INFORMATION OF INTEREST!!!

Dear clients and users of Experto Extranjeria,

Following the recent news regarding the termination of the Golden Visa cards, we inform you that indeed the Spanish Government has decided to suspend this type of authorization. However, we still do not know the end date, as a new law must be drafted to modify or repeal the previous Law 14/2013 on support for entrepreneurs and their internationalization.

From our office, we find it difficult to understand the Government’s stance. They argue that the housing market in Spain is highly stressed and that in order to alleviate the rising housing prices, they will withdraw the Golden Visa residence authorization. However, the fact is that individuals who come to Spain with Golden Visa authorizations typically purchase properties well above the average housing price, specifically luxury properties in areas such as Costa del Sol, Madrid, Barcelona, and Alicante. Withdrawing the Golden Visa and prohibiting high-net-worth individuals from coming to Spain to purchase properties with cash, without mortgages, and all the economic benefits that follow, seems counterproductive, as these clients usually spend a significant amount of money in Spain.

We believe it would be beneficial to update the law and its requirements, as it dates back to 2013, when €500,000 for a property purchase was a substantial amount. Today, this value has become relatively low. The optimal solution would be to increase this amount to a level that does not strain the real estate market and to raise the costs of the fees for obtaining this residence permit, rather than abolishing it as the Spanish Socialist Government has communicated.

Additionally, nothing has been said about whether the granted cards will be maintained or withdrawn, nor about the conditions for renewing the existing ones. As you can see, this is typical of the kind of uncertain and insecure news our Government continues to communicate in every aspect.

Having said this, we want to convey to our clients and users of ExpertoExtranjeria that we will keep you informed of any developments regarding this matter. Please do not hesitate to contact us whenever you need clarification on your doubts.

Best regards to all,
Ricardo Cárdenas.

What are the requirements to obtain the Golden Visa in Spain?

Law 14/2013 is aimed, among others, at investors who carry out intra-company movements, as well as spouses and children under 18 years of age.

The law provides for an expedited processing, generally establishing a resolution period of 10 days for all visas included in the law and 20 days for residence authorization. Additionally, administrative silence is positive, contrary to other immigration procedures.

What is the Golden Visa?

Law 14/2013 is aimed, among others, at investors who carry out intra-company movements, as well as spouses and children under 18 years of age.

The law provides for an expedited processing, generally establishing a resolution period of 10 days for all visas included in the law and 20 days for residence authorization. Additionally, administrative silence is positive, contrary to other immigration procedures.

General Requirements

1. Not being irregularly in Spanish territory.

2. Being over 18 years old.

3. Having no criminal record in Spain and in the countries where the applicant has resided in the last 5 years for offenses under Spanish law.

4. Not being listed as rejectable in the territorial space of countries with which Spain has signed a related agreement.

5. Having public insurance or private health insurance contracted with an insurance company authorized to operate in Spain.

6. Having sufficient financial resources for oneself and family members during their stay in Spain (€2,130 monthly for the applicant and €532 for each dependent family member).

7. Paying the visa processing fee.

   t is important to note that the possibility of processing the residence visa extends to the spouse and children under 18, or adults unable to provide for their needs due to health conditions, when they accompany or join the applicants.

   The presence of the visa applicant is not required; they can apply for and collect the residence visa through a duly accredited representative.

Conditions to be met to obtain this residence authorization by investment

• INVESTMENT IN SPANISH PUBLIC DEBT (INVESTMENT OF €2,000,000)
  • We must have purchased PUBLIC DEBT worth €2,000,000 and have a certificate from a Spanish Financial Entity or the Bank of Spain, certifying that the applicant is the sole owner of the investment for a period equal to or greater than 5 years.

• INVESTMENT IN SHARES OR PARTICIPATIONS IN CAPITAL COMPANIES, INVESTMENT FUNDS, OR BANK DEPOSITS (INVESTMENT OF €1,000,000)
  • We can have an investment in the stock market amounting to €1,000,000 and possess a certificate from the registered financial intermediary. It must specify that the applicant has made the investment for the purposes of this law for entrepreneurs and investors. Alternatively, having a bank deposit of 1 million euros in a Spanish bank and proving that the applicant is the sole holder of this deposit would be valid.

• INVESTMENT IN REAL ESTATE (INVESTMENT OF €500,000)
  • The minimum investment must amount to €500,000 in any type of property, such as apartments, land, commercial premises, etc. The number of properties purchased does not matter; what matters is the value. If the properties are mortgaged, the unencumbered amount must exceed €500,000.

• INVESTMENT IN A BUSINESS PROJECT OF GENERAL INTEREST
  • An investment made by a legal entity domiciled in a territory not considered a tax haven under Spanish regulations, where the foreign investor owns, directly or indirectly, the majority of voting rights and has the power to appoint or remove the majority of the members of its administrative body.
  • A business project to be developed in Spain must meet at least one of the following conditions to be considered and accredited as of general interest (although none of these conditions is definitive, the impact on society is measured):
    • Creation of jobs.
    • Making an investment with a significant socioeconomic impact in the geographical area where the activity will be developed.
    • Relevant contribution to scientific and/or technological innovation.

Do you want to apply for the Golden Visa?
Count on Experto Extranjería to help you with your investor visa!

Best regards,
Ricardo Cárdenas.
Lawyer No. 10,756 of the Illustrious Bar Association of Málaga.
Expert in Immigration and Nationality Law.