Frequently asked questions
about Golden Visa in Spain

Golden Visa is the procedure to obtain a visa or residence permit for non-European foreigners who make a significant investment in Spain.

The visa is an authorisation to enter Spanish territory, while the residence permit is the authorisation to be resident in Spain.

Notwithstanding the different types of visas, they are generally granted for stays of less than 3 months, while if you wish to live in Spain for a longer period of time, the ideal procedure is the residence permit.

The Golden Visa allows not only the investor, but also his or her family members (spouse and minor children) to live in Spain.

Yes, Spain has a Golden Visa programme. This procedure was approved by means of Law 14/2013, of 27 September, to support entrepreneurs and their internationalisation.

This law aims to attract foreign investment in Spain by granting visas or residence permits for the purchase of a property worth more than €500,000, the acquisition of €1 million worth of shares or stocks, the acquisition of €2 million worth of public debt or having an entrepreneurial project.

In the case of visas (permission to enter and stay in Spain), the decision will be taken by the Spanish diplomatic missions and consular offices abroad for a period of 10 working days.

For the processing of residence authorisations, this will be carried out by the Large Companies and Strategic Groups Unit and will be resolved within 20 working days. In the case of administrative silence, it is interpreted as positive, and an application must be made to obtain the residence permit definitively.

In order to obtain the Golden Visa for investors, there are some common requirements and some specific requirements.

The common requirements are those established in art. 62 of Law 14/2013:

1. not to be irregularly present in Spanish territory;
2. be over 18 years of agent
3. not have a criminal record in Spain, as well as in the countries in which they have resided during the last 5 years, for offences under Spanish law;
4. not appear as a rejectable subject in the territorial space of countries with which Spain has signed an agreement to this effect
5. have a public or private health insurance policy with an insurance company authorised to operate in Spain
6. have sufficient economic resources for themselves and members of their family during their residence in Spain; and
7. pay the fee for the processing of the visa or residence permit.

The spouse, minor children and adult children accompanying the investor who are objectively unable to provide for their own needs due to their state of health are entitled to apply for the visa jointly with the foreign investor. In this case, in addition to the generic requirements already identified (not only with respect to the investor, but also with respect to the investor’s spouse and children), the marital relationship or filiation must be accredited.

As specific requirements, we must consider whether it is an investment for the acquisition of real estate, for the acquisition of shares or holdings or public debt. Let us look at each case.

(i) Financial investments:

1. In Spanish public debt securities for a minimum value of €2,000,000. This investment must be evidenced by a certificate issued by the financial institution or the Bank of Spain stating that the applicant is the sole holder of the investment for a period of 5 years or more.
2. In shares of Spanish companies for a minimum value of €1,000,000. This investment shall be evidenced by:
   1. a certificate issued by the financial intermediary, duly registered with the National Securities Market Commission or the Bank of Spain, stating that the interested party has made the investment, in the event that the product acquired is listed shares;
   2. a copy of the investment declaration made in the Foreign Investment Register of the Ministry of Economy and Competitiveness, in the case of unlisted shares.
3. In shares in Spanish companies for a minimum value of €1,000,000. This investment shall be accredited by means of the same copy of the foreign investment declaration as provided for investment in unlisted shares.
4. In bank deposits in Spanish financial institutions for a minimum value of €1,000,000. This investment shall be evidenced by a certificate from the financial institution stating that the applicant is the sole holder of the bank deposit.

In accordance with article 64 of Law 14/2013, the applicant must prove that the financial investment has been made within 60 days prior to the submission of the visa application by providing, in each case, the aforementioned documents.

(ii) Real estate investments:

The residence visa may also be obtained through the acquisition of real estate in Spain for a minimum price of €500,000 per applicant.

This investment must be accredited by presenting a certificate of ownership and encumbrances issued by the Land Registry. This certification must include an electronic verification code for online consultation and must have been issued within 90 days prior to the visa application.

For this purpose, it should be noted that the applicant may obtain financing to purchase the property, but in order to be able to apply for the visa, he/she must prove that he/she has made an investment of at least €500,000, i.e. he/she may finance the part of the purchase price that exceeds the aforementioned amount.

If the deed of sale is pending registration at the time the application for approval is made, it will be sufficient that the certificate states that the registration entry is in force and that the corresponding taxes have been paid.

(iii) Investments of an entrepreneurial nature:

A residence visa for investors may also be applied for as a result of the development of a business project in Spain that is considered and accredited as being of general interest.

For this, i.e. for the investment and the business project to be considered to be of general interest, it must:

1. involve the creation of jobs (with no minimum number indicated by Law 14/2013);
2. have a significant socio-economic impact in the area in which the activity is to be carried out (although the Law does not specify how this requirement is to be specified); or
3. make a relevant contribution to scientific or technological innovation (a condition that is also not clearly and objectively determined).

In this case, the applicant must prove that the significant capital investment has been made by submitting a favourable report issued by the Economic and Commercial Office of the geographical demarcation in which the visa application is submitted, stating that it is a business project of general interest.

The Spanish Golden Visa requirements are flexible. There is no residency requirement to maintain the Golden Visa. You only need to visit Spain once during the first year for your biometric data collection session, and once each time the permit is renewed.

1. The Spanish long-stay visa application form.
2. Two passport photos.
3. Your valid passport. It must have been issued within the last 10 years.
4. Proof of country of residence.
5. Proof of investment. All documents proving the type and amount of your investment, as well as the origin of your money.

Residence visas for the acquisition of real estate:

Certification containing the domain and tax information from the Land Registry, which corresponds to the property purchased.

Residence Visas for Capital Investors:

Copy of a declaration of investment made in the Foreign Investment Register of the Ministry of Economy and Competitiveness, in case of investment in unlisted shares or company shares.

Certificate from a financial intermediary, duly registered with the National Securities Market Commission or with the Bank of Spain in the case of investment in listed shares.

Certificate from the financial institution or the Bank of Spain, if the investment is in public debt.

In the case of investment in bank deposits, a certificate from the financial institution.

6. Criminal record. Submit this document in original, photocopied and translated. It must not be more than 90 days old at the time of application.
7. Proof that you have sufficient funds to support yourself and your dependents during your stay in Spain.
8. Medical insurance contracted with an authorised Spanish provider.
9. A medical certificate confirming that you do not have any disease that poses a risk to public health.

In order to apply for a Golden Visa you will have to follow a procedure. Depending on whether you are in Spain or abroad, the procedure will have 1 or 2 different phases.

The stages of the procedure are as follows:

a)Visa application and;

1. b) Application for authorisation.

Visa application

In the event that you are outside of Spain and you need a Schengen Visa to enter any of the 26 countries that form part of this territory, you must first obtain it from the Spanish Consulate or Embassy where you are legally resident (Article 75.1 of Law 14/2013). You can find out everything related to this subject in our article entitled: SCHENGEN VISA.

The only difference is that in this case the resolution period is 10 working days and not 15, as is the case with the ordinary Schengen visa (Article 75.5 of Law 14/2013).

If you are outside Spain, but do not need a Schengen visa to enter Spain, it is preferable to come to the country and start the process directly from the second phase, which we will explain below.

2.2.- Application for authorisation

This phase will be explained through questions and answers, as this will make it easier to understand.

2.2.1.- Where to apply?

The authorisation of residence for investment in Spain is applied for at the Large Companies and Strategic Collectives Unit (UGE-CE) and is granted by the Directorate General for Migration (Article 76.1 of Law 14/2013).

The UGE-CE is based in Madrid and the application shall be filed “through telematic means” (Article 76.1 of Law 14/2013). Consequently, as lawyers specialising in the processing of Golden Visa applications, we will be able to file your application, regardless of where you are in Spain.

2.2.2.- How long does the UGE-CE have to decide?

According to article 76.1 of Law 14/2013, “the maximum period for a decision will be 20 days from the electronic submission of the application to the competent body for processing”.

In addition, one of the main advantages of this procedure is that, if the application “is not resolved within this period, the authorisation shall be deemed to have been granted by administrative silence” (Article 76.1 of Law 14/2013). In other words, if your application is not decided in time, by law it will be granted and the Public Administration cannot issue a refusal decision (if it does so it would be illegal and the decision could be annulled as unlawful).

2.2.3.- What can be done in the event of a refusal?

The fact that the EC-ECU refuses your application does not mean that all is lost. This is because an appeal may be lodged with the Secretary General for Immigration and Emigration within one month of notification of the decision.

All this in accordance with the provisions of articles 121 and 122 of Law 39/2015, of 1 October, on the Common Administrative Procedure of Public Administrations.

In turn, if the decision of the appeal is not favourable, a contentious-administrative appeal may be lodged before the High Court of Justice within 2 months of notification of the decision, in accordance with the provisions of article 46 and following of Law 29/1998, of 13 July, regulating Contentious-Administrative Jurisdiction.

The Golden Visa is a procedure only for non-European non-residents. Therefore, before Brexit, British nationals could not obtain residence or stay in Spain through the Golden Visa.

Therefore, with Brexit, as British nationals are no longer considered European citizens, they can obtain their residence visa and residence permit here in Spain through the Golden Visa procedure.

Yes, a Spanish Golden Visa allows you and your family members to travel within the Schengen zone without a visa for a maximum of 90 days within a period of 180 days. However, European countries outside the Schengen area have their own visa requirements, so freedom of travel is not always guaranteed.