Tuesday, 11 April 2017 12:32

AUTHORIZATION OF RESIDENCE, GOLDEN VISA IN SPAIN

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I) OBJECT, DURATION AND RENEWAL

This new system visa allows you to enter and reside in Spain for a period of 2 years.

This visa allows to circulate freely and without restrictions in the ‘Schengen Area’ (Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland).

Together with the investor, his/her family can also benefit: spouse and children under 18 years of age or  of legal age but  economically dependent.

According to the Article 67 the initial authorization of residence for investors will last two years (subject to the provisions of Article 66.3 for property purchases normalization).

Once this time period has expired, those foreign investors wishing to reside in Spain for a longer period of time may apply for the renewal of the residence permit for successive five-years periods, providing the conditions generated the right are maintained.

The granting of a "Authorizaton of Residence" (Golden Visa) for investors constitutes title enough to live and work in Spain during its term.

 

II) PROCEDURE

In accordance with the Law 14/2013, holders of a  temporary visa or  residance permit that are legally in Spain can apply for a Authorization of Residance for investors (you can apply  for the  Authorization  of Residance without  previously  having obtained a visa  as investor if the applicant is legally residing Spain).

This application is processed in the Directorate General Office of Immigration and specifically in the Large Companies and Strategic Economic Sectors Unit Office.

The Authorization of Residence has a duration of two years.It can be renewed providing the conditions generated are maintained.

The applications may be submitted by the interested party or through a representative.

 

III) REQUIREMENTS

A).- INVESTMENTS IN PROPERTIES IN SPAIN

The minimum investment of €500,000.00  need not only refer to one  property but may relate to several properties where the total investment amounts to € 500,000.00 or more. 

The applicant must certify that he/she has acquired the ownership of the property by certification and encumbrances from the Land Registry which corresponds to the property/s.The certification may include an electronic verification code for its online consultation. This certification must include the amount of the acquisition; or it must be accredited by means of the corresponding Public Deed.If, at the time of the visa application, the real estate acquisition is pending registration in the Land Registry, it shall be sufficient to submit the before mentioned certificate including the validdocument filling entry, together with the document certifying payment of the applicable taxes. 

The applicant must acredit having made a property investment of 500,000 Euros free of all liens or encumbrances. The portion of the investment exceeding the required amount may be subject to liens or encumbrances.

B).- Capital investment

 To be considered  one of the following criteria must be fulfilled:

a) One million Euros in company shares or stock of Spanish capital companies with an actual business activity. 

The applicant shall provide proof of having made the investment for the minimum amount required, within a period not exceeding one year after filing the application  by  the copy of the investment declaration recorded in the Foreign Investments Registry of the Ministry of Economy and Competiveness must be submitted

 b) Two million Euros in Spanish Public Debt. 

The applicant shall provide certificate submitted by the financial institution or the Bank of Spain, indicating that the applicant is the sole holder of the investment for a period equal to or greater than 5 years.

c) One million Euros bank Deposited Investment. 

The applicant shall provide a certificate submitted by the financial institution, stating that the applicant is the sole holder of the bank deposit.

d) A business project predicted to be carried out in Spain that is deemed and proved to be of general interest. It is necessary to submit a favorable report to prove that  the business project submitted there are grounds of general interest. The report must come from the Economic and Commercial Office from the geographical area where the investor files the visa application.

 

IV.- BENEFICIARIES

a) The Investor.

b) The spouse or person with a similar affective relationship.

c) Minors

d) Those of legal age who, being financially dependent on the holder, have not formed a family unit for themselves.

e) The parents in their care, who accompany or join the foreign nationals, jointly and simultaneously or successively, for an authorization and, where applicable, a visa. To do this, evidence must be provided of being in compliance with the requirements stipulated .

 

V.- DOCUMENTS  TO  PROVIDE   AT THE APPLICATION

1) Application form duly completed in block capitals or typed.

2) Full copy of the  passport   with    validity at least of  one year.

3) Payment of rate (tasas).

4) Proof sufficient economic resources for oneself and one’s family during the period of residence in Spain.

- For one person( the applicant) , is necessary to proof that have an income of  €2.130, 04 per month.

- For the support of each of the dependents, during their residence in Spain, € 532.51 per month per family member.

- Certified checks or credit cards, which must be accompanied by a bank certificate stating the amount available as credit card said.

- By documents proving that an amount received monthly fixed permanently, or for life, which may arise, for example, a pension fund (perceiving a monthly salary would not be considered valid because it is not considered permanent), or a state pension, etc...

5) Proof  of being holder public or private health insurance with an insurance company authorized to operate in Spain or directly a Spanish health insurance  company.

6) Criminal Record issued by the competent authorities  of the  country of residence. This document needs to have an official translation into Spanish and  Apostile of La Haya

7) For family members  of the applicant:

a) Application form duly completed in printed capitals or typed.

b) Full copy of the  passport   with  validity least  one year.

c) Payment of fees ( tasas)

d) Proof of the marriage bond or affiliation through marriage certificate of a couple and  birth certificate of childrenleaglly translated and legalized. Original and photocopy.

e) Criminal Record issued by the competent authorities  of the  country of residence. This document needs to have an official translation into Spanish and  Apostile

 

VI.-CONCESSION

1) According to Article 76 of the Law, the maximum time for the resolution of the application for a residence permit shall be   twenty days.

2) Once the authorization (or licensing) of residence is aprroved, the investor and their families must  personally apply  for Identity Document at the Provincial Police Station in which they have established their domicile in Spain.

When documents from other countries  are provided theses ones must be translated into Spanish  or the co-official language of the territory where the application is presented.

(Information provided by Caracuel Abogados)

 

 

Read 245 times Last modified on Tuesday, 20 June 2017 05:19
Antonio Caracuel

Colegiación Ilustre Colegio de Abogados de Málaga. Colegiado 5.759

Antonio Caracuel es un abogado especializado en el en el sector inmobiliario y operaciones internacionales desde 1982. El despacho Caracuel Abogados está formado por un equipo de profesionales con una amplia experiencia y un alto nivel de especialización que ofrece a sus clientes, empresas y particulares, un asesoramiento integral multidisciplinar en materia de operaciones inmobiliarias.

www.caracuel-abogados.com

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