A Golden Visa is a new type of residence visa, established by Law 14/2013 of the 27th September 2013, aimed for non-EU residents who wish to enter Spanish territory in order to carry out a significant capital investment. Let´s have a look at how to qualify. All information is correct at time of writing August 2023, we can recommend a top lawyer to help you with this process and check updated information. This information is for Moving to Spain, rules to move to other countries may be different and you should check with a reputable lawyer for the country you wish to move to. DISCLAIMER - This article is for information purposes only, if you are looking to go ahead with applying for a golden visa then be sure to discuss you options/requirements with your lawyer, if you do not have a lawyer that is familiar with this process then we can recommend one.
This visa is for those who live outside the Schengen Area and it will enable you to freely visit within those Schengen countries and you will be able to enjoy a residence in Europe where you benefit from quality of life, stability and security.
The Schengen Areas are as follows:
If your application is granted you will get a visa for one year which is renewable for two years at the end of that. Then renewable every 5 years. After 5 years you can keep renewing every 5 years or apply for long term residency and then after another 5 years you can apply for Spain citizenship. If you wish to apply for long term residency the requirements are that you have effectively and legally lived in Spain for 5 years. The absence periods in Spain will have to be less than 6 consecutive months and not exceed a total of 10 months during the said 5 years.
Other benefits of the visa are as follows:
You have the option to request for permit for the family without making further investment: spouse, registered partners, dependent ascendants and children economically dependent of the investor.
A new born baby could apply for a Spanish passport after one year and children under 18 can receive 12 years free education at the local public schools.
A minimum residence period in Spain of 183 days is not required for the renewal of permit (the permit holder can maintain his fiscal address out of Spain).
You can live and work anywhere in Spain including relatives if they meet the labor age regulations.
You can qualify for a Golden Visa by one of the following:
1.An investment equal or higher than 2 million euros in Spanish public debt titles.
2.Acquisition of shares of Spanish companies, or bank deposits in Spanish financial entities, for an amount equal or higher than 1 million euros.
3.Investment for a value of 1 million euros in an investment fund, investment funds of closed nature or venture capital funds incorporated in Spain.
4.Acquisition of a real estate asset in the amount of 500,000 euros or more. The investor could buy one or more properties as long as the total value is 500,000 euros or more.
5.Developing a business project in Spain which is considered as being of general interest of the society, fulfilling one of the following requirements:
create work positions;
carry a positive socio-economic impact;
contribute to the scientific and/or technology innovation.
If you wish to purchase Real Estate for the total of 500,000 euros then the following criteria must be met:
•Investment of 500,000 euros free of charges and encumbrances (the amount that exceeds the required investment can be subject to charges and encumbrances).
•The investment can be made by a married couple in a community regime without having to duplicate the investment. The investment will be considered carried out with an investment of 500.000 euros by one of the spouses being the other spouse able to request the visa as a family member.
•Submission of certificate including the information of the possession and charges of the Land Registry Office corresponding to the property or properties.
Other requirements for obtaining a visa is that you have not had any criminal record in Spain or where you have lived in the last 5 years. Not been refused to any other country that has an agreement with Spain. You must have a health insurance with a valid entity in Spain. Not having entered or stayed in Spain illegally. Have sufficient economic resources for the person applying for the visa and any family members or dependents. You must visit Spain at least once during the valid period of the visa or permit and you must pay the tax for the authorization process.
What are the tax amounts - All information correct at time of writing - August 2023, it is recommended to speak to a qualified lawyer before and during the process to check all figures and requirements.
Taxes at the Time of Purchasing a Property Directly from the Building Developer
Dwelling House 10%
Non-built Plot of Land 21%
Non-built Plot of Land 21%
Stamp Duty 1.5%
Taxes at the Time of Purchasing a Property from a Resale
First €400,000 8%
Between €400,000.01 and €700,000 9%
From €700,000.01 onwards 10%
Purchase a Property with a Spanish Mortgage
Stamp Duty 1.5%
Other costs to consider:
Other Costs – at the time of purchase 1%
Public Notary and Land Registry fee 1%
Additional Public Notary and Land Registry fee in the case of purchase with a Spanish mortgage
Lawyer’s fee 1% + VAT (21%)
Yearly taxes on being a property owner in Spain
Municipality Tax Varies – less than 1%
Bins and Waste Collection Tax Varies – less than 1%
Income tax on using the property as an owner – known as “Legal rent”
24 % x (2% x property’s value)
Taxes for Rental properties:
Rental received from third party
Income tax on rental received from third party
Taxes at the time of sale of a property
Capital Gain Tax
20% on profit
Any other information that you may need to know is below:
The documents you will need to apply are as follows:
Passport, Health Insurance from your provider in Spain, Background checks (criminal etc), Proof of sufficient resources, Proof of investment - eg, certificate of property registration, document from a registered financial broker for shares, bank deposits etc. Your lawyer can help explain what you will need and who can provide you with the relevant documents.
If you apply when outside of Spain you will get an investor visa. If you are in Spain when submitting then you will get a residence permit.
Typically visa decisions are made and notified within 10 working days. Residence permit decisions are made within 20 working days.
For more information get in touch and we can arrange a meeting with reputable lawyer who will explain all your options and what documents you will need to provide. Click here to email us.
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