F.A.Q.: Golden visa and residence permit for investors. Part II: Residence permit for investors
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 II. RESIDENCE PERMIT FOR INVESTORS
What is the difference between a residence permit for investors and an investor visa?
An investor residence permit is the following step of an investor's regularization in Spain after getting an investor visa. If an investor wants to extend the stay in Spain after the visa expires, he or she has a right to submit documents for a residence permit (autorización de residencia para inversores). This document is issued for a period of two years. In order to get or extend a residence permit neither a minimum stay on the territory of Spain, nor the the expiration of the visa is needed. In other words, after getting an investor visa you can enter the territory of Spain at any time during the visa validity period and submit documents for getting a residence permit right away.
Where can I apply for a residence permit for investors?
You can apply for a residence permit for investors in the Large Business and Strategic Collectives Unit of the General Secretariat for Immigration and Emigration of the Ministry of Employment and Social Security (Unidad de Grandes Empresas y Colectivos Estratégicos, Secretaría General de Inmigración y Emigración del Ministerio de Empleo y Seguridad Social) in Madrid.
What documents do I need to submit in order to get a residence permit for investors?
1. An international passport with a valid or expired not more than 90 days before visa with a stamp of entering the territory of Spain during the period of validity of the visa.
2. Investment confirmation (in this case, the confirmation of actual ownership title of purchased real estate in Spain). These are the same two documents needed ín order to apply for an investor visa:
- A certificate from the Register of Real Estate Property (Registro de la Propiedad) issued not more than 90 days before applying for a residence permit.
- 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.
3. Confirmation of tax complience (in other words, paid property acquisition taxes).
4. NIE.
Do I have to get and use an investor visa first in order to apply for a residence permit if I already stay in Spain legally?
You can now get an investor residence permit without having to get an investor visa. Article 3, clause 3 modifies the original legal Enterprise Act requirements that obliged applicants to apply for an investor visa first and submit documents for a residence permit only after getting it. Now, if an applicant is staying on the territory of Spain legally and carries out a legal investment, he or she can directly apply for a residence permit without having to leave the country and submit documents to Spanish consular institutions in the home country.
What are the advantages of an investor residence permit compared to a non lucrative residence (residencia no lucrativa)?
The main advantage lies in the fact that the new law does not oblige a residence permit applicant to spend not less than 183 days per year in Spain in order to prolong the residence in comparison with a non lucrative residence (a D type visa). It lets you avoid becoming a tax resident in Spain.
The usual investor visa application response time is reduced to 20 days compared to up to 2 months of waiting when getting a non lucrative residence.
At first, an investor residence permit is issued for two years, meanwhile a non lucrative residence permit is granted only for one year.
After prolonging an investor residence permit, it is issued for 5 years and a non lucrative residence is valid only two more years.
You can start the process of family reunification when applying documents for an investor residence permit. In case of a non lucrative residence, you have to wait at least a year.
Can I prolong my investor residence permit? How many times?
You can prolong your residence permit without limitation as long as the investment is maintained.
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F.A.Q. about investor visa: PART I. GOLDEN VISA.
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 info@tophouserealty.com.
