F.A.Q.: Golden visa and residence permit for investors. Part III: General questions
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 III. GENERAL QUESTIONS ABOUT INVESTOR VISA AND RESIDENCE PERMIT.
Can my family also get a residence permit?
The investor's husband/wife (including cohabiting partners), parents and children have a right to get an investor visa and a residence permit together with the investor. It will totally depend on the investor. In other words, if investor's visa or residence permit expires, the visas or residence permits of his or her family members will expire automatically.
Can my children of age get a residence permit as well?
According to the latest law amendment, investor's children of age can get visas or residence permits only in case if they still depend on their parents and have not created their own families.
Do I become a tax resident of Spain after getting an investor visa or an investor residence permit?
Neither an investor visa, nor an investor residence permit makes you a tax resident of Spain. In order to become a tax resident, you have to stay on the territory of Spain at least 183 days within a year. Neither of these documents obliges you to stay in the country any minimum period of time.
Is it possible to get a long-term visa and Spanish citizenship afterwards?
If desired, after being a resident of Spain for 5 years it is possible to apply documents for a long-term residence (residencia de largaduración), and after 10 years you can already apply for Spanish citizenship. However, it is worth remembering that, in this case, the periods of absence on the territory of Spain should amount to not more than 10 months in 5 years. Thus, there are two existing options:
1) If you do not want to become a tax resident and not planning to get a long-term residence and Spanish citizenship, you can get and prolong your investor residence and stay less than 183 days per year on the territory of Spain.
2) If your aim is to move to Spain for permanent residence, you can get a long-term residence and become a citizen of Spain in 10 years' time.
An item of purchase should be residential real estate or, for example, an office or a parcel of land?
The phrase «real estate in Spain» in the new law amendment includes: residential real estate, commercial real estate, parcels of land, parking places, offices, even factories and plants. They can be new, secondary, shabby, under construction, including parcels of land within the city or in rural localities.
Can I spread an investment over several properties?
One or several properties costing not less than 500,000 euros in total excluding taxes are regarded as an investment.
Can I register a purchase under the ownership of a company and get a visa and a residence permit?
Real estate investment in Spain may be realized on behalf of a company. Its legal address cannot be registered in the so-called “tax heaven” countries. In order to apply for an investor visa and an investor residence permit, the applicant should have a majority shareholding.
Can I rent my purchased real estate out?
It is allowed to rent out real estate purchased in Spain.
If I had bought real estate for the indicated sum of money before the law took effect, can I apply for a visa or a residence permit?
Unfortunately, the law does not have retroactive effect, which is why the real estate items purchased in Spain before the regulatory act took effect (the 28th of September 2013) will not be considered investments that entitle their owners to apply for an investor visa or a residence permit.
If I purchased a real estate item for a lesser amount money than indicated in the new law and after the regulatory act took effect I bought real estate in Spain for the deficient amount, can I apply for an investor visa and a residence permit?
In this case, the Consulate of Spain will deny an investor visa justifying it as an insufficient amount of investment. As previously noted, the law does not have retroactive effect and Spanish real estate bought before the 28th of September of 2013 is not considered and investment entitling its owner to apply for an investment visa or a residence permit.
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F.A.Q. about investor visa: PART I. GOLDEN VISA.
F.A.Q. about residence permit for investors: PART II. RESIDENCE PERMIT FOR INVESTORS.
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 info@tophouserealty.com.
