- July 14, 2017
- Posted by: CIP Journal
- Category: Golden visa
Spain offers ‘Golden visa’ to international investors and third country nationals based on economic interest. If you have made significant investment in Spain, you can take advantage of the Spanish migration scheme for investors, so called ‘Golden Visa’.
Foreign nationals who intend to enter or reside, or already residing, in Spain will be granted a facilitated procedure to enter or remain in Spanish territory on the grounds of economic interest under the provisions of this Section, in cases where they provide evidence of being:
- a) Investors.
- b) Entrepreneurs.
- c) Highly qualified professionals.
- d) Researchers.
- e) Workers subject to intra-corporate transfers within the same undertaking or group of undertakings.
Those foreign investors who make a significant investment in capital may apply for an investor residence permit, which will be valid throughout Spain. It shall be granted by the Directorate-General for Migrations and it will be processed by the Unit for Large Companies and Strategic Economic Sectors.
For a capital investment to be considered as significant, one of the following criteria must be fulfilled with the minimum investment requirements:
- Public debt (€2 million).
- Shares (€1 million).
- Investment funds, investment funds of close end type or venture capital funds set up in Spain (€1 million).
- Bank deposits (€1 million).
- Real estate (€500,000).
- Business projects: there is no minimum investment requirement, they must be of general interest:
- Creation of jobs – Social and economic impact on the geographical area where they are made.
- Significant contribution to scientific and/or technological innovation.
Who has to apply for the visa or residence permit?
The investor or his/her legal representative must apply for the visa or residence permit via the application form.
What kind of visa or residence permit the investor will be granted?
An investor visa, if you are outside of Spain when the application is submitted. A residence permit, if you are currently in Spain when submitting the application.
Where can I apply for it?
Visa applications must be made at the Spanish Consulate in the country of origin or residence. Residence permit applications must be made at the Large Business and Strategic Groups Unit (Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE)).
What documents do I need to submit with the application?
- Health insurance documents issued by a company operating in Spain.
- Background checks. Proof of sufficient resources.
- Documents providing proof of the investment. They depend on the kind of investment.
- Public debt: certificate from the financial institution or the Bank of Spain. – Unlisted shares and equity: statement of investment filed with the Investments Register of the Directorate-General for International Trade and
- Investments (DGCOMINVER) Listed shares: document from a financial broker registered with the National Securities Market Commission (CNMV) or the Bank of Spain – Investment funds: certificate from the fund manager. – Bank deposits: certificate from the financial institution.
- Property: certificate of property registration and real estate purchase deeds. – If the purchase is not formalized: engagement contract formalized in public deed.
- Business project: a favourable report from the DGCOMINVER.
If the investment is made by a legal person, can I apply for the visa or residence permit?
Yes, if it is not made in jurisdictions considered tax havens and you have a majority share. You should also submit also a favorable report about the legal person from the DGCOMINVER.
Can the foreign agent who manages the business project take advantage of this migration scheme?
Yes. He/she should also submit a favorable report from the DGCOMINVER.
How long does the permit last?
- Real estate assets not formalized: visa/residence permit: 6 months.
- Visa: 1 year.
- Residence permit: 2 years
- Renewal of the residence permit: 5 years.
Renewal does not require effective residence in Spain.
Can family members join or accompany the investor?
Family members who accompany or join the investor may apply jointly and simultaneously or successively for their residence permit and, where appropriate, for their visa Family members are:
• The spouse or unmarried couple.
• Children who are minors or those of legal age being financially dependent on the holder.
• Parents in their charge.
What other benefits are there?
• With the visa and residence permit, you may live and work anywhere in Spain, including relatives if they meet the expected age labor regulations.
• Streamlined processing: Visa decisions are made and notified within 10 working days. Residence permit decisions are made within 20 working days.
• The application for residence permits and renewals extend the validity of the stay or residence status of the applicant until the procedure is terminated.