Golden Visa: The process for obtaining residency in Spain via property investment

  • Rosa
    Rosa
    Rosa is an experienced English-speaking lawyer in Mallorca and provides expert legal advice and assistance in the following legal areas: Property conveyances, Inheritance, Family, Criminal, Business, Employment and Tax law.

Law 14/2013, which provides the legislative support for the government’s plan to support the creation of new businesses in Spain, allows for the possibility of a residence visa – initially with a duration of one year – being awarded to those investors who acquire a property with a value of at least 500,000 € that is located on Spanish territory.

Perhaps as a result of a lack of awareness or, most likely, the relatively high cost associated with the process – especially when compared to alternative visa programmes available in other European countries – few have taken advantage of the offer. For those that have, presumably the level of investment required is not a deterrent and they have a particular preference to reside in Spain. For those that are not put off, we look at the steps that they must follow in order to obtain a so-called “Golden Visa”.

 

Golden Visa

The “Golden visa”, as it has become known, permits those individuals who invest at least 500,000 € in a property located in Spain, to benefit from a right to residency such that the bearer of the visa may enter and exit Spain whenever and as  often as they wish, without any requirement to spend a minimum amount of time in Spain.

The visa should be applied for in the Spanish Consulate or Embassy of the country of origin of the applicant, and never in Spain (only renewals may be processed in Spain). The application should be made after having acquired the Spanish property i.e. once the investment has been made.

 

Application Process

In order to make a successful application, the investor must take the following steps:

    • Possess a valid passport
    • Birth Certificate
    • Have spent a minimum of 500,000 € (net of taxes) on a Spanish property free of any charges . Any existing charge or mortgage must not bring the net investment below the minimum amount specified. For example, if a property valued at 650,000 € is purchased then then any mortgage may not have a value above 150,000 €. If the property is purchased together with a spouse, family member or other third party, the investment of each individual must be equal to or greater than 500,000 €, such that two visas may not be acquired based on the investment of 500,000 €. To obtain two such visas, an investment of 1,000,000 € is required.
    • The investment must be evidenced by production of the property deeds, wherein the purchase costs of the property should be stated, and such deeds should be accordingly registered in the Land Registry. The deeds  should be presented together with a certificate demonstrating that no additional mortgages have been granted on the property purchased.
    • The investor must also be in possession of a bank account with a minimum balance of 25,000 € and the existence of the account must be verified by a certificate issued by the bank.
    • The investor must not have a criminal record in the country of origin nor in the last place of residence before coming to Spain, nor indeed in Spain. This must be evidenced by a Declaration that they are free of a criminal record, as issued by the relevant authorities and with a date of emission no greater than 90 days before the date of application.

 

It is important to note that all documents issued outside of Spain will need to be presented having been translated to Spanish by a Sworn Translator, as well as legalised. Likewise a visa may be requested for the spouse and or children of the applicant – either at the same time as arranging their own visa, or subsequently.

Once the originals and copies of the relevant documentation are submitted together with the formal application form, and upon payment of a small administration charge, the applicant should receive a favourable response within 7 – 15 days, after which the visa is issued and the applicant may immediately begin travelling freely to and from Spain for the one year duration of the visa.

The visa may also be renewed upon it’s expiration, whereupon the Spanish authorities will issue a new visa with a validity for two years, where the requirements for the initial visa continue to be met.

 

Client Testimonials

Below is a list of recent reviews received from our clients, obtained via the Wufoo client survey platform:

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    Pernilla, London
    Friday, April 13, 2018
    We had excellent service from Esther at Advocate Abroad when buying a property in Las Palmas, Gran Canaria.

    Esther speaks both Spanish and English, and is very friendly, professional and genuine. ...She took care of the whole purchasing process and explained all the steps for us, including giving advice on Spanish bank account, NIE numbers etc.

    We are very pleased with all the help we have received and can highly recommend Esther. Thank you so much!
  • Default Avatar75
    David Pratt, Alhaurin del Grande
    Friday, April 13, 2018
    Alvaro gives me confidence that he understands the issue and gives me practical solutions. He works rapidly and efficiently. I would strongly recommend his services.
  • Default Avatar75
    ESP, London
    Wednesday, March 28, 2018
    Cristina was extremely helpful, she couldn't have done more. Her English is sufficient and I would definitely recommend her to friend.
  • Default Avatar75
    L Marshall, London
    Wednesday, March 28, 2018
    Rosa was excellent. Very efficient and professional.

    Responsive and always available. Extremely helpful - we did not understand the process and she guided us through.

    We would not hesitate to ...recommend her.
  • Default Avatar75
    Phil Loughton, Las Lagunas de Mijas
    Tuesday, March 20, 2018
    Alvaro was extremely helpful and the simple process I needed managed was dealt with quickly and efficiently. I would certainly recommend him to friends.
  • Default Avatar75
    John Burchell, Arroyo De la Miel
    Tuesday, March 20, 2018
    Alvaro was very professional, helpful and friendly. Understood things quickly. Explained things well in English. Very easy to contact at any time.
  • Default Avatar75
    A. Kavanagh, Glasgow
    Thursday, March 15, 2018
    Miguel provided a great service and fully explained to me about the procedures with tax & business registration. My emails and questions where always answered straight away with an immediate response ...or solution.

    Very helpful and very friendly I would definitely recommend to anyone considering using Advocate Abroad
  • Default Avatar75
    Robert Davies, Mallorca
    Monday, March 12, 2018
    Very supportive and clear on producing a suitable divorce settlement. Efficient, understanding and professional.
  • Default Avatar75
    A.Kavanagh, Glasgow
    Friday, March 09, 2018
    Rosa was exceptional at helping me setting up my business abroad.

