Estimated reading time [est_time]
At Delvy we are focused on helping people reaching their needs and aspirations. Normally, these are translated into legal advice regarding startups and disruptive business models that want to settle down in Spain.
But sometimes, people ask us about different issues, such as the possibility to acquire a legal status of resident. And it means experiencing in firsthand what it’s like to live in a great country with such a variety of activities to do: cultural, gastronomic, social, night-life…
Golden Visa: get a Residence Permit
So today we are going to talk about one of the new types of Residence Permit that Spanish Government ruled a few years ago, due to the growing boom of the entrepreneurship and it’s internationalization. We are talking about the Golden Visa; or, known legally, the Entrepreneur Investor Visa, ruled by Law 14/2013. The Golden Visa is a type of Residence Permit to support the entrepreneurs and it’s internationalization.
We must affirm that this is with no doubt a qualified and selective type of residence permit exclusively prepared for non – resident investors. The reasons why is selective and exclusively prepared for investors are the following:
- It can only be applied by non – resident investors that are going to made at least one formal investment in Spain. This investment must have the following characteristics and requirements:
- A Real Estate acquisition in Spain with a minimum net investment of 500.000€
- A private company’s shares acquisition of at least a net value of 1.000.000€
- Bank deposit into a Spanish Financial Entity of at least 1.000.000€
- Buy Spain’s Public Debt for a value of at least 2.000.000€
- The creation of a Business Project that, according to Spanish Government, can be considered as “ Project of General Interest”. Therefore, it is eligible to imply, direct or indirectly, the creation of employment, a positive socio-economic impact into the geographical area affected and an important relevant contribution to both scientific and/or tech innovation.
What are the benefits of getting Golden Visa?
- The applicant could obtain a VISA and therefore the legal status to enter and stay in Spain for at least one year as a residence visa holder. There is no need to prove that the applicant and their family have been in Spain at least 6 months.*
- The VISA could be applied also for the direct family of the applicant.
- The applicant could travel and move freely to all Schengen Area.
- Golden Visa could be renewed for two more years. *
- Because of the proof avoidance of being in Spain 6 months, the applicant could maintain its tax residence criteria and therefore to keep its legal tax regimen outside Spain.
*For the renewal, there is also no need to prove that the applicant and its family have stayed in Spain 6 months.
What are the legal requirements to acquire the Golden Visa?
The Law is quite clear and stablishes an absolute respect for the following general points. These points have to be followed in order to have a chance to apply:
- Never have been entered or stayed irregularly in Spain, or having entered or being in Spain irregularly at the moment of the presentation of the Visa.
- Have at least the legal age to apply. (In Spain, the legal age is established in 18 years. It will be considered to all applicants, despite the legal age applied to them in the national countries).
- Clear Criminal Records of the applicant and family members in the National Country and the previous countries the applicant and its family members have resided.
- Health Insurance, either public or private, from a legal authorized entity to operate in Spain.
- Have sufficient economic resources to cover the basic needs of the residence stay for the applicant and the family. (Presumed if is able to invest the previous mentioned amounts).
Hopefully if you are an investor this post will help you. It allows you to know one of the options you have to reside in Spain! But if not, you can contact us at [email protected] or at 935 185 385.