Golden Visa Spain: Answers to FAQs about investors Residence Permit in Spain
Spain is a beautiful country and is one of the main tourist attractions places in the world. Everyone wants to visit Spain once in their lives, and some even want to live their whole lives in the country. The fastest way to get a residence in Spain is by getting a Golden Visa.
What is Spain's Golden Visa?
Golden Visa Program is a unique residence made for people outside of Europe and wants to get into the Spanish territory and live their lives in it. You have to put in a substantial investment in Spain if you're going to get this particular visa. Residency permits have lots of procedures before they can be handed on to non-European. There is a lot of paperwork and requirements that need to be completed before a person can get the visa.
Is the Visa Permanent?
Spain's golden visa is permanent, but after some time. Getting permanent residence is usually a step by step process. It's not like you will get the golden visa in a matter of minutes; it is a long process and will take some time. But the process is being simplified with the introduction of the new law.
What is the Process?
The first thing that you need to do is to get a residence visa. It is valid for a total of 1 year. After getting the first one, you need to apply for a 2-year residence permit. If you have an investment in place, then this visa can be renewed every two years. If you have lived in Spain for six months every year, then after five years, you will be eligible to get a permanent residence of 5 years.
When ten years have passed, you will be able to get Spanish Nationality and become a Spanish Citizen.
Do You Need It?
Spain's golden visa is aimed at foreign investors. If you don't live in Spain and are from somewhere outside of the EU, then this golden visa is the easiest way for you to get free travel in the country. As an investor, you will be on country visits, and staying at a hostel or some other residence can get expensive.
If you have a home of your own in the country, you can comfortably live in the country without paying any expenses.
As this is a special visa for non-Europeans, there will be certain benefits to the visa. A lot of hurdles are cleared away if you have this visa. Some of the most important benefits are:
- Entry into Europe mainly Spain and Schengen Zone
- You only have to visit Spain once a year to keep the permit
- Long staying in the country is not necessary
- After getting the 2-year permit, you can work as an Entrepreneur in the country
- Your spouse can also apply for residence and children under 18 are also eligible
Are there any taxes?
When you get Spain's residence permit and buy a real estate, of course, you will pay some taxes. How much tax you pay depends entirely upon you and how much do you spend in the year living in Spain. If you have stayed for over six months in Spain, then you will be counted as a Spanish Citizen, and all of the income will be taxed in the country.
If you have stayed for less than six months, then the tax will only be of the real estate and the value of your assets in the country.
As was mentioned in the beginning, you have to invest in the country to get the golden visa. The first step is to get the 1-year visa and make one of the investments:
- Investment of 500,000 Euro in real estate properties in the country. It can be more than one real estate. Here you can see real estate properties elegible for golden visa
- Bank deposit of at least 1 million Euros.
- One million Euro investment in Spanish Companies.
- Two million Euro investment public debts.
- If you start a business in the country which can create employment for the people and contribute to the innovation and social impact on the area.
After you get the 1-year visa, you need to apply for the 2-year permit, and the requirements are as follows:
- The first investment you made for the visa is still in place.
- Visiting Spain for once before applying.
Applying for the Permit:
You can easily apply for the Spanish Visa in your nearby Spanish Consulate. You can also do this yourself, but in case you are busy and cannot do it yourself. You can do this through a representative, and he will be getting the visa for you.
To prove that you have invested 500,000 Euros in real estate, you need some documentation. You need to make sure to have the following documents:
- Certificate showing that the investment has been submitted to the registry
- A valid passport for at least two years
- Your photographs (2)
- If your spouse is applying alongside you, then you need the marriage certificate
- If your child is applying alongside you, you need a birth certificate
- You need to have valid medical insurance in the country
- You also need to have a clean criminal record
As this visa is made for non-EU investors, the process of getting the golden visa is relatively fast and straightforward. The residence visa is sorted in almost ten days, and then you can apply for the two-year residency permit. You can also wait for the first visa to get expired and then go to the second one.
There is an Immigration Office in the city of Madrid where you have to apply for the 2-year residence permit, and this whole process will take about 20 days.
Other Residence Permits and Visas:
If you are somehow unable to fulfill the requirements for Spain's golden visa, you should not lose you cool as there are other ways to get access to the country. If you are a non-EU foreigner and have made investments in real estate in Spain, then you can get a visa known as Multiple-Entry Tourist Visa.
If you are one of those persons who want to start a business in Spain, then you can apply for Entrepreneur Residence. This will allow you to get residence in the country without going through any major hassles.
Spain is a beautiful country filled with lots of business opportunities for innovative people. Most of the people all around the world, usually non-EU, want to set up their business in Spain. Golden Visa is the best way for non-EU people to get residence in Spain. We hope that our rundown of the whole process will help you in getting more information about the entire process of getting the residency permit.
Do you need help to get your investor residence permit buying a property in Spain?
Fee free to contact our real estate agents in Torrevieja for more information.
Calle Maria Parodi No. 2
Torrevieja 03181 (Alicante).
(+34) 671 200 307 · (+34) 966 056 676