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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    Darren & Gemma Nesbitt, Valencia
    Tuesday, September 11, 2018
    Inmaculada has been of excellent service to us, as a family and in helping to set up a business in Spain. She has now undertaking several project for us and has delivered high quality on all of them. ...Perfect service!
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    Patsy Valentin, Granada
    Tuesday, September 11, 2018
    Extremely accommodating and highly professional and very pro active. Excellent result and service. Highly recommended.
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    Jovie, Malaga
    Wednesday, September 05, 2018
    My lawyer Alvaro was extremely helpful and very efficient. I would definitely recommend his services to friends.
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    Albert Roldan, France
    Tuesday, September 04, 2018
    Alfonso was extremely helpful, particularly since we requested a quick turnaround for the 18 documents needing to be translated from English and French to Spanish.

    He was fluent in our phone conver...sations and email correspondence, he never misunderstood what our requirements were. He was was clear in explaining how this process works and what the price included.

    I would highly recommend him to anyone needing these services.
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    David Grundy, UK
    Friday, August 24, 2018
    Jose was very polite and we received an excellent service from him. Nothing was to much trouble and his communication was 2nd to none. Highly recommended!
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    Mario Klappholz, Miami, Florida
    Thursday, August 16, 2018
    Inma was very helpful, always happy to assist. I particularly appreciated her professionalism. I would not hesitate to recommend her services to friends.
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    Daniel Spitzhorn, Spain
    Tuesday, August 14, 2018
    Miguel in Oviedo helped us during the process of buying a flat in Asturias. He was just brilliant!
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    Tracey Iliffe Bradley, UK
    Tuesday, August 14, 2018
    Rosa dealt with everything efficiently and promptly and went beyond our expectations by helping us to open a Spanish bank account and deal with other minutiae.
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    Erslaan Ahmed, Bangladesh
    Friday, August 10, 2018
    Gave very good advice and provided an excellent solution. Inma is very professional in her work. I would recommend her services to friends.
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    John Ryan, Derby, England
    Wednesday, August 08, 2018
    A perfect relationship between client and professional. Nothing was too much trouble.

    Went over and above his job and more. I would only use his services if I need legal services. I were very lucky... to find Jose first time round.

    Thank you jose
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    Robert Brownlee, Almeria, Spain
    Wednesday, August 08, 2018
    Everything was as it should be: excellent. Had to pay by bank transfer and maybe would have liked another means of paying.
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    Delbecq, France
    Friday, August 03, 2018
    Cristina, is extremely professional, fast, responsive understand and explain well, she always found appropriate solutions and provide good advices.

    She know how to deal and negotiate, and look self...-confident, and make you feel less stress, you can trust here.

    The value for money is good, and she is up to date with technologies (mail/google app etc… very practical).

    It was a pleasure and a great luck to found here and have here at my side for my case. For anything, i should need a lawyer she will be the one I’ll work with
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    Mohamed Nasir, England
    Monday, July 30, 2018
    My lawyer Carmen is a nice lady ,very professional. I would like to be her client again if I need a lawyer in the future.
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    Michael Harrison, Urb. Camposol Mazarron Murcia
    Friday, July 27, 2018
    Maria was extremely helpful and professional, and put herself out to satisfy my needs.

    I contacted her on a number of occasions and always had very good advise on costs etc.

    Her English was imp...eccable and could always be understood.
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    Michael Bates, UK
    Friday, July 27, 2018
    Francisco was very easy to deal with. Very professional. Would not hesitate to recommend him to friends.
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    Elizabeth Coelho, Barcelona
    Wednesday, July 25, 2018
    Oscar was very helpful and really understood my needs.
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    Janette Payne, France
    Wednesday, July 25, 2018
    Jaime was quick, made good suggestions about remembering to revoke the power in the future, very responsive - changing a meeting to suit our timetable - and even took us round to a DHL office and arra...nged for the document to be courriered after it was signed.
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    Janet/Alex Olsen, Newcastle
    Wednesday, July 25, 2018
    Overall the service provided by Oliver was exceptional.

    My mother and I couldn't of asked for more from him as he sorted out our family affairs. His attitude, attention to detail and promptness wh...ile helping us were second to none.

    His English is top notch and his way of explaining and or guiding you through what needs to be done makes the whole experience easier than expected.

    We'd recommend Oliver to anyone in need of his expertise while dealing with issues in Tenerife.
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    Neil Linter, London
    Tuesday, July 24, 2018
    Cristina immediately understood our requirements and was essential in guiding us through a very tricky process.
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    Jason Yorke, United Kingdom
    Thursday, July 19, 2018
    Beatriz was really helpful and always kept me informed at all stages. She is very professional and a pleasure to deal with.
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    Mr David P Robson, Valancia
    Thursday, July 12, 2018
    My lawyer Francisca offered value for money and was very helpful. Will use her again.
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    Richard Day, London and Barcelona
    Thursday, July 05, 2018
    My initial call to your service desk was responded to by Oscar very quickly.

    I appreciated his time as I outlined my issue, a problem with the building community and administrators. At the end of ...the call he provided clear guidance on next steps.

    Furthermore he quickly turned around the issue with an excellent drafted response for which I could not of hoped to be better worded. It was comprehensive and aligned perfectly with what I felt was needed.

    Excellent value for money and most definitely I would highly recommend Oscar.
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    Søren Aabel Hammer, Malaga
    Thursday, July 05, 2018
    Beatriz was professional and quick to respond. Would definitely recommend to friends.
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    Patrick Crean, Almerimar
    Thursday, July 05, 2018
    Juan was fantastic. Very easy to understand and very pleasant. I would definitely use his service again.
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    Damien Stephan, Benidorm
    Thursday, July 05, 2018
    The whole process from start to finish was straightforward and well explained. I honestly cannot recommend them enough!

    They really went out of their way to be helpful and kept me up to date at ev...ery opportunity. Excellent value for money from some really nice and genuine people. True professionals.

    Wouldn’t hesitate to use again in the future.
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    Claire, Fuengirola
    Wednesday, July 04, 2018
    Alvaro assisted me during my experience at advocate abroad, and he was so kind. He answered any questions I had, and made me feel completely at ease.

    I knew I was in the hands of a professional. H...e could not have done more to help me.
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    Paul and Joyce Rose, Mijas, Malaga
    Wednesday, July 04, 2018
    Extremely helpful and very professional. Will definitely use Alvaro next time we require legal advice.
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    Nigel Whinnett, Esher, UK
    Wednesday, July 04, 2018
    Professional, friendly, efficient service, good value, a pleasure to use the services of the lawyer and his team. In depth knowledge of the relevant laws, taxes etc.

    Would highly recommend and use ...again.
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    Claire O'Gara, Fuengirola
    Wednesday, June 27, 2018
    I liked Alvaroós enthusiasm, and the great level of customer service. He always answered my questions thoroughly.
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    Mrs Susan Vickery, Silves, Portugal
    Tuesday, June 26, 2018
    Good advice, very helpful and fast. Would definitely recommend Luis to friends.

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