    This was a big move for me and Rosa fully explained everything to me in detail so I had a full and clear understanding of the lega...l side of things as well as always promptly responding to any emails or questions I had.

    I couldn’t of asked for a better lawyer and I would 100% recommend Rosa to anyone who is deciding to move abroad.

    Great service could not be happier.
  • Default Avatar75
    Adam Clark, Tenerife
    Friday, March 09, 2018
    Oliver was very professional. He explained things very clearly and honestly at all times and in the end we got the best result possible in my particular case.

    Many thanks to him for his high level ...of service.
  • Default Avatar75
    Patrick Martel, Canada
    Wednesday, March 07, 2018
    For being in another country and all our back and forth communicating over emails .. I thought Rosa did a brilliant job. Thankfully she was able to help where no one else was willing ..
  • Default Avatar75
    Robert Scott, UK
    Wednesday, March 07, 2018
    First class service. Rosa's professionalism, advice and patience were all exemplary! Keep up the good work. Will certainly recommend the service to friends!
  • Default Avatar75
    Martina, Plymouth
    Monday, March 05, 2018
    Erardo was fantastic and helped immensely during a very difficult situation.

    He consulted with my lawyer in the UK and explained to her what needed done. Without him the situation would not have be...en resolved. He was very understanding and I would have no hesitation whatsoever in recommending him. Outstanding.
  • Default Avatar75
    M Pearce, Marbella
    Monday, March 05, 2018
    Miguel was extremely helpful, he couldn't have done more:

    Always kept us updated on the progress of our purchase
    Always responded to emails in a professional and timely manner
    Always explained to... our understanding all aspects of the legalities about the purchase
    Very approachable,courteous and professional

    So much better to deal with than UK property lawyers!

  • Default Avatar75
    Tony, London
    Wednesday, February 28, 2018
    The service I received from nada was very helpful.

    The tasks were completed to the highest standard and would definitely use her services again in the future. All correspondence was received in a ...very timely manner. Highly recommended.
  • Default Avatar75
    Holly, Lanzarote
    Friday, February 23, 2018
    The divorce process could have been explained more clearly and accurately so that a more realistic time for completion can be attained.
  • Default Avatar75
    Julia Alcock, Puerto Rico, Gran Canaria
    Thursday, February 22, 2018
    Esther was very friendly and approachable. She was professional and answered any questions I asked. We would definitely use her again in the future.
  • Default Avatar75
    Tamara Malcolm, Mallorca
    Tuesday, February 20, 2018
    Rosa was and is extremely knowledgeable and helpful. Her advice was excellent and i will definitely be using her expertise again in the future.
  • Default Avatar75
    Nick Nicolaou, Oviedo
    Tuesday, February 20, 2018
    Very Satisfied with Miguel's work. He was very helpful and we would definitely use his services again in the future.
  • Default Avatar75
    Gavin Jones, UK
    Monday, February 19, 2018
    It was a real pleasure to have Miguel working on my behalf to file my non-resident taxes. He was extremely helpful, gave reassuring advice and I had a high level of confidence in the transactions.

    ...Miguel is now acting as my fiscal representative in Spain and I plan to continue to use his firm's services for all my tax requirements.
  • Default Avatar75
    Martin Hickey, Benidorm
    Sunday, February 18, 2018
    Very friendly and knowledgeable and professional.

    Juan explained the plus and the negatives on various subjects and allowed us to make up our own mind.

    I have already recommended him to our fri...ends.
  • Default Avatar75
    Andrew Bullen, UK
    Friday, February 16, 2018
    Rosa was very professional at all times when dealing with me. Her English was second to none and she always kept me informed of progress via email promptly.

    I wouldn't hesitate to use Rosa in the ...future for any legal issues I have.
  • Default Avatar75
    Tamara Reeves, Australia
    Thursday, February 15, 2018
    Anna was very knowledgeable and had prior experience dealing with English clients. She spent a lot of time explaining information and I was never rushed.

    I have continued to use Anna since my firs...t meeting as I trust her judgement and know that she will look after my best interests.
  • Default Avatar75
    Ali Hashemi, Alicante
    Wednesday, February 14, 2018
    Rafael was extremely helpful, accommodating and understanding. He couldn't have done more.
  • Default Avatar75
    Alan W T Duguid, Montserrat, Valencia
    Wednesday, February 14, 2018
    Ramon was very helpful and answered my questions and explained the legal process that I was enquiring about.

    I would liked to have seen a follow up email detailing what was discussed to ensure that... my understanding and recollection of the meeting was completely correct.
  • Default Avatar75
    Keith Round, La Herradura, Spain
    Monday, February 12, 2018
    The advice provided was clear, easy to follow and allowed me to secure the required documentation from the Spanish Authorities quickly.

    Rosa was very proactive in following up when I was delayed in... providing inputs and always delay with any questions promptly.

    I would not hesitate to recommend Rosa to friends and colleagues and I would use her again in the future
  • Default Avatar75
    GWE, Ireland
    Thursday, February 08, 2018
    My lawyer Nada was extremely effective to make the case and get a result!
  • Default Avatar75
    Chris Jones, Cambrils
    Tuesday, February 06, 2018
    Regardless of the situation Emma, looked for the best possible way to assist under the circumstances. Emma was very approachable and professional.
  • Default Avatar75
    Richard Quick, Estepona
    Sunday, February 04, 2018
    I was particularly impressed by Miguel's approachability & professionalism, excellent service!
  • Default Avatar75
    Stephen Grundy, Alicante
    Thursday, February 01, 2018
    Jose-Antonio's services are exemplary. Very satisfied and would definitely use this lawyer again.

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