden Visa

Once the Investor Applicant has found a Property in Spain, our specialist Visa Consultants at VisaConnect assist you with the introduction to our Spanish Law firm, and they obtain a Power of Attorney and supporting documentation. The estimated processing times for the purchase of the Spanish property are as follows:

2 Business days to obtain the Foreigners ID Number (NIE)

10 Business days to open a bank account. At this point, the Investor Applicant must transfer the operation amount in order to commence the bank checks

10 Business days to prepare the appointment with the Notary Public for the signing of the Purchase Deed & Drafting of the required documentation

12 Business days for the registration of the purchase before the Property Registry

Apply for Spain Residence Permit, which takes a maximum of 20 days

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