For many, it is the easiest way to obtain residency in Spain, although this does not mean that it is for everyone. At least, it is an excellent option if you are interested in investing in real estate. In this way, you do not need to apply for another type of visa that could take more time and effort.
The initiative began on 28 September 2013. On that day, the law to support entrepreneurs and their internationalization came into effect. Its final objective is to promote the legal immigration of professionals and qualified business people and attract beneficial foreign investment to the country.
What is The Golden Visa, and what are its objectives?
The Golden Visa is a program aimed at foreign business people who are not European Union residents and want to invest in Spanish territory. Unlike other programs, this system is flexible in order to make it attractive to as many people as possible who meet the profile.
More specifically, the program seeks to guarantee social security and public services sustainability for a long time. Therefore, the system is based on granting visas and residence to people who help shape this future for Spain residents.
The objectives of The Golden Visa that the country wants are summarized in the following:
- To create an environment that encourages economic activity and the promotion of business culture.
- To facilitate the entry of foreign investment and talent for economic growth and job creation in the country.
To achieve these objectives of economic interest, Spain has created a program that facilitates people’s entry and residence with a specific profile.
Who can apply?
Despite being a program so useful for Spain’s interests and permissive for foreigners, the truth is that the profile for applying is quite specific. Those who can request The Golden Visa are in the following categories:
- Investors.
- Entrepreneurs.
- Highly Skilled Professionals.
- R&D&i and Training.
- Intra-Corporate Transferee.
More specifically, people who can apply for the visa must make a significant investment in Spain in one of the following areas:
- Real estate assets (500,000 euros).
- Shares or bank deposits (1 million euros).
- Public debt (2 million euros).
- Projects that Spain considers to be of general interest.
It is this point that is favorable for those interested in real estate investment. It is clarified that the investment has to be at least 500,000 euros. In fact, it is not a very big amount of money in this sector, although it is quite significant.
This is what makes it easy to request the residence in Spain through The Golden Visa program. It is the main reason why investors from all over the world are interested in Spain as their primary objective, in addition to the characteristics that make this system flexible.
The benefits of The Golden Visa: Why is it an exciting proposal for investors?
The main one is a residence visa for one year, which can be renewed for two more years if you fulfill two conditions: to maintain your investment and visit Spain at least once during the residence period.
The additional benefits are several, including living and working anywhere in Spain, which is very attractive for most people. However, the most exciting thing is that this type of residence does not require residing in Spain, but only visiting the country once while it is in effect. Besides, the process allows the inclusion of couples and their children.
It is necessary to have an investor visa for applying for a residence visa.
The requirements: Why is it an easy option if you invest in real estate?
In addition to having the profile and investing a sufficient amount of money in Spain, you need to present a series of general requirements that are not too difficult to obtain. You can find out all the requirements to obtain the golden visa in Spain here.
- Identity card or valid passport.
- Health insurance issued by a company operating in Spain.
- Background check of the countries in which you have resided for the last 5 years.
- Proof that you have sufficient funds to support yourself and your family during your residence in Spain.
Also, you must present the documentation that proves the existence of the investment. It varies a lot because it depends on the type of investment you want to make. In the case of real estate, you need the certificate from the property registry along with the corresponding deed of purchase.
A business plan must accompany these. It is a report of general interest in which the investor’s professional profile is exposed, the economic activity that it tries to develop, the jobs that will be created, and the geographical location of the project. As for the money, the amount invested and the origin of the funds must be specified.
The ease and benefits of the visa make it a desirable option for real estate investors. Spain is a country that continually promotes foreign investment, which ensures the future of investors within its territory.
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