SPAIN GOLDEN RESIDENCE PERMIT - RESIDENCE BY INVESTMENT

Table of Contents

Background and Guide - Spain Golden Visa Programme
Why Invest in Spain Business or Property, in 2023?
Investment Requirements - Spain Golden Residence Permit
Benefits of the Spain Residence Permit
Supporting Documents for a Spain Golden Visa
Processing Times after Purchase of Real Estate
Contact VisaConnect for Spain Golden Visa Advice and Assistance

Background and Guide - Spain Golden Visa Programme

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). In 2023, contact VisaConnect's specialist Consultants, together with our partner Spanish Lawyers or visit us in our offices in Brisbane, Australia, Singapore, Hong Kong, London, UK and Lisbon, Portugal. VisaConnect's Consultants can provide advice and assistance with your Spain Golden Residence Visa to obtain a Residency Permit in Spain!

Why Invest in Spain Business or Property, in 2023?

Spanish Passport - 3rd Ranked Passport in 2023 - The Henley Global Passport Ranking Index in 2023 Q1 ranked Spain as the 3rd highest ranked passport in the world, with access to 190 Visa-free countries.
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 - In the second quarter of 2022, Gross Domestic Product of Spain grew 1.1% compared to the previous quarter. This rate is 9-tenths of one percent higher than the figure of 0.2% published in the first quarter of 2022. The year-on-year change in GDP was 6.3%, and there is no change since last quarter.
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 - The government of Spain has revealed that a total of 30.2 million international travellers were registered entering the country in the first six months of 2022, recovering about 80 per cent of pre-pandemic levels.
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 - In 2022, cost of living in Spain is one of the lowest in Western Europe, even in the cities. Leaving aside rent or mortgage payments—and depending on your lifestyle—a couple could easily live on $20,000 to $22,000 USD a year and still eat out regularly. Once you know where to go, a meal for two with wine or beer can cost as little as $30 USD.
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 Alcal de Henares
Rising Property Prices in Q1 2022 - The Spanish Property Price Index (the Tinsa IMIE) for the first quarter of 2022 finds that house prices rose by 6.6% compared to the same period in 2021. In quarterly terms, the increase is 2.3%. Madrid stands at the top of the leader board for price hikes when it comes to autonomous regions in Spain. Real estate values in the region went up by 11.3% between January and March. The Balearics and Andalusia didn’t quite make double-figure increases, but both still ranked near the top. The property went up by 8.4% on the islands of Mallorca, Menorca and Ibiza, and by 7.7% in Andalusia, home to the Costa del Sol.
Excellent Infrastructure - New Projects in 2022 - the five largest construction projects initiated in Spain during Q1 2022, according to GlobalData’s construction projects database are as follows: a. Madrid Metro Expansion – $2,790m; b. Las Lomas del Higueron Residential Complex – $696m; c.Xerta-Senia Canal Development – $448m; d. C43 Biofuel Production Plant – $223m; and e. Monforte de Lemos to Lugo Railway Line Renovation – $132m.
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

Investment Requirements - Spain Golden Residence Permit

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:

Residence Permits for Family Members - Residence permits will also be granted to Spouses, Unmarried Partners, Ancestors and any financially dependent children (regardless of Age), and financially dependent parents of the main applicant and/or their spouse who are 65 years and older. 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 and Live in Spain - You obtain the right to work as an entrepreneur or employee once you have been granted the 2 years permit. In addition, you may live and work anywhere in Spain
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 - issued by a company operating in Spain

4. Foreigner ID Number (NIE) - Foreigners having a relation with Spain for economic, professional or social interests shall be provided with a personal, unique and exclusive sequential number, for identification purposes.

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 Property Registration or evidence of Pending Registration, and real estate purchase deeds

Processing Times after Purchase of Real Estate

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 procedure for applying for a Spanish Golden visa and 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 and 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
Due Diligence checks - to be undertaken and submitted to the Government
Biometrics - The Applicant must visit Spain to provide Biometrics, and then the Spanish Residence Permit is issued

Contact VisaConnect for Spain Golden Visa Advice and Assistance

Complete our Online Form for fast Spain Golden Visa Advice and Assistance. Click on the following VisaConnect website page and see our PDF document:

Spain Residence Permit in 2023 - VisaConnect's PDF