Golden Visa. INVESTORS.
Law 14/2013 of 27 September, on support for entrepreneurs and their internationalisation, facilitates the entry and stay in Spain for economic reasons to investors, entrepreneurs, highly qualified professionals, researchers, workers who carry out intra-company movements within the same company or group of companies and family members of the above-mentioned cases.
Since the law came into force, the applicants for this kind of residence has increased each year, especially for “INVESTORS”.
But, who are considered investors?
According to the Law, INVESTORS are;
A) Who make an investment equal or higher than:
1.º Two million euros in Spanish public debt securities, or
2.º One million euros in share of Spanish companies with a real business activity, or
3º One million euros in investment funds, closed-end investment funds or venture capital funds incorporated in Spain, or
4.º One million euros in bank deposits in Spanish financial institutions
B) Who purchase a property or properties in Spain with a total value of 500.000 euros or more, usually called GOLDEN VISA or REAL ESTATE INVESTOR VISA.
C) Who with a business project to be developed in Spain, which is considered as being in the general interest.
Because of its current relevance, we will explain in detail the GOLDEN VISA or REAL ESTATE INVESTOR VISA.
WHO CAN APPLY FOR IT?
Foreigners (investors or their accredited representatives) who are not citizens of the EU or the European Economic Area.
The investor’s family members can also apply jointly at the same time or at any other time.
Who are considered the investor’s relatives:
– The spouse or the person with whom have an affective relationship analogous to the conjugal, it means, registered partner or stable relationship which can be proven.
– Children under 18 years or older if they are financially dependent and are unmarried.
– Ascendants of the investor who are financially dependent.
WHERE IS IT REQUESTED AND HOW LONG IS IT GRANTED?
The investor can request the GOLDEN VISA in two ways;
First option: At the Spanish Consulate of the investor’s country of residence. The residence and work permit will be valide for 1 year, renewable for 2 years and then for 5 years.
Second option: In Spain (Large Companies Union and Strategic Groups, “UGE”). The residence and work permit is obtained for 2 years, renewable for 5 years.
*To renewal, the investor must continue to meet the requirements.
WHAT ARE THE BASIC REQUIREMENTS TO BE FULFILLED?
– Minimum investment of 500.000 euros.
– Valid passport.
– Certificate of criminal record.
– Health insurance coverage valid in Spain.
– To have economic means for the investors and their family.
WHICH ARE THE CHARACTERISTICS OF THE INVESTMENT?
– Minimum 500.000 euros free of charges (without mortgage). For example, an investment of 800.000 euros is allowed with financing of 300.000 euros.
– One or several properties until the minimum investment is reached, that is, a house of 500.000 euros or for example five of 100,000 euros. Plots are also included as an investment.
– The investment can be made for a legal company, as long as the investor controls the majority of the company and the company not be domiciled in a country considered “tax haven”.
– In the case of purchase by married partner, when their marriage is subject to a separation of estate, and they buy both for a total amount of 500.000 euros, it will be understood that each investor has only made 50% of the investment, then the requirement has not been fulfilled.
HOW TO PROVE THE INVESTMENT?
– Purchase Notary deed and the Land Registry certificates.
– Or if the purchase has not been formalised: a deposit contract formalised in a public deed.
WHAT ARE THE BENEFITS OF THIS TYPE OF RESIDENCY?
– Quick process: 10 working days if applied for at Consulats and 20 working days if applied for in Spain.
– Positive administrative silence. In case of no answer by the Adminstrative within the indicated period, it will be understood as granted.
– Authorization to work as an employee or self-employed person (business) or simply to reside or study.
– It does not require a minimum stay in the country, so there is no obligation to reside in Spain as a consequence could be considered non-resident tax.
– Extended period of validity after renewal (first 2 years and the following renewal 5 years).
– It is possible to move around Europe during 3 months, within the Schengen area.
*SHOULD TAKEN INTO ACCOUNT:
– All the requirements are equally important, so the permit is not automatic just for making the investment.
– It does not entitle you to a Spanish passport (other requirements apply).
– To apply for it in Spain, the investor must be legally in the country at the time of application.
– Once the investor’s residence permit has been granted, the residence card must be applied for at the corresponding Police Station.
If you would like to request GOLDEN VISA, you do not hesitate to contact us.
RUIZ RUIZ LAWYERS COSTA DEL SOL.