On the 28th of September 2013, a new law of entrepreneurs and their internationalization has taken effect in Spain. It permits investors to reside on the territory of Spain. Many articles on this topic have appeared on the internet as well as in printed mass media, however, some sources give contradictory and unreliable information that confuses and disorients the reader.
Here we give answers to the most frequently asked questions of our clients regarding the so-called “Golden visa” or a residence permit for those who invest money in real estate in Spain. We have a fair amount of information, which is why it is divided into three parts.
PART I. «GOLDEN VISA».
What is a «Golden visa»?
A «Golden visa» is a non-official name for a residence visa for foreign investors in Spain (visado de residencia para inversores en España), a special document provided by this new law.
Who can apply for a “Golden Visa”?
A foreign citizen that has invested a sum of 500,000 euros or more without levies can claim a residence permit for investors. The selected real estate item has to be free from any encumbrances, in other words, it cannot be purchased with the help of external financing (mortgage, loans, etc.). Money for purchasing has to proceed from outside of Spain.
The purchase has to be made only with own funds?
For the approval of an investor visa application it is necessary to purchase real estate in Spain in the amount of half a million euros or more – this sum of money has to be free from any encumbrances. Anything beyond this sum can proceed from external financing. For example, if a real estate item costs 700,000 euros, 500,000 have to be paid with own funds, the remaining 200,000 can be paid with the help of mortgage.
Where can I apply for an investor visa?
An investor visa can be applied for in the Embassy of Spain in the country of origin of the applicant.
What documents do I need for getting an investor visa in Spain?
1. Two copies of a national visa application form (Visado Tipo D, Código RIV).
2. Two recent 3,5 х 4,5 photographs in colour taken against a light background.
3. A foreign passport valid at least 1 year and a copy of all of its pages.
4. A national identification document and a copy of all of its pages.
5. A certificate of no criminal record with attached Hague apostille and its certified translation.
6. A health insurance certificate valid for at least 1 year issued by an insurance company accredited in Spain.
7. A proof of funds. The law does not mention anything about the minimal sum of funds, which is why it is normally counted with the help of a formula used to count funds of foreigners getting a residence without job permit. It is 400% of IPREM (a multifunctional general measure of income) per month for an applicant, which is more than 25.560,48 euros per year. Plus 100% of IPREM monthly for every member of the family which is more than 6.390,13 euros per year for the husband/wife and each of the children under age. It bears repeating that the sums above are minimum. Applicants should preferably keep this money in their Spanish bank accounts on the territory of Spain, although it is not obligatory.
8. A certificate from the Register of Real Estate Property (Registro de la Propiedad) with an electronic verification code issued not earlier than 90 days before applying for a visa.
9. The original document of a notarial agreement of sale and purchase that confirms a real estate investment in the amount of not less than 500,000 euros free from any encumbrances.
10. A NIE certificate.
Should I personally submit documents for a visa or another person can do this for me by attorney?
The law does not oblige applicants for a visa or a residence permit for investors to submit documents in person. An appropriately accredited party can do this for you.
What is the difference between an investor visa and a general long-stay visa?
The duration of validity of an investor visa is one year. Its advantage over tourist visas is that the time of your stay on the territory of Spain is not limited (in other words, there is no maximum period of stay of 90 days per six months).
During what time after getting an investor visa do I have to arrive in Spain?
An investor visa does not oblige its holder to arrive in Spain during the first 90 days since getting the document. You can arrive to Spain at any time during the period of validity of the issued visa.
Do I have to submit documents for getting a T.I.E. upon arrival?
Being a holder of an investor visa, you have the right to live on the territory of Spain during one year without having to get a T.I.E. Card (a foreigner identity card). It is sufficient to have an investor visa in your foreign passport.
F.A.Q. about residence permit for investors: PART II. RESIDENCE PERMIT FOR INVESTORS.
F.A.Q. about family reunification, types of real estate items, further Spanish citizenship admission, tax residence, etc.: PART III. GENERAL QUESTIONS ABOUT INVESTOR VISA AND RESIDENCE PERMIT.
Top House Realty assists its clients who have bought real estate in Spain in getting golden visas and investor residence permits. For more information, please contact us via telephone +(34) 933 153 147 or e-mail firstname.lastname@example.org.