What is the Golden Visa Investment?
The Golden Visa is the residence permit for Spain with the most advantages and the simplest procedure. With this visa, you and your family can work in Spain from the beginning.
To do this, you must invest at least €500,000 after taxes or fees in one or more properties, deposit 1M euros in a Spanish bank account or buy 1M euros in shares of Spanish companies.
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Profile to obtain the Golden Visa
In order to obtain a new Spanish Golden Visa, and besides your investment (property or non-property related) and other general requirements, you must prove to match one of these profiles:
- Highly qualified professional
- Employee transferring within the same company or group of companies
Any of these profiles, however, needs to make an investment in Spain to get the Spanish Golden Visa, of course.
Need Visa Renewal?
After two years, to renew the Golden Visa, you will only need to prove that you still hold your investment. Also, to prove that you have sufficient financial means to live in Spain and a valid medical insurance policy.
For the renewal of the permit, it is not required to reside a minimum amount of time in Spain. In this case, it is only necessary to visit Spain once during the validity of the residence authorization.
Benefits of the Golden Visa
Bring tour family members:
With the investor residency, you can easily bring your relatives through the joint application that this permit offers.
Free movement within the Schengen Area.
Work in Spain. This residency will allow you to work in the country as a self-employed or for a company.
Easy application procedure:
Just make sure to meet the main requirements and this visa will be yours easily.
Apply from Spain. You can directly move to Spain and get your golden visa while in the Spanish territory.
What about taxes?
When you buy real estate and obtain the Spanish residence permit, you will of course be liable to some tax. Which ones and how much depends on how much time you spend in Spain during the year. If you stay in Spain for over 6 months, you’re counted as a Spanish resident and your worldwide assets and income will be taxed in Spain. If you’re in the country for a less amount of time, you only pay taxes on the initial purchase of your real estate and thereafter on the value of your assets in Spain.
Required documents for Spain Golden Visa application
When applying for a Spanish Golden Visa, you need the following documents:
- Spain Visa Application Form
- Two passport-size pictures. Make sure they follow picture guidelines for a Spanish visa.
- Make sure the passport will be valid for the initial period of time you intend to spend in Spain and has at least two blank pages. You may also need a photocopy of the personal information page of your passport.
- If you are not a citizen of the country where you live: Your residence permit.
- Documents which prove you have sufficient income to support yourself and your family as you live in Spain.
- Police records, proving you have no criminal background. They must be issued within the three months prior to the application.
- Proof of health insurance (private or public) with an insurance company operating in Spain.
- Proof of payment of the visa fee.
- Any additional documents related to your specific case (investment or real estate purchase), as described below.
The documents you submit have to be translated into Spanish (if they are not already) by a certified translator and apostilled.
Medical insurance for investors
When we are going to do an investor visa or an authorization for an investor, it is very important that we do not forget that providing medical insurance is mandatory. One of the reasons why medical insurance is mandatory is because the investor, as well as his relatives, will not be performing any type of work activity while they are in Spain. Medical insurance must have coverage equal to social security. You must cover hospitalization, and you must not have a co-payment. This medical insurance must offer all protected coverage in the event of an accident or serious illness. We must also remember that medical insurance must be valid for the entire period of residence in Spain. In the event that yours is about to expire, remember that they can always be extended. As we have commented previously, medical insurance will be mandatory:
- At the time of the request.
- For the moment of renewal of authorization as an investor.
Do not forget that at the time of renewal, you must show that you still have that health coverage by private medical insurance.