Residence of foreign investors (GOLDEN VISA)
In relation to “Residence of foreign investors (GOLDEN VISA)” I would like to inform you that in order to start this procedure the application must be accompanied by the necessary documentation mentioned below, and most importantly that the investor has made a real estate investment in Spain equal to or greater than 500,000 Euros. This must be accompanied by certified documents which will be provided by the Property Land Registry Office.
The applicant (THE BUYER) must prove that he/she has invested €500,000 or more in a real estate property which is free of all charges and encumbrances. The part of the investment that exceeds the amount required may be subject to a charge or tax.Firstly, the procedure can be done in two ways: 1) If the investor (buyer) is in his/her country: applying for a visa at the Consulate, which will be valid for one year. 2) If the investor comes to Spain: requesting a residence permit for investors, which is valid for two years. The documents to be submitted would be: – Application form. – Copy of the full passport or travel document in force. – Documents which prove sufficient economic resources (income). – Proof of public or private Health Insurance with a company operating in Spain. – Certificates (2) proving that you do not have criminal records within Spain and your country. – Proof of tax payment. – Valid visas for investors. – Proof of the investment (purchase title deed and Land Registry certificate). – In the case of family: marriage certificate and / or family record book, or a similar document.
All documentation must be translated into Spanish by certified translators and apostilled (The Hague Apostille).
The only documents to be provided by the investor are their passport; if they have travelled to Spain, the visa with which they have done so; the criminal record certificate from his/her country of residence; and, if applicable, the marriage and/or birth certificates of their children. The rest of the documents and formalities will be handled by the law firm.
However, it is important to bear in mind the last section of the required documentation, as, in addition to making the investment in the property, the Spanish Government also requires the investor to prove that they have sufficient financial means or income to reside in Spain for 2 years, which is the period for which the first Residence Authorization is granted.
The minimum amount of income required is €2,165/month for the main investor, and €540/month must be added for each additional family member (spouse, child…). For example, for a married couple without children, the amount of income to be credited would be an average of €2,705/month for 2 years, which could be justified, for example, by depositing €64,920 (€2,705 x 24 months) in a Spanish bank account and keeping this amount for at least two years. For a married couple with 2 children, the bank deposit should be at least €90,840 (€3,785 x 24 months).
It is also valid to have deposits in different banks, also abroad, as long as they add up to the required amount, and to prove it with bank certificates.
Another important aspect to consider is that the minimum of €500,000 must be invested by only one person. That is to say, if for example a property of €600,000 is bought by a married couple and each of them acquires 50 %, neither of them could successfully apply for the GOLDEN VISA, as they do not reach the required amount (it would be considered that only €300,000 have been invested by each).
On the other hand, if the same property is purchased in the name of only one of the spouses (even if the property is considered a matrimonial asset), he/she could apply for the GOLDEN VISA as the main investor, and the spouse would apply for it simultaneously as a family member.
The special lawyer’s fee for you for the full representation and processing of the Golden Visa would be €1,500 for the principal investor authorization and €750 for each additional authorization for each family member.