For many, the golden visa in Spain is the fastest way to obtain residency in Spanish territory. It is also the most convenient option. All you have to do is invest in the country, and this visa will be yours! In today’s post we will look at everything you need to know about the investor visa in Spain. Are you ready?
There are different ways to live legally in Spain. But the best of all, without a doubt, is the so-called Golden Visa or Investment Visa. Therefore, in this article we will clarify in depth everything you need to know about the Golden Visa in Spain (benefits, criteria, process and much more).
First of all you need to know that if you want a positive verdict, you will need health insurance, Insbrok is the best option for private health insurance in Spain.
Spain is starting to recover after all the problems that occurred in 2020 and 2021, and one of the factors that can account for this recovery has to do with the granting of Golden Residency Visa in Spain.
We are referring to the fact that, in 2021, Spain has granted great amount more of investment permits in the country as in 2021. This is a mechanism that favours both investors and Spain itself.
What is a Golden Residency Visa?
The Golden Residence Visa is an authorisation that allows non-EU immigrants (not from EU countries, the Economic Region or Switzerland) to live and work with their family in Spain, proving that a substantial capital investment has been made in the country and that all other conditions are met.
What is important to know is that the number of golden visas granted in Spain continues to grow. And this is a trend that will undoubtedly continue over time.
Requirements to obtain a Golden Residency Visa in Spain
The Golden Visa permit in Spain is aimed at any foreign person who wishes to enter and reside in Spanish territory through an investment. To apply, a person must meet a series of generalised requirements and must be an investor, entrepreneur, qualified professional or researcher. As mentioned above, a person who invests in Spain can reside in the country with his or her family.
Under the regulations, a person’s investment must meet the following requirements in order to obtain this visa:
● An initial investment equal to or greater than:
1. 2.000.000€ in Spanish public debt securities, or.
2. 1,000,000€ in shares or stock in Spanish capital companies with a real business activity, or
3. 1,000,000€ in investment funds in bank deposits in Spanish financial institutions.
● The securing of land in Spain with a speculation esteem equivalent to or more prominent than €500,000 per candidate.
● A business project to be developed in Spain and which is considered and accredited as being of general interest, with some of the following conditions:
1. Creation of jobs.
2. A venture with a critical financial effect in the geological region in which the movement is to be completed.
3. Relevant contribution to scientific and/or technological innovation.
Also, one of the fundamental requirements to obtain the Golden Residency Visa in Spain is to have private medical insurance.
Investor health insurance
At the point when we will apply for a financial backer visa or a financial backer authorisation, it is vital that we remember that it is obligatory to give clinical protection.
One of the reasons why health insurance is compulsory is because the investor, as well as their family members, will not be carrying out any type of work activity while they are in Spain.
The health insurance must have a coverage equal to the social security coverage. It must cover hospitalisation and there must be no co-payment. This medical insurance must offer all the coverage protected in the event of an accident or serious illness.
We must also remember that the health insurance must be valid for the entire period of residence in Spain. In the event that yours is about to expire, remember that it can always be extended.
As we have already mentioned, it is compulsory to have medical insurance:
At the time of application for Golden Visa
At the time of renewal of authorisation as an investor.
Do not forget that at the time of renewal, you must prove that you still have this health cover through private health insurance.
How can I obtain the investor visa or golden residency visa?
In order to apply for the golden visa in Spain, you can choose one of the following ways:
Firstly, you can obtain the investor visa by purchasing real estate worth more than €500,000. In any case, consider the possibility that the property has been bought by a few people/financial backers. All things considered, we should remember that the speculation will be figured on a singular premise. This implies that if our own commitment to the property being referred to is under €500,000, we can not apply for the golden visa.
Secondly, buying shares or participations in a Spanish company or Holding a bank deposit in a Spanish banking institution of more than 1.000.000€ will also give you access to the golden residency visa.
Holding Spanish public debt of 2 million euros or more
Finally, by investing in a business project to be developed in Spanish territory. Here, the requirements are that the project must generate employment, promote scientific and technological progress in the country, or have a minimum socio-economic impact.
What are the advantages of the golden visa in Spain?
In the heading of this article we mentioned that the Golden Visa is the best Visa that a foreigner can be granted in Spain. In this context, we will compare the characteristics of investment residency in Spain with other ways of obtaining residency. This way, you will see the wonderful advantages that the Golden Visa can offer you in comparison to other types of visa.
We have summarised the main advantages of the Golden Visa in Spain in the following points:
● You can be absent from Spain for prolonged periods of time.
● Thanks to the golden visa, your family members will be with you from the very beginning.
● It allows you to work legally in Spain and live if you wish to do so. With this we can identify the golden visa as a work permit.
● It is the only residence permit that grants its holder the opportunity to live for 2 initial years in Spain.
● In order to obtain this visa, residence in Spain is not required. Let’s remember that this is equivalent to residing in the country for more than 183 days in a year. The golden visa just requires the candidate to go to the country one time per year.
● It provides full freedom of movement within the Schengen area are, i.e. most of the countries of the European Union, plus certain others.
● The main applicant (investor) can apply for the residence permit of his/her spouse and children at the same time as his/her residence permit. This is why the investor visa is a highly recommended option for those families who want to start living in Spain.
● In order to apply for the golden visa, the applicant does not need to physically apply in Spain. He or she can simply appoint a representative to collect the relevant documentation for him or her.
Golden Visa in Spain after Brexit
After Brexit, the vast majority of UK citizens are looking for the easiest and least tedious alternative to obtain residency in Spain. And, in that sense, the golden visa is becoming one of the preferred options along with the non-profit residency visa. And the reason is very simple. All Britons who moved to Spain previously did so under the EU regime, and that implied a really simple and quick immigration procedure. That is why there is now a need among the British community to find an alternative that offers similar conditions. Having to go through the lengthy process of requirements for a regular work permit, for example, is not a viable alternative. The investor residence permit seems to be the best route for these British foreigners. This residency permit allows them to work, can be applied for directly from Spain, and normally the main requirement it has (property investment) will be fulfilled anyway, as buying a property is a fairly common activity among British expats.
Documents required to obtain a Golden Residency Visa
So what are the documents that justify this investment? Let’s look at it according to the path we have chosen to follow:
● If we want to obtain the golden visa by investing in real estate, we will have to provide as proof of the purchase of the property the certificate of ownership and encumbrances from the Land Registry*, and the deed of sale of the purchased assets.
● In the case of investing in Spanish shares or holdings: a declaration of the investment from the Investment Register of the Ministry of Economy in the case of holdings; and a certificate from the financial intermediary registered with the National Securities Market Commission for the purchase of shares.
● If we have invested in Spanish public debt, we will need a certificate from the Bank. In the event that we have put resources into Spanish public obligation, we will require a statement from the Bank of Spain or from the monetary organization with which we have dealt with the venture, clearly indicating that you are the owner of the purchase.
● Finally, for investments in bank deposits, we will need the certificate issued by the financial entity with which we have contracted the deal, stating that we are the sole holders of said deposit.
*As for the certificate of ownership and charges, this is a document that indicates who is the owner of the flat, the percentage of ownership, and the value of the sale. It will be through this authentication that the skillful power will evaluate whether the venture arrives at the base to get this visa and regardless of whether or not a mortgage has been requested to meet the payment.