The Golden Residency by Investment program in Spain is popular among investors wishing to reside in Spain or simply retain residency in one of the most important countries in Europe and the Schengen area with the opportunity to obtain citizenship as well.
Launched by the Spanish government in 2013, the Golden Residency by Investment program covers all foreign nationalities except those from European Union countries such as France, Germany and Denmark in a move to promote foreign investment in the country and attract the attention of foreign visitors to the possibility of investing and residing in Spain at the same time.
What is the Golden Residency in Spain? Is it the same as the Golden Visa? What are its features and conditions for obtaining it? All the answers to these questions and more can be found in this article...
First, what is a Gold Residency?
The Golden Residency or Golden Visa for Spain is a residence permit granted to investors from outside the European Union who wish to invest in Spain, whether by buying real estate, investing in Spanish companies or making large investments in the country. This residence permit is granted to the investor and his family members and provides the right to live, work and study in Spain.
Secondly, how does an investor obtain a Golden Residency?
According to Spanish law, in order for an investor to be eligible for Spanish Golden Residency, one of the following conditions must be met:
1- Buying a property or group of properties in Spain with a value of at least 500 thousand euros, provided that the full amount is paid in full.
2. Investing in Spanish public debt with a minimum value of €2 million.
3- Invest in shares of Spanish companies with a minimum value of €1 million
4- Deposit at least 1 million dollars in a Spanish bank as well.
Third, what are the requirements for a Golden Visa in Spain?
In order to obtain golden residency in Spain, a foreign investor must be:
- Is of legal age (+18 years old).
- Has a valid health insurance in Spain.
- Have no criminal record.
- Not have been previously rejected for a Schengen Visa, i.e. a visa to enter any country within the European Union.
Fourth, is the investor's family also eligible for the Golden Residency?
A foreign investor wishing to obtain a Golden Visa in Spain is entitled to include their family members, including spouse, children under the age of 18, adults with special health or mental health conditions, and elderly dependents.
Fifth, applying for the Golden Residency
In order to apply for the Golden Visa for Spain, the investor must provide the following documents:
- Spain visa application form.
- Two passport-sized biometric photographs.
- A valid passport with at least two blank pages.
- If the investor is not a citizen of the country in which he or she lives, a residence permit is required.
- Proof of sufficient financial resources for the entire period of residence in Spain.
- A certificate of good behavior proving that the investor has no criminal record and must be issued within three months prior to submitting the residency applicationa.
- Health insurance (private or public) from an insurance company operating in Spain.
- Proof of payment of residency fees.
- Translation of the documents and evidence submitted into Spanish by a sworn interpreter.
- Additional documents related to the investment made by the investor in Spain (investment or purchase of real estate)
Sixth, what paperwork is required to apply for golden residency when buying a property in Spain?
In addition to the aforementioned documents, you will need to bring:
- The title deed of the property issued by the Land Registry Department within three months prior to submitting the application.
- Proof of payment of the full amount of the property's value (the property must be worth €500 thousand or more).
If the property has not been registered at the Land Registry Department, the investor can provide proof that the property has been registered along with the payment receipt.
If the sale is not fully finalized, the investor (buyer) can submit the sales contract with the receipt of the first payment (the agreed deposit) and a bank statement proving the availability of the required funds (the value of the property) in the investor's bank account.
Seventh, can golden residency be converted to Spanish citizenship?
Yes, a foreign investor with a Golden Visa can obtain Spanish citizenship after residing in Spain for ten years (a minimum of 6 months of each year for ten years is required) and knowledge of the Spanish language.
Eighth, what are the advantages of having a Golden Residency?
Golden residency has many advantages that attract foreign investors towards investing in Spain, most notably:
- Visa-free travel to all countries in the Schengen area, which consists of 26 countries such as France, Germany, Switzerland, and Norway.
- Easily convert golden residency to permanent residency after 5 years.
- Easy access to Spanish citizenship after 10 years.
- The right for the investor's family members to obtain golden residency.
- Enjoy access to all public services such as healthcare and education.
- The freedom to work and live in Spain legally.
- You do not need to live in Spain in order to renew your residency.
- Profitable real estate investments that provide high returns through rentals.
Ninth, is it possible to apply for Golden Residency if I have a loan?
No, it is not possible to apply for a Golden Visa for Spain if the investor got the money through a loan. The investor must make the investment from their own funds and be the sole owner of the investment.
If you buy a property worth more than €500,000, you can get a loan for the amount that exceeds €500,000.
Tenth, should the investment or real estate be held for life?
No, once the investor has obtained permanent residency in Spain or Spanish citizenship, they have the right to sell or keep the property.
Finally, how long is the golden residency in Spain valid for?
Golden residency in Spain is granted for two years, renewable for five years as long as the investment is maintained and but must travel to Spain during its renewal. The golden residency can be converted to permanent residency after five years of residence in Spain (you must reside in the country for at least 6 months of each year for five years).
The Golden Residency by Investment program in Spain is one of the most successful investment programs in the world due to the many advantages that the Spanish government provides to the investor and his family.
We are Maxist Real Estate Company, we offer you our extensive knowledge and experience in the field of real estate and real estate investment in the world and Spain in particular and help you get the best real estate offers that guarantee you a profitable real estate investment and ensure that you and your family win the golden residency, which also entitles you to obtain Spanish citizenship later.