On the 27th of September 2013, Law 14/2013 on Support for Entrepreneurs and Their Internationalisation was drafted. This law established the so-called Golden Visa, a residency visa gained through the acquisition of real estate in Spain. In other words, it seeks to promote real estate investment in Spain by facilitating residency for investors.
Under this law, foreigners who want to enter or live in Spain can do so more easily through economic interest. This also applies to those who already live in the country. For this visa, applicants need to prove that they are:
- Investors. In this case, the residency visa would last for one year. The investment made should correspond to:
- Two million euros in Spanish public debt securities, one million euros in shares or holdings in Spanish companies or one million euros in investment funds.
- 500,000 euros or more in real estate in Spain. In other words, an investment of half a million euros or more in real estate.
- A business plan of public benefit that would create jobs, feature an investment with a socio-economic impact or provide scientific or technological innovation.
- Entrepreneurs. Entrepreneurs can apply for a visa to enter and remain in Spain for one year to carry out the preliminary procedures for a business venture.
- Highly skilled professionals. Companies that require foreign professionals to enter the country for employment or a professional relationship can apply for a residency permit that covers the entire country.
- Researchers. Researchers can apply for a visa or residency permit for training and research purposes, which is valid throughout Spain.
- Workers who engage in intra-company movements within the same company or group of companies. This applies to foreigners who travel to Spain for work, professional or training purposes. The visa is valid throughout Spain.
These regulations do not apply to citizens of the European Union who benefit from the rights of freedom of movement and residence.
Golden Visa: Requirements for eligibility
There are specific requirements for each case, but Section 62 of the Law on Support for Entrepreneurs sets out general requirements for obtaining a Golden Visa, which are as follows:
- To not be in Spain illegally.
- To be of legal age (18 years).
- To not have a criminal record in Spain and in the countries where the applicant has been resident for the previous 5 years for crimes covered by Spanish law.
- To not have been considered inadmissible in the territorial space of the countries with which Spain has an agreement.
- To have public or private health insurance with an authorised entity in Spain.
- To have sufficient financial resources for themselves and their family members during their residency in Spain.
- To pay the visa processing fee.
If any of the above eligible categories apply to you and you wish to apply for a Golden Visa in Spain, it’s important to consult a specialist lawyer who can advise you on all the necessary steps.