Golden Visa for Spain

UPDATE 8 APRIL 2024

Spain’s Prime Minister has today announced plans to axe the Golden Visa No time scale has been provided at this stage, but our advice is to act now to get your application proceeding ASAP.

Investor Residence Permit for Spain

The Golden Visa or investor residence permit for an investment of at least 500,000€ in residential property in Spain can either be made via:

• The nearest Spanish Consulate in your country of origin (a one-year visa would be issued in this case) or
• An investor residence permit, applied for upon arrival in Spain (where a three-year residence permit would be given). British citizens do not require a Schengen Visa but should not have overstayed the 90-day limit at the moment of the submission of the application.

With both the visa and permit, eligibility  extends to your spouse or civil partner, children not of legal age, dependent parents and dependent adult children (with no descendants of themselves) with same full rights to live and work in Spain and have total freedom of movement within the Schengen area.

Acquiring the Golden Visa in practice

Here is an example of how previous clients have progressed their Golden Visa.

• You visit Spain (on a Schengen/tourist visa if coming from a country requiring one)
• Choose a property or properties to purchase for over 500,000€ (minimum value of dwelling(s) declared, free of liens, encumbrances, loans, mortgages etc. and including purchases made as far back as the end of September of 2013).
• We can recommend local estate agents if you’d like us to.
• We can arrange Power of Attorney to act on your behalf if you would like us to (see below).
• Meet our experienced property legal team who will be able to carry out the conveyancing of the investment(s) on your behalf.

Why granting Power of Attorney makes complete sense

On your visit to Spain, a Power of Attorney can be drafted, granted before a Spanish Notary Public, enabling our legal team to arrange all necessary steps such as applying for NIEs, opening of a bank account and negotiations with the seller’s solicitor to carry out the conveyancing procedure through to completion.

Once you have made the purchase of at least 500,000€ in Spanish property (NOTE: If married in the UK, under the normal marital regime, the investment will need to be made in one sole name), we then apply for the investor visa and the same for immediate dependent family members via the Spanish Consulate or if visiting Spain, on an ordinary Schengen visa, (not required by British citizens) then we could apply directly for the 3-year Investor Residence permits in Spain.

How long do I need to spend in Spain once I get the visa/permit?

One visit at least per annum to Spain will be required to maintain your visa and you could either remain as a non-resident for tax purposes of Spain (spending less than 183 days per calendar year in Spain,) and maintaining 3-year permit renewals indefinitely or you could relocate to Spain and to reside continuously there for more than 6 months per annum and then renew straight to a full 5-year residence permit.

If maintaining non-resident for tax purposes, then your Wealth tax (allowances depending on the Spanish Community where the investment belongs) will only be over your Spanish assets, but if living continuously in Spain, and becoming  a tax resident in Spain, then your Wealth tax will cover your world-wide assets.

I’m interested in the Golden Visa – what next?

For further advice or information, we could setup an online or in-person meeting in either English or Spanish (your own interpreter could accompany you at the meeting if you wish). This is a complimentary meeting to discuss your particular circumstances and to outline a plan allowing you access to the the special freedoms of the Spanish investor permit scheme and unlimited stays in the Schengen zone.

Other types of investments

A financial investment made less than a year ago could also be made in Spain as an alternative to property, with either a minimum requirement in public debt of at least 2,000,000€ or at least 1,000,000€ in one of the following investments:

• Unquoted shares or holdings.
• Quoted shares.
• Investment funds, closed-end investment funds or venture capital funds established in Spain.
• Bank deposits.

Summary – The benefits of the Golden Visa

• The Golden Visa opens the door to legally live, work and study in Spain, also unlimited travel throughout the entire Schengen zone.
• Simultaneous or successive residence permit applications for immediate dependent family members, adult children and elderly parents under your charge.
• The investment can be sold once you have a permanent resident status after living five continuous years in Spain.
• After 10 years of continuous residence in Spain, via naturalisation, you could obtain Spanish nationality and become an EU citizen with freedom to live and work anywhere in the EU member states.
• You can spend as much or as little of time in the year in Spain, so long as you make a trip to Spain once during your residence permit period.
• Real estate investment of a minimum of 500,000€ can be comprised of one or more properties and purchased as far back as end of September 2013.
• Golden Visa approval in a Spanish Consulate can usually be processed in 10 days and the Investor residence permits approved in just 20 days upon arrival to Spain. The residence permit can then be converted to a TIE identity card in approximately a month.
• No necessity for tax residence in Spain if not spending more than 183 days in the calendar year, so Wealth tax only on assets in Spain and not world-wide.
• Stays can be extended whilst awaiting results of the investor and family member residence permit applications.