What is the Golden Visa?
It is a residence visa for investors, created by Law 14/2013 on support for entrepreneurs and their internationalisation, destined for citizens from outside the European Union who wish to come to Spain to reside.
Who can apply for the Golden Visa?
All those who make a minimum investment of 500,000 euros in real estate. In fact, this investment grants a family residence permit and allows free travel throughout the European Union.
Who can apply for the Golden Visa together with the investor?
The Golden Visa can be applied for jointly by the spouse or person with analogous relationship of affectivity, minor children and children who are of legal age and are economically dependent on the holder of the investment and have not constituted a family unit by themselves; it can also be applied for by ascendants dependent on the investor. All of them may apply for the visa jointly or simultaneously, thus constituting the family group.
How do I prove that I have a child who is of age but financially dependent on me and I want to include him/her in the family group?
When one of your children is financially dependent on you, without having constituted a family unit on his or her own, there is no exact documentation required by law that must be presented to prove the situation, but rather what must be attached to the petition is all the evidence that confirms the financial dependence of the child on his or her parent. Due to the multitude of situations that may exist, it will be up to each Golden Visa applicant to seek documentation of financial subordination.
Some examples are payment receipts from: schools, universities, academies, residences, retirement schools, monthly maintenance payments, telephone, water, electricity bills, etc.
How can I include a dependent ascendant in the family group when applying for the Golden Visa?
The dependent adult acts in the same way as an economically dependent adult child. It is simply necessary to provide all the documentation that can really justify that the adult is dependent on the holder of the investment.
There is no set documentation, so any real justification will do.
Do I ever have to travel to Spain for any mandatory formalities?
You will have to come to Spain at least for fingerprinting. Once you have received your Golden Visa the Spanish authorities will have to take your fingerprints. Therefore, this step requires your physical presence in Spain and that you go to the competent authorities yourself.
What is the deadline for processing the Golden Visa application?
Once the Golden Visa application has been submitted, a receipt is issued and from that day on there is a period of 20 working days to resolve the application. If a decision is not made within this period, the application will be considered to have been accepted due to administrative silence. All decisions must be reasoned and a decision denying the Golden Visa may be appealed by the applicant.
What are the ways to make the investment to obtain the Golden Visa?
There are several types of investments that can be made, at the applicant’s choice.
a) An initial investment of:
a. 2.000.000 € in Spanish public debt securities.
b. 1.000.000 € in shares or participations in Spanish companies.
c. 1,000,000 € in investment funds or venture capital funds in Spain.
d. 1.000.000 € in bank deposits.
b) Acquisition of real estate in Spain with an investment equal to or greater than €500,000. The investment in real estate is considered to be the purchase price, excluding taxes and also the mortgage, i.e. the minimum contribution must be 500,000 euros, even if the price is higher and part of the property is financed with a mortgage. The 500,000 euros must be invested unencumbered and before taxes.
c) A business project that is to be developed in Spain and that is considered and accredited as being of general interest to the state.
What happens if I am married under the matrimonial regime of community of property? How are the payments made from the investment considered?
What happens is that the investments made by the married couple must be double the thresholds for investments, otherwise they will be considered to be made by only one of the spouses.
However, it should be noted that the Golden Visa can be applied for by only one spouse and the other spouse can apply for a residence visa as a family member.