Golden Visa in Spain. 10 Questions.

Golden Visa in Spain

 

1.- Golden Visa In Spain. What is it?

Golden Visa in Spain offers you and your family the right to live and work in Spain.

2.- Legal Framework?

Entrepreneurial Support Act (September 27, 2013) (Ley 14/2013)

This Law regulates certain cases in which, for reasons of economic interest, the granting of visas and residence authorizations is facilitated and expedited, in order to attract investment and talent to Spain.  The measure is aimed at investors, entrepreneurs, workers who deal with intra-company financial movements, highly qualified professionals and researchers, as well as spouses and older children, through an agile and fast procedure before a single authority, and for a variable period of time. This period of time, depends of the different cases contemplated. These residence authorizations will be valid throughout the national territory.

3.- Where to Apply for?

Visa applications must be made at the Spanish Consulate in the country of origin or residence

4.- How long does the permit last?

If all the legal requirements are met, a residence visa for investors can be obtained for a period of 1 year and then the residence authorization for a period of 2 years, if the investment and other requirements established by the Law are maintained. 5 years maximum duration of residence permits.

5.- Range of Golden Visa

The residence permit allows free movement to the 26 countries of the Schengen area.

6.- What sort of investments?  And what is the amount of investment required?

Real Estate

You can split the investment in several properties. Once you have invested the entire 500.000 Euros, you can apply for Golden Visa.

 

500.000 Euros (net value: mortgages or encumbrances of any nature shall reduce the amount of investment)
Spanish Public Debt Securities 2.000.000 Euros

 

Shares or Equity of Spanish private companies with a real business activity

1.000.000 Euros

 

Bank deposits in Spanish financial institutions

1.000.000 Euros

 

Investment Funds, or AIFs (Alternative Investment Funds) of the closed-ended type or Private Equity or Venture Capital Funds set up in Spain, included within the scope of Law 35/2003 (on Collective Investment Institutions; or included in the scope of Law 22/2014, which regulates Private Equity Investments)

1.000.000 Euros

 

A business project developed considered and accredited as being of general interest, for which compliance with at least one of the following conditions: 1.    Creation of jobs.2.    Investment with relevant socioeconomic impact in the geographical area in which the activity will be developed.3.    Relevant contribution to scientific and / or technological innovation.

6.- How can I prove the investment? 

There are 6 scenarios:

1º. In the case of investment in unquoted shares or Equity (SRL), the copy of the investment statement made in the Foreign Investment Registry of the Ministry of Economy and Competitiveness will be presented.

2.º In the case of investment in listed shares, a certificate from the financial intermediary, duly registered with the National Securities Market Commission (CNMV) or with the Central Bank of Spain, stating that the interested party has made the investment for the purpose of this rule.

3.º In the case of investment in Spanish Public Debt, a certificate from the financial institution or the Central Bank of Spain will be presented stating that the applicant is the sole owner of the investment for a period equal to or greater than 5 years.

4.º In the case of investment in investment funds, type of close-ended investment funds or Private Equity or Venture capital funds set up in Spain, a certificate shall be presented by the fund’s management company, incorporated in Spain, duly registered with the National Commission of the Fund. Securities (CNMV) Market, stating that the interested party has made an investment of at least one million euros in a fund or funds under its management.

5.º In the case of investment in a bank deposit, a certificate from the financial institution will be presented stating that the applicant is the sole holder of the bank deposit.

6º In the case of a Real Estate investment, the applicant must prove that he has acquired ownership of the real estate property by means of certification of ownership and encumbrances delivered by the“Registry of Land” (also known as “Property Registry” or  (in Spanish) “Registro de la Propiedad”. The certification may incorporate an electronic verification code for check online. This certification will include the amount of the acquisition; in another case, it must be verified by means of the contribution of the corresponding public deed.

7.- What happens if the investor is a Legal Person (Legal Entity)? Can you apply for the visa or residence permit?

Yes (if you have the majority share).

But never if the Company (Legal Person/Legal Entity) is referred or linked to jurisdictions considered tax havens. You also need a mandatory and favorable report from the DGCOMINVER.

8.- What is the “DGCOMINVER”?

Regulated by Royal Decree 998/2018, by which the basic organic structure of the Ministry of Industry, Commerce and Tourism is developed. 1. The “Dirección General de Comercio Internacional e Inversiones” depends on “Ministry of Industry, Trade and Tourism” and shall perform the following missions:

(…)f) The preparation of mandatory reports on international economic mobility as provided for in Section 2 of Entreprenurial Support Act 14/2013, of September 27, to support entrepreneurs and their internationalization.(…)

9.- What personal requirements are needed to apply for?

a) Not being inside the Spanish territory without a legal coberture.

b) Be over 18 years old.

c) Lack of criminal records in Spain and in the countries where he has resided during the last five years, for offenses considered as criminal activities in the Spanish legal system.

d) Do not appear as rejected in the territorial space of countries with which Spain has signed an agreement.

e) Hold a public insurance or private health insurance arranged with an insurer authorized to operate in Spain.

f) Have “enough” financial resources for themselves and their family members during their period of residence in Spain. g) Pay the fee for processing the authorization or visa.

10.- How affect this Visa and Residence Permit to your family?

The spouse or person with an analogous (legal) relationship of (legal) affection, the children under age or older who, depending economically on the holder, have not constituted themselves a family unit and the dependent ascendants, who meet or accompany the foreigners listed in section 1 of article 61, they may request, jointly and simultaneously or successively, the authorization and, where appropriate, the visa. For this purpose, compliance with the requirements set forth in the previous section must be accredited.

What about article 61,1?

Article 61. Entry and stay in Spain for reasons of economic interest. 1. Foreigners who intend to enter or reside, or who already reside, in Spain will be facilitated their entry and stay in Spanish territory for reasons of economic interest in accordance with the provisions of this Section, in those cases in which they prove to be: a) Investors. b) Entrepreneurs c) Highly qualified professionals. d) Researchers. e) Workers who carry out intra-company movements within the same company or group of companies.

 

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