This list of requirements only applies where the investment relates to real property, although there are other investment possibilities such as bank deposits (€ 1,000,000), public debt (€ 2,000,000), projects creating employment, etc.
GOLDEN VISA & INVESTMENTS IN REAL PROPERTY IN SPAIN:
The minimum investment is € 500,000.00 and needs not refer to one only property but may relate to several properties where the aggregate investment amounts to € 500,000.00 or more.
What costs are included in the investment? Certainly the price paid using the investor’s own funds (i.e. not by means of a mortgage granted by a Bank), although it is possible to purchase real property for a higher price where the investor’s own funds amount to € 500,000 and the rest can be obtained through a mortgage loan). To be on the safe side, it is best not to try to include the taxes payable on the purchase (about 8% to 10% on the price) as part of the minimum investment.
This Golden Visa has to be applied for in the Spanish Consulate of the applicant’s country of residence.
Such a Golden Visa, obtained through a Consulate, automatically authorises its beneficiary to stay one year in Spain. At a later stage and within the deadlines established by Law, a two-year “residence authorisation” in Spain can be applied for, with a further two-year extension (five years in total). This would not preclude the possibility of applying for ordinary residence authorisations (not Golden Visa) in future.
A prior requirement to apply for this Visa is for the applicant effectively to have made a SIGNIFICANT INVESTMENT IN SPAIN, that is, having purchased real property for € 500,000.00 or more.
In order to purchase the property/properties, the interested party may come to Spain in person or be represented in the transaction by a representative holding power of attorney with sufficient authorities. Such a power of attorney can be executed at the Spanish Consulate .
It is important to note that a foreign citizen wishing to purchase real property in Spain has to obtain a Tax Identity Number (Número de Identificación de Extranjero – N.I.E.) which can be applied for at the Spanish Consulate or at the Police Station if the applicant is in Spain or may also be applied for at the said Station by the applicant’s duly-empowered representative.
The required money to purchase the real property will always have to be sent through a banking entity which will ascertain that the funds come from a lawful source in order to prevent money-laundering activities. Their duly-authorised legal representative (e.g. a lawyer) will also need to check that the funds come from a lawful source. This process is mandatory in all of the EU.
INITIAL STAY VISA:
Ordinary preliminary requirements for more than three months’ stay visas:
Since the Law does not lay down the interested party’s obligation to appear in person, the beneficiary may apply for and obtain the residence visa through a duly-accredited representative.
The visa application shall be submitted using the long-term visa application form, which the interested party or their representative shall accompany with documentation providing evidence of compliance with the requirements established on a general basis as well as those established for each specific kind of visa.
a) Not being in the SpanishTerritory in an irregular situation.
b) Being at least 18 years of age. This must be proved by a valid passport in force, translated by a sworn translator where applicable.
c) Not having a criminal record in Spain or in the countries where the applicant has resided during the past five years for crimes envisaged by the Spanish legal system.
For this to be proved, a criminal record certificate will need to be applied for in Spain to the Registro Central de Penados (Central Registry of Criminal Records).
It is also necessary to obtain a Criminal Record issued by the competent authorities in the country of the applicant. This document needs to have an official translation into Spanish and to be duly legalised with the Apostille of The Hague or by a Spanish Consulate.
d) Not being listed as ‘rejectable’ in the territorial space of countries with which Spain has entered into an agreement in this regard.
e) Having public or private health insurance with an insurance company authorised to operate in Spain.
f) Having sufficient economic resources for oneself and one’s family during the period of residence in Spain.
The spouse and children under 18 years of age, or of legal age but objectively incapable to provide for themselves owing to their health, who will join or accompany the foreign citizens listed in paragraph 1 of article 61, may jointly and simultaneously or successively apply for the authorisation and, where applicable, the visa. To do so, compliance with the requirements listed in the preceding section will have to be substantiated.
Providing evidence of the purchase of the real property in the form of a certificate with updated information on ownership and liens issued by the Land Registry to which the property or properties relate. Such a certificate shall include an electronic verification code for online access.
If the registration process is ongoing at the Land Registry at the time of applying for the visa, it will suffice to submit the aforesaid certificate reflecting the filing of the purchase document with the Registry, accompanied by documentation providing evidence of payment of the relevant taxes.
The applicant shall provide evidence of being the holder of an investment in real property of € 500,000 free from any liens or encumbrances. The portion of the investment exceeding the required amount may be encumbered by liens or encumbrances.
In order for such an application to be filed, first it will be necessary to purchase the property and commence the process of registration at the Land Registry, or for the registration process to be finalised.
The investment needs to be maintained during the whole period of validity of the stay visa (1 year); two more years if a further two-year residency authorisation is applied for and another two years if the residency is intended to be extended for an extra two years.
The standard fee must be paid at the time of submitting the application, which will amount to € 60 on a general basis unless the provisions of Section 7 of the Consular Fee Act 9/2011 of the 10th May concerning reciprocity are applied.
Lizarza Abogados – Email: email@example.com