Golden visa

What is the golden visa, how to obtain one, and can you even apply for one?

Golden visa

Golden Visa Spain is an unofficial name for special government programs that provide foreigners with a residence permit or permanent residence for investment in the country's economy. This is a special status for an investor, allowing him to obtain a residence permit under a simplified scheme. The program for granting a residence permit in Spain by investment was adopted in October 2013. The Spanish Golden Visa allows the investor and his family to travel without hindrance to all EU countries.
In addition, the person has the right to move to live in Spain with their family.
The Law on the Support of Entrepreneurship and its Internationalization of September 27, 2013 establishes a special framework for qualified immigration and investors in Spain and promotes the international mobility of specialists and investors and attracting foreign investment to increase the competitiveness and innovative capabilities of companies located in Spain.
The legal framework for immigration is based on an operational specialized system for issuing visas ("golden visa") and residence permits in Spain for investors, entrepreneurs, managers and professionals, as well as scientists and researchers.
For investors and their family members, Law 14/2013 provides for obtaining either a "golden" investor visa or an investor's residence permit.
ATTENTION: These are two different procedures, with different documentary requirements.
An investor visa to Spain ("golden visa" of an investor) is issued through the Spanish Consulate in the investor's country of residence and, if approved, is issued for 365 days. The golden visa to Spain is pasted into the investor's passport like a regular visa.
An investor's residence permit in Spain is issued in Spain, and only with a positive decision, the investor and their family members are issued in the form of a plastic card as a separate document with a validity of 2 years, and upon extension - 5 years. To obtain an investor's residence permit, it is NOT necessary to obtain a "golden visa" in advance: the investor and his family members can enter Spain on a regular Schengen tourist visa and apply for a residence permit.
• Receiving in the country of residence through the Consulate without leaving the country;
• Operational procedure: 10 days to consider the case for issuing an investor visa at the Consulate of Spain;
• Simplified design and less stringent documentary requirements;
• Simplified registration and the possibility of obtaining an investor visa, without waiting for registration of ownership in the Register. In this case, the investor visa will be issued for 6 months;
• Family members (spouse and children under 18), as well as in special cases, adult children can apply for a visa at the same time as the main applicant.
• No residency requirements. Unlike a regular residence permit, the Spanish Golden Visa does not oblige you to reside in the country for 183 days a year. The program participant must be in Spain for a minimum of seven days a year. If an investor wants to get permanent residence and Spanish citizenship, he needs to live in the country permanently.
• The right to work. An investor visa allows the applicant to obtain a residence card with the right to work for himself and his immediate family members.
• EU driving license. The investor will be able to buy and register a car.
• Education of children in schools and universities. Children will study in public and private schools in the country, as well as receive higher education.
• No tax residency in Spain. An investor does not have to file a tax return if he stays in the country for less than 183 days.
• No need to pass exams in the knowledge of the Spanish language and the history of the country.
Despite the fact that an investor's golden visa is equated to a residence permit, it is still not a full-fledged residence permit: you cannot work with it in Spain, register an individual entrepreneur, etc. In Spain, an investor visa is usually considered only as a visa.
On an investor visa, you cannot immediately issue a resident card: you must go through the entire procedure for obtaining a residence permit in Spain and only after receiving a positive decision from the administrative body can you issue a resident card;
The investor visa does not give the right to automatically or even simplified obtaining a residence permit for an investor: an investor and his family members must complete the procedure for obtaining a residence permit in Spain;
This visa cannot be extended or re-obtained at the Consulate of Spain: the investor and his family members only have the opportunity to apply for the investor's residence permit using it. There are only exceptional cases of re-issuing an investor visa through the Spanish Consulate;
Family members (spouse and children under 18) can apply for a visa at the same time as the main applicant or after issuing a visa to the investor.
• Compliance with the investment requirements of Law 14/2013;
• Lack of conviction and the fact of criminal prosecution;
• Availability of public or private health insurance of an insurance company accredited in Spain;
• Availability of sufficient funds for the applicant and his family members applying for a residence permit in Spain to cover living expenses;
• Purchase of real estate in Spain worth from 500.000 €. You will also have to pay additional costs for the purchase - taxes, notary and legal fees, which are about 11-12% of the value of the property.
• The investor can purchase a plot of land, residential or commercial property. It is allowed to buy several properties, the value of which exceeds half a million euros.
• The applicant contributes at least 500 thousand euros from his own funds, without attracting a mortgage. At the same time, it is not prohibited to take out a loan from a Spanish bank for the remaining amount. Both an individual and a legal entity can invest.
• You need to own a home for 5 years to extend the residence permit, then you can sell it. However, it is possible to sell real estate earlier and keep a residence permit on condition of buying another house in Spain for the same amount - 500 thousand euros.
• State loan bonds: with a value of  2 million euros;
• Shares of Spanish companies or deposits in Spanish banks for at least  1 million euros;
•Business projects in Spain considered to be in the public interest. Such a project must create jobs in Spain, either have a significant social and economic impact on the geographic region in which the activity takes place, or a significant contribution to scientific and / or technical innovation.
Investor visa application documents:
• Application in the form;
• Documents confirming the fulfillment of basic requirements (a valid foreign passport, medical insurance, a certificate of no criminal record, confirmation of sufficient funds, etc.);
• Documents confirming the fulfillment of investment requirements (purchase and sale agreement, investor certificate, etc.);
• Receipt of payment of state duty;
• Notarized power of attorney, if the documents are submitted to the Consulate not personally by the investor and family members, but by his representative;
• Obtain a Schengen visa to enter the country
• Open an account in a Spanish bank, get a tax number in the country
• Make a deposit of 10% of the property value
• Make investments in full
• Obtain a D visa for a year at a Spanish consulate
• Submit a request for a two-year resident card within the validity period of the visa and 90 days from the date of its expiration. After the expiration of this period, the right to request a residence for an investment already made is lost forever.
• Submit your fingerprints to the migration police at the place of registration of your property
• Get a resident card with biometric data for 2 years
Documents for obtaining a residence permit for investment:
• Valid passport valid for at least one year from the date of submission of documents for a residence permit
• Internal civil passport of the country and photocopies of all its pages and a certified translation
• Visa application form and application
• Two color photographs, size 3.5 × 4.5
• Contract for the purchase of real estate in Spain or a document confirming another type of investment
• Bank statements, documents on the presence of deposits
• Certificate of no criminal record with a notarized translation
• Medical certificate
• Medical insurance that covers the entire duration of the visa and is concluded with a Spanish company
• Documents confirming the legality of income: certificates of 2NDFL, 3NDFL, bank statements, lease or purchase and sale agreements for Russian real estate and other property
• Receipt of consular fee payment
• Confirmation of the fact of investment
The property:
Sales contract, certificate from the Spanish Property Register, indicating the details of the owner and encumbrances. If at the time of applying for a visa the property is in the process of registration, a supporting document from the Spanish Property Register on the acceptance of documents for registration of ownership and a certificate of tax payment is required. It is also possible to issue an investor visa for a period of 6 months if there is only a deposit agreement.
Spanish government bonds:
Certificate of a financial institution or Bank of Spain stating that the applicant is the sole owner of the investment for a period of at least 5 years.
Shares of Spanish companies:
Unlisted Shares: Investment Statement of the Foreign Investment Register (Ministry of Economy and Competitiveness).
Quoted Shares: A statement from a financial institution stating that the applicant has made an investment in accordance with this rule.
Bank deposit in Spain:
Certificate from a financial institution stating that the applicant is the sole owner of the bank deposit.
A business project in Spain recognized as being in the public interest:
Positive opinion of the Trade and Economic Department of the Spanish Embassy at the place of application.
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