The Golden Visa or visa for investors is a residence permit given to people who make a significant capital investment in Spanish territory. Due to its special importance and complexity, it is best to seek legal advice for the Golden Visa from professionals.
In this sense, the law firm Pellicer&Heredia, offers exclusive services for its processing and execution.
Let us now review some of the most common questions asked by users about this residence visa.
How long does the investor authorisation last?
The Entrepreneurs Law regulates the criteria to be applied in this regard. The investor authorisation lasts for 2 years and allows the applicant to establish residence in Spain without any restrictions and in a completely legal manner. Once the first two years of residence have elapsed, the visa may be renewed for a further 5 years under the following requirements:
– That the initial investment is maintained
– That the applicant for extension maintains sufficient economic means to support his family and himself in the country without having to work for it.
– Maintain health insurance.
If these requirements are met, the 5-year extension is secure.
How much is the investment?
The investment must amount to 500,000 euros in the purchase of one or more houses in Spain or, if applicable, the purchase of the house plus the land on which it is built.
The object is only fulfilled when you are the owner of the property. If you do not yet own the property and only have a deposit or commitment contract, the Consulate can accredit that you have sufficient liquidity to purchase the property and grant, if applicable, an investor visa for 6 months until the property is definitively acquired.
How and when can I apply for the Golden Visa?
To reiterate the previous point, the investment must be in real estate and the buyer must be the owner of the property. In order to do so, the following documentation must be provided:
– The deed of sale that proves that the property has been purchased.
– The entry of acquisition of that property in the Property Register of the property and free of encumbrances.
– Proof of payment of all required taxes.
Once all these requirements have been clarified, the investment and, therefore, the Golden Visa will be authorised.
The visa application can be made in two ways:
– If the applicant is outside Spain, but with the property legally acquired and the ownership in their name (without mortgage or any kind of encumbrance), then they can go to the Spanish Consulate of the country where they are legally residing.
– When the investor is in Spain: the investor can go directly to the Spanish CGU (Large Business Unit).
How can the ownership of the property be accredited?
There are two options:
1- Providing the deed of sale and the certificate of registration of the property in the Civil Registry. However, in this case, the condition is that it must not have been issued more than 90 days previously. It is this certificate that proves the ownership of the property and the absence of encumbrances.
2- If the investor does not have the land registry certificate, the receipt of the application for the entry in the Land Registry and the transfer tax and stamp duty paid may be provided.
Recently, it has been accepted by way of case law that investors can build their own houses and not just buy one. This would further broaden the options for establishing a home in Spain that depended on the purchase of specific plots of land. However, it does not fall under this scenario to add to the value of the house the price of a renovation which, taken together, could reach the 500,000 euros required for the granting of a Golden Visa.
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