Golden Visa Spain - a brief overview of the Residency and Citizenship by Investment in Spain for foreign investors. Eligibility and Requirements for the Spain Immigration program in 2019
Golden Visa Spain: Overview of the Spain citizenship by investment program
The Golden visa Spain was inaugurated in 2013 through the government Spanish immigration initiative to encourage foreign investors around the globe to invest in businesses and properties in Spain, and in turn, create employment opportunities for its residents. This Spain immigration program has offered a boost to the economy of the country, especially as various investors are seeking to become a citizen through the application for citizenship by investment in Spain. The available choice of investment is mostly in real estate properties, and a single or group of investors can purchase it. For joint purchases, the individual investors can contribute to make-up the minimum amount required for the application.
The citizenship by investment in Spain offers qualified investors the freedom to live, study, and work in the country for many years, but to apply for Spanish citizenship, the investor must have lived in Spain for 10 years. This is the significant difference between the Spain Golden visa and other Europe Golden visas. However, the program has put necessary measures in place to accommodate applicant and their family members who are also entitled to similar benefits of a permanent resident in the country. The requirements, costs, benefits, and the application process for the program shall be discussed below.
Spain Citizenship by investment: Benefits of Spanish Golden Visa to Foreign Investor
The following are but not limited to the benefits of having a Spanish Golden visa:
- Freedom to visit any of the Schengen or EU Countries without additional visa
- Golden visa holders are eligible permanent residents of Spain after five years, and also have the freedom to study, work, or do business in Spain
- Once you become a Spanish citizen through the residency by investment, you will be able to study or establish businesses in other countries in Europe and Schengen
- Free access to healthcare and educational facilities in Spain
Spain Immigration: Residency and Citizenship by Investment in Spain
The Spanish immigration laws offer citizenship to individuals who have resided physically in Spain for ten years. However, to become a permanent resident in Spain, investors need to live in Spain for six months within each year for five years while their investment is still valid.
The citizenship by investment requirements for the Spain Golden visa together with its tax requirements makes it different from the Cyprus golden visa and other Europe Golden visa programs. Once investors obtain their citizenship or permanent residency, they can decide to transfer ownership of the investment to another entity.
Spain Immigration: Application Requirements for Golden Visa Spain
The requirement for this Spanish immigration program is constant but will vary if there are joint investors or some dependents attached to each applicant. On a general note, for applicants to qualify for the Golden Visa Spain, they need to meet the following requirements:
- Make an investment of a minimum worth of €500,000 in the purchase of the real estate. Although this does not limit to the purchase of a single property, investors can choose to purchase two or three properties so far it meets the minimum price benchmark of €500,000. Also, joint investors can share the minimum cost among themselves.
- A police report from the home country, or current country of residence to prove that the applicant is not a convict of any crime-related activity.
- Medical Insurance from a certified practitioner.
- Applicants proof of wealth which shows their ability to cater for themselves and any of the dependents during their residency in Spain.
- Also, applicants must ensure that they do not have any previous immigration issues with any of the related European or Schengen countries.
- Applicants will have to provide proof of investment or its equivalent deposit in a Spanish bank account.
Once you meet these requirements as an investor, you’re eligible to process your Golden visa and obtain a residency permit within 10-15 days.
The cost for the application is €8,000 excluding lawyer charges, and an additional €70 per dependent. However, our Spanish immigration lawyers have a minimal fee for investors who file their application through DM-Consultant. Other costs attached to this application will include the taxes and stamp duty for the real estate properties. These range between 11-12% of the property cost, and it often comprises of VAT (IVA) and conveyance fee (about 1%).
The processing period for this application is within 10-15 days. Investors have to make an initial deposit right before the commencement of the process. Once you commence the application, the investment fee shall be deposited in a Spanish bank account if the property has not been purchased. However, once you have purchased the property, then the proof of purchase shall be provided upon application for the process. Aside from that, the necessary transactions documents must be signed by the relevant parties before proceeding with the visa application. Upon successful application, investors will obtain their Spain golden visa, which is a residence permit with a validity period of two years and a renewal of 5 years.
DM-Consultant is the best immigration company in Dubai with a high level of expertise in Europe Golden visa processing. Our legal partners will provide the best consultancy services and also make the necessary arrangements to inspect the available properties without the need to travel to Spain. We will professionally counsel you to make the right choice of investment, file the application, prepare the necessary documents, and obtain the required conveyancing for your investment. You can also check the Spanish immigration portal for more information on the visa types and how to apply.
Taxes for Spain Golden Visa holders
Golden visa holders are liable to worldwide income tax once they reside in Spain for up to 6 months. For investors who decide to live outside Spain, they will pay a fee of about 24.75% on the profit they make from any of their investments within Spain. A capital gain tