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