GOLDEN VISA, THE KEY FOR NON-RESIDENTS IN THE EU

If you are not a resident in a country of the European Union and want to be able to do business easily within its borders, you should know that there is a GOLDEN VISA or INVESTMENT VISA, which allows you to obtain a residence permit with considerably more agile procedures for investors. who, for example, want to make the acquisition of one or more properties for a value equal to or greater than € 500,000.

The aforementioned Visa came into force in 2014, and establishes a less ‘complicated’ and bureaucratic process for investors and citizens who do not belong to the EU, allowing them to come to Europe and enjoy a free visa in the 26 countries of the Area Schengen, just as any other Citizen of the European Union would have.

Probably the Golden Visa is the best residence option that a foreigner can have in Spain since it allows, among other things, to have work activity (unlike non-profit visas or student visas), and to be absent from Spain for long periods of time , without prejudice to it. In addition, it is the only visa that allows the accompaniment by relatives from the first moment, and that facilitates access to Spanish nationality, due to their residence status.

The different cases in which investors can obtain a residence permit are listed in article number 60 of the new law and we summarize them below:

1. Real estate or furniture investment

In the case of real estate investments, the acquisition of a property or properties in Spain is considered significant when it reaches or exceeds the figure of € 500,000 in one or more operations and properties, tax free. That is, the purchase of real estate assets is necessary for that total value and, additionally, their corresponding expenses. It should be noted that real estate investment can be ‘pro undivided’, that is, having more owners, as long as they all meet the minimum investment requirement.

For transferable investments several assumptions are established, but all have in common the fact that the investment must be made within a maximum period of one year from the presentation of the application.

2.Business project

A significant business project to obtain the Golden Visa is one that is considered and proves to be of general interest, either for what it contributes to the community in which it is located, for its creation of jobs, or because it represents a significant contribution. to the scientific and / or technological field. For this investment option, a minimum amount is not stipulated, but, as in any of the other two cases, it will be the Spanish Government who carefully studies the application and the project, to assess its feasibility and validity for the visa.

3. Public debt securities and bank deposits

The applicant must make an initial investment of at least 2 million euros in public debt securities, or an initial investment of at least 1 million euros in shares or capital participations of Spanish companies, or bank deposits of Spanish financial institutions .

In this way, the process to obtain a residence permit as a non-EU investor has been simplified, and every time is now perfect for making an investment in Spain, which has some areas especially suitable for this, such as the Costa del Sol, Malaga, Axarquía, etc., or multicultural areas with all the necessary modern infrastructures, and a unique combination of the best climate and enviable living and commercial conditions.

Of all the possible access routes, the most frequent is usually the real estate, since it is linked to the direct obtaining of an estate, which can be used as an element of profitability in a short period of time, but as expected, the simple investment is not enough to obtain the visa. In addition, the interested party must comply a series of requirements that accompany the economic amount, especially without a criminal record in Spain and its countries of origin and be in a regular situation, to which is added the aforementioned obligation of a minimum investment of € 500,000 without charge or encumbrance (that is, before taxes and without financing), obtaining a private medical insurance valid in Spain, and a demonstration of monthly financial resources for its maintenance, and that of his family if applicable. In addition to all this, the interested party must face the payment of the fee for the Golden Visa application and the obtaining, if appropriate, of the same.

It is necessary to take into account that, even if the applicant meets the aforementioned requirements, approval always depends on the Spanish Government, so each case can be treated differently. To this end, all documents must be officially translated into Spanish, apostilled by the foreign office.

At Ramallo Abogados we establish a bond of trust with all our clients, offering them personalized treatment in English, German, French, Russian, Dutch and Spanish. We represent our clients whether they buy or sell assets or properties ANYWHERE IN SPAIN without limitation. For more detailed information on residence / investment visas or any other related legal matter, please do not hesitate to contact us.

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