There are several alternatives to be able to reside legally in Spain. However, the best of them is the one known as Golden Visa or Investor Residency, not only because of its fast application process, but also because of all the benefits that this residency brings with it.
Spain currently has one of the best immigration policies in Europe. Its purpose is to allow foreigners who decide to change their country of residence to become full members of this society. Therefore, the foundations of the Spanish immigration policy are established in a very complete and consolidated legal framework. In that sense, this is a residency that was born with the Law to Support Entrepreneurs and their Internationalization (Law 14/2013, of September 27), whose objective is to provide non-EU nationals who make a significant investment in Spain, a great opportunity to reside legally in the country, as well as to travel throughout the Schengen area.
It's important to point out that in order to apply for the Golden Visa it will be indispensable that the interested party proves the realization of one of the following investments:
An investment of five hundred thousand euros (€500,000) in the acquisition of real estate, always free of charges and encumbrances.
An investment of one million euros (€1,000,000) by means of a bank deposit directed to a Spanish account.
An investment of one million euros (€1,000,000) in the acquisition of shares of Spanish companies or investment funds.
An investment of two million euros (€2,000,000) in the acquisition of Spanish bonds or public debt.
The execution of a business project, which is considered to be of general interest for Spain and which generates jobs.
In addition to the above, it will be necessary to comply with the rest of the requirements demanded by the Administration, among them are:
Not to be irregularly in Spanish territory.
To be older than eighteen (18) years of age.
Not to have a criminal record in Spain and in the countries where he/she has resided during the last five (5) years, for crimes foreseen in the Spanish legal system.
Not to appear as rejectable in the territorial space of countries with which Spain has signed an agreement in such sense.
To have a private health insurance arranged with an insurance company authorized to operate in Spain.
To have sufficient economic resources for himself and his family during his period of residence in Spain.
To pay the fee for the processing of the visa or the authorization of the residence by investment.
Once all the requirements have been met, the application for the Golden Visa can be submitted to the competent bodies, which must resolve in a significantly short period of time, 10 working days if the application is processed from outside Spain and 20 days if the application is made within the country; furthermore, if no resolution is made after these periods, by law, the application will be understood to have been accepted by administrative silence. But what does this mean? It means that if the administration does not resolve the application within this period, it will be understood that the residence has been granted, without the possibility that it can be denied.
In addition to its speed in terms of processing time, this residence stands out among the others, since the applicant will enjoy facilities and benefits such as the following:
The obtaining does not require effective residence in Spain, being understood as that one superior to 183 days. It's only required to visit Spain once during the period of residence.
It allows the applicant and his/her family members to reside and work throughout the Spanish territory.
The applicant is free to move to other countries, inside and outside the European Union.
Joint processing of the authorization of the spouse and children.
The duration of the initial authorization is two (2) years and its renewal will be for successive periods of five (5) years.
It should be noted that this is one of the visas with the highest rate of concession, taking into account that since its implementation in 2013, to date, according to data issued by the Ministry of Inclusion, Social Security and Migration, more than 24,500 Golden Visa have been granted in Spain, leaving an average per year of 3,500 concessions. Hence, this is one of the most outstanding and recommendable residence authorizations for those who want to invest in Spain and its future.
However, it is of utmost importance that in order to be able to apply and comply correctly with all the requirements demanded in the application process for this residency, it is of utmost importance to have adequate advice. In this sense, the entire TROIS & LAW team is at your complete disposal to provide the best advice on investment matters, as well as in the area of immigration in order to carry out the corresponding procedures in order to obtain this residence authorization for investment.
If you are interested in obtaining a Golden Visa contact us at asesores@troislaw.com.
Valentina Sierraalta