Golden Visa a guide to Spain’s Investor’s Residency Law

You may have heard of the so called Golden Visa, an attractive opportunity for non-EU citizens thinking of investing in Spain.

Outline of Law 14/2013 27th September – “Investor’s Residency Law”: Investing in Spanish real estate

In 2013, Spain passed the Investor’s Residency Law, popularly referred to as the ‘Golden Visa’ law, granting one-year residency for non-EU citizens investing €500,000 in Spain real estate. After the initial one-year period, investors can then apply for long-term residency.
Investors can travel to Spain initially on a tourist visa and subsequently request a residency permit from an embassy or consulate in Spain on complying with the conditions of the scheme. Once the visa is granted, the investor can buy and sell properties within the Spanish housing market as long as he or she maintains the €500,000 investment threshold that is required for the visa to then be renewed. The Golden Visa benefits the investor and his or her whole family, who will receive work permits as well as the right the reside in Spain.

Spanish citizenship

This path can eventually lead to attaining full Spanish citizenship for the investor and their family after the initial one-year visa and subsequent two-year renewable residency permit.

Minimum requirements of the investor

To attain the initial Residency Visa, the investor must:

• Be a non-EU national
• Be of legal age (18-years-old or over)
• Not hold a criminal record whether in Spain or in the previous five years where he or she has resided
• Not be already in Spain irregularly
• Have access to medical insurance whether private or public
• Have sufficient financial means to support both themselves and their family whilst in Spain. This should definitely not be an issue for those who have the socioeconomic profile to qualify for a Golden visa in the first place; it goes without saying.
• Pay the relevant application fee

Investors can reside in Spain for up to one year on a Residency Visa, but if they wish to stay longer they can then apply for the Residency Permit. This will allow the investor to live in Spain for up to two years, then renewable every two years granted the original requirements of both the Residency Visa and Permit are still met. Eventually the investor can attain Spanish citizenship for them and their family.
To attain the ensuing Residency Permit, the investor must:

• Comply with the requirements of the Residency Visa
• Hold a valid investor’s residency visa or one that is not overdue by more than 90 days from the expiration date
• Have travelled to Spain at least once during the validity of the visa stay
• Provide legal support to uphold the original investments made
• Have complied and be up to date with all Social Security and Tax related obligations

For investors outside of the EU, this is a lucrative opportunity to invest in a unique housing market whilst beginning the process of eventually attaining EU citizenship and thus the right to live and work anywhere within the EU.
House prices in Spain are still comparatively low to the rest of Europe but steadily increasing, ultimately bringing much added value to the original investment.
Here at Font Real Estate we can help you find the right property to invest in and assist you with the Golden Visa process.
For more information on the Golden Visa you can consult Section 2, Chapter 2, on the official document from the official state bulletin or this guide from Spanish Property Insight.