GOLDEN VISA: What you need to know in order to Obtain Spanish Residency Through Investment

The Golden Visa is a residence permit in Spain designed to attract foreign investors. It is granted to individuals who make a significant financial investment in the country, whether in real estate, business ventures, or financial instruments.

At Bennet & Rey Lawyers, these are the most frequently asked questions from our clients:

1.What Types of Investments Qualify for the Golden Visa?

The most common qualifying investment is purchasing real estate (houses or apartments) worth at least €500,000.

Other options include:

Investing over €2 million in Spanish government bonds.
Making an investment of at least €1 million in shares of Spanish companies or bank deposits.
Developing a business project deemed of general interest, such as creating jobs or having a positive social impact.

2.What Documents Do I Need to Submit the Application?

The key requirements are:

A criminal record certificate from the country where you have resided for the last two years. This document often takes the longest to obtain.
Note: Criminal record certificates must be apostilled (officially verified). We can help with the translation, but we recommend requesting this document early if you are considering applying for the Golden Visa.
A valid passport.
Proof of investment (property deeds, bank certificates, etc.).
Health insurance valid in Spain.
Evidence of the legal origin of your funds.
A NIE (Foreigner’s’ Identification Number), which we can arrange for you.

3. Can You Help Me Find a Property Worth €500,000 or More?

Yes! At Bennet & Rey, we can assist you in finding a property, whether an apartment or a house.

If you cannot come to Spain, don’t worry: we can represent you and act on your behalf with a notarised power of attorney. This includes purchasing the property in your name.

We will provide legal advice, negotiate with sellers or buyers, prepare the deposit money agreement (contrato de arras), and handle the sale contracts.

We will ensure all necessary certificates and deeds are in order and help you manage taxes. We will coordinate with notaries, property registries, banks, and appraisers to make sure your investment is secure.

4.How Does the Golden Visa Impact My Family, and What Rights Does It Provide?

One of the key benefits of the Golden Visa is the ability to include family members in your application.

Golden Visa holders can extend it to their spouse, children under 18, dependent adult children, and dependent parents. Each family member must meet basic requirements, such as having no criminal record.

5.What Rights Do I Get with This Visa?
The Golden Visa allows you to:

Legally reside in Spain.
Work anywhere in the country.
Travel freely within the Schengen Area without additional visas.

6.What Should I Know About the Application and Renewal Process?

The application process can be confusing for those unfamiliar with Spanish law. Here are some common concerns:

How Long Does the Process Take?
The estimated time is 20 business days from submitting all the required documents. However, times may vary depending on the complexity of the case.

How Do I Renew My Golden Visa?
The initial Golden Visa is valid for one year. It can be renewed for two-year periods as long as the investment is maintained.

Do I Need to Submit Another Criminal Record Certificate?
Usually, this is only required if the applicant has lived outside Spain since the last renewal. To avoid complications, we recommend obtaining a new certificate for each renewal.

7.What Happens If I Sell the Property or Withdraw My Investment?
You would lose the right to renew the visa. It is crucial to maintain the investment throughout the residency period

8.How Does Tax Residency Work, and What Are the Legal Implications?

Tax-related questions are common among our clients:

Does Becoming a Resident Automatically Make Me a Tax Resident?
Not necessarily. You are considered a tax resident in Spain if you spend more than 183 days per year in the country or have your primary financial interests based there.

What Taxes Will I Pay If I Buy a Property?
Real estate purchases are subject to taxes such as VAT or the Property Transfer Tax (ITP), depending on the type of property. You will also need to pay an annual Property Tax (IBI).

9.Can I Work in Spain?
Yes, the Golden Visa grants both residency and work authorisation.

10.Can I Apply for Spanish Nationality?
Yes, but you must reside in Spain for at least six months per year. The general residency requirement for nationality is ten years, though exceptions apply:

One year for those married to a Spanish citizen.
Two years for nationals of Hispano-American countries, Andorra, the Philippines, Equatorial Guinea, or Portugal.

11.What Happens if the Golden Visa Is Discontinued in Spain?

The Spanish government has announced its intention to eliminate the Golden Visa for real estate investments, leading to these common questions:

When Will the Golden Visa No Longer Be Available?
There is no exact date, but legislative changes are underway. Investments meeting the requirements before the reform may be among the last to qualify. We believe applications will be accepted until December 31, 2024, though this is subject to confirmation.

12.What Happens If I Already Have a Golden Visa?
Current visas are expected to remain valid, potentially for up to eight years, as long as renewal requirements are met.

13.Why Hire Bennet & Rey Lawyers? What Do We Offer?

Personalised Attention: We will guide you through every step of the process.
Trust: We are certified lawyers, members of the Madrid Bar Association, and experts in immigration law and in real estate.
Time Savings: We handle document gathering and ensure all paperwork is in order.
Representation: If you cannot travel to Spain, we can represent you with a notarised power of attorney.
Multilingual Support: We speak Spanish and English to make you feel comfortable.