What is a golden visa?
The so-called Golden Visa is a residence permit for non-EU citizens who invests in real estate in Spain, equal to or greater than 500,000 euros. This investor visa allows non-European citizens to obtain Spanish residence for 1 year (with possible future renewals to extend the duration of the permit). One of the benefits that this residence permit provides is that it does not require a stay in the country, the applicant must only visit the country on time. In other words, if you have money, then you can buy a residence permit in Spain.
The investment does not have to be in real estate, in general, one can also invest in current accounts or financial products for 1 million in Shares in a Spanish company or 2 million euros in Spanish public debt. Real estate investment involves buying properties worth half a million euros.
The law allows also an investment in a business project that has an impact on society in the form of job creation and innovation, this investment is quite unknown among potential investors in Spain, therefore, by far the least used.
Spanish law states that the project is considered “of general interest”, if it meets one or more of the following conditions: job creation, the socio-economic impact of relevance in the geographical area in which the activity is developed, and relevant contribution to scientific or technological innovation.
The minimum amount recommended is around 250,000 euros, a quantity agreed with the Dirección General de Comercio Internacional e Inversiones, which is the competent body to approve these applications, in exchange for the residence permit. It is only an approximate quantity and each case will be studied case by case so that the "general interest" established by law is met.
*The posts in this blog are only informative and general. Not suitable for any legal advice. They are not automatically up to date.
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International Tax & Law