To write this article, I have read lots of lawyers’ websites, and two things amaze me about the Spain Golden Visa.
One, most of the websites talking about this investor visa in Spain say that it is very popular and simple to get. Two, you need a HUGE investment to get it.
These two things amazed me because getting half a million euros to apply for the so-called “easy visa” is not simple.
So, for those reading this article, the Golden Visa in Spain is a great opportunity for a resident, but you need a big pocket to get it.
What is the Spain Golden Visa?
The Spanish Golden Visa or Investors’ Visa is a residence permit for non-EU citizens that came into effect after the financial crash of 2008 to attract foreign investments to Spain.
The law that enforces this visa is Law 14/2013, or Entrepreneurs Law. The residence permits under this law work differently than those managed under immigration policies.
The main benefit of the visas under the Entreprenuers Law is their fast-track feature. This means that the applicant will get a response to their submission in a maximum of 20 labor days.
So, all the visas related to business, such as the Spain Golden Visa, the Digital Nomad Visa, and the Entrepreneur Visa, are processed through the UGE, the Unidad de Grandes Empresas y Colectivos Estratégicos (Large Companies and Strategic Groups Unit), rather than the Police Immigration Office.
Types of Investment of the Spain Golden Visa
As I mentioned before, you need a huge pocket to apply for this visa, so if this is your case, prepare the cash!
The Spanish government gives three options to apply for the Golden Visa. Once you decide on one, the rest of the application becomes more straightforward and faster than any other residence permit under immigration policies.
The options are the following:
- Invest 2 million euros in public debt.
- Invest 1 million euros in bank deposits or company shares.
- Invest in a business project that will be developed on Spanish territory. The requirements for this option are that the business will generate employment, implying a boost to the scientific/technological advance of the country, or translate into a minimum socioeconomic impact.
- Purchase real estate property for more than € 500,000.
According to the Spanish Golden Visa statistics, there are more than seven thousand holders of the Investors Visa, with the purchase of real estate as the most popular option.
The application process for all types of investment is the same, but in this article, I will be more specific on the real estate purchase as it is the most demanded of the four options.
Spain Golden Visa Requirements
- You must be a resident of a country outside the European Union.
- Be over 18 years of age.
- Have no criminal record.
- Have private medical insurance in Spain.
- Demonstrate that you have sufficient financial means to live in Spain and support your family.
- Invest in one of the four options given by the Spanish government to get the visa.
If you meet all the requirements, you are eligible for the visa and should start to get your documentation in order.
Required documents for the Spain Golden Visa
The documentation for the Spain Golden Visa is very similar to the rest of the documents required by the other visas. The only difference is that if you are applying from Spain, you need to submit your documents via only in the website of the UGE (Large Companies and Strategic Groups Unit). The application is made in person at the Spanish Consulate for those applying outside Spain.
I will specify more about it in the procedure section, but in the meantime, knowing this can save you some printing money in advance!
1. Application form for the national visa
When filling in the application form, pay close attention to the sections. This standard form is used for almost all residences, so you must write in the corresponding areas for the Investor’s visa.
The first page is pretty much all the general information and data you get from your passport, such as name, surname, civil status, etc. But the section where you have to pay close attention is number 20; you must select the option “Investor - Entrepreneur.”
If you are applying outside of Spain, continue with sections 21 and 22. If you are applying from Spain, you must fill in sections 23 to 25.
The sections below are meant for other types of visas, so skip through and add the date and your signature in sections 30 and 31, respectively.
🇪🇸Golden Visa application form
A recent, passport-size, color photograph.
3. Valid, unexpired passport.
You will have to provide the original and a copy of your passport. The photocopied pages should be the ones with biometric data.
Your passport should at least be valid for another year and have two blank pages.
4. Proof of the investment.
Depending on the type of investment you picked, you must submit the original and copy of the document proving you have invested or acquired a real estate property.
- Investment in unquoted stocks and shares: Declaration of investment made at the Foreign Investments Registry of the Ministry of Economic Affairs and Digital Transformation.
- Investment in quoted stocks: Certificate from the financial intermediary registered at the National Securities Market Commission (CNMV) or Banco de España, accrediting that the interested party has invested.
- Investment in public debt: Certificate from the financial entity or Banco de España accrediting that the applicant is the sole owner of the investment for a period equal to or exceeding five years.
- Bank deposit: Bank certificate indicating that the applicant is the sole owner of the investment.
- Investment in real estate: Certificate from the Land Register with up-to-date information on ownership and encumbrances, issued at most 90 days earlier, and deed of sale if the purchase amount is not included in the certificate.
- Investment in a business project: Favourable report from the relevant Economic and Commercial Office of this consular district states the business project’s general interest.
Remember that any foreign documents must be legalized or apostilled and, where applicable, must be submitted with an official Spanish translation.
5. Proof of financial means
Not because you have made a huge investment, you are exempt from submitting that you have enough financial means to live in Spain.
You must provide an original copy of bank statements proving you have a regular income. The minimum required is 400% of Spain’s Public Multiple Effects Income Indicator (IPREM), which is around 56,000 euros a year, and 28,000 more for the first family member to come with you.
Ban documents should also be apostilled and, where applicable, must be submitted with an official Spanish translation.
6. Proof of clean criminal record
You should provide an original copy of your criminal record for the past five years. The certificate can be up to six months, and it should be issued by the country of residence where you have lived in the past three years.
7. Proof of health insurance
You will need an original copy of health insurance that operates in Spain.
Compared to other resident visa types, people applying for the Spain Golden Visa usually work alongside a lawyer. If this is your case, your representative must also add a copy of their identity. Point number eight explains the necessary documents.
8. Proof of the representative’s identity and capacity
If the visa application is submitted through a representative, a copy of the identity document or passport of the representative, and a power of attorney or record, accrediting representation must be submitted.
The originals must be shown when applying. Foreign documents must be legalized or apostilled and, where applicable, submitted with an official translation into Spanish.
10. Payment of the visa fee
Visa fee payment is compulsory and must be made when submitting a visa application.
All foreign documents must be apostilled and have an official translation.
Remember that if you apply from Spain, you must submit your documents electronically through the UGE website.
The benefit of applying from Spain is that your resident card will allow you to stay in the country for three years after your submission has been approved.
On the other hand, if you apply at a Spanish consulate (👈 check the ones available there); you will get the visa for a year. After that, you can renew for five if you are still the real state investment owner, stocks, shares or business.
For those applying outside of Spain, these are the following steps:
- Get an appointment at the corresponding Spanish Embassy.
- Submit all documents and get a receipt with your case number.
- Fast track application. You will get a decision within 20 days.
- Collect the visa. You have one month to pick up your passport at the embassy.
The visa accredits residence in Spain during its validity period, making obtaining a Foreigner Identity Card unnecessary.
Real State Investement
Now, I want to review some frequently asked real estate investment questions.
1. Do I have to pay taxes with the Spain Golden Visa?
One of the many benefits of the Spain Golden Visa is that you are not required to stay in the country for a minimum amount of time, so you don’t have to pay taxes.
The exception would be if you stay for more than six months living in Spain. If you stay that long, you are considered a Spanish resident; the government will charge you additional taxes on top of the amount for the initial purchases.
2. Can I buy several properties valued under 500.000€?
If you plan to buy more than one property valued under 500.000€, the total sum should be equal to or more than 500.000€
3. Can I use financing to pay for the property?
To be eligible for the Spain Golden Visa the first 500.000€ must be paid in cash. If your property or properties sum more than the minimum amount, you can pay the difference with debt.
4. Can I apply for the golden visa if I bought the property years before my application?
Anyone that bought a property after September 2013 can apply for the Spain Golden Visa.
Benefits of the Spain Golden Visa
Applying for the Spain Golden Visa has several benefits compared to other resident permits.
For example, if we compare the Golden Visa with the Non-lucrative Visa, the former allows you to live, work and study in Spain without extra processes.
On top of that, you are not required to live in Spain, so you can come and go as you please. However, you must visit the country at least once.
If this is the visa you wish to apply for your residence in Spain, then I advise you get a lawyer.
If you haven’t invested yet, the best way to secure your money and residence is by having official legal and financial advice that would guide you through the process.
If we can help you with anything else, please comment below!