Golden Visa, the key to residency permits in Spain for foreign investors

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Derecho Inmobiliario y cuestiones Fiscales

The investors who buy a property for the minimum value of 500.000 euros or who invest capital in Spain have the possibility, if they wish, to obtain the residency permit also known as Spanish Golden Visa

This way Spain offers, as well as other European countries such as United Kingdom, Netherlands, Austria and particularly the countries of Malta, Portugal and Greece, the entrance and residency permits to foreign investors from non EU countries

With the permit, commonly known as Golden Visa, the working permit is not automatically granted nor is it necessary to reside in Spain, it is enough to enter into the Spanish state once a year. However it has a great additional advantage: it allows the free travel in Schengen territory up to three months within a six month period.This means free travel through the majority of countries of the EU except those countries not within the Schengen treaty such as United Kingdom, Ireland and Cyprus. Above all the Russian, South African and Chinese investors and now more the Americans are showing a great interest in obtaining the residency in Europe especially in Spain, Mallorca and Ibiza. Since coming into force the Law of Entrepreneurs on the 27th September 2013, No. 14/2013 (in particular article 61 to 67) that states the support to entrepreneurs and their internationalization, more than 80 foreign investors have acquired, since September 2013 until May 2014, the Golden Visa in Spain. Due to the growing interest for the Golden Visa and the increase of process in our lawyers offices in Mallorca and Ibiza, we have thought that it would be very useful for yourselves to answer the most frequent questions (FAQ) concerning the Golden Visa:

INVESTMENT

– What type of real estate investment? Investment must be made in properties with a minimum value of 500.000 euros. Various properties may be purchased. – What type of properties? Purchase of properties for residential or comercial use (premises or offices) with an essential requirement that the minimum value of the property be 500.000 euros or more, always free of charges and encumbrances. – What other types of investments are valid? As well as the investment of luxury properties for the process of the Golden Visa are valid:

Investment of social capital as shares or bonds in Spanish companies for the value of 1 million euros.
Bank deposits of 1 million euros.
Investments in public Spanish debt of 2 million euros.
Investment in the forming of companies directed towards cientific and technology innovation of great economic interest for Spain that will also create working jobs.

VISA AND RESIDENCY PERMIT

– How long is the visa valid? The visa obtained for investment is valid for a year. – What happens after? After this visa a residency permit for 2 years can be requested, that will be extended for a further 2 years. – Who can request the visa and residency permit? The visa and residency permit is valid for the applicant, spouses, underaged children and also dependent family members.

REQUIREMENTS

– What requirements are needed to request the visa?

Obtain the NIE.
Carrying out of any of the above mentioned investments.
Certificate of “ownership, charges and encumbrances” from the Property Registry Office.
Proof of sufficient economic means for the upkeep of the applicant and members of his/her family.
Be the holder of a bank account in Spain to which must be transferred the amount for the applicant and another for each member of his/her family, as well as 100% of the iprem (Public Income Indicator with Multiple Effect).
Not having illegally entered into Spain.
Be the holder of Spanish medical insurance card.
Have a free criminal report in Spain, country of birth or the country of residence during the last 5 years.
Request form of residency permit.

– Who can advise me concerning the Golden Visa? The first source of information is the Spanish Consulate or Embassy in your country of birth. For the request of the Golden Visa in Mallorca, in Ibiza or the rest of Spain you can obtain direct advice through Bufete Frau Lawyers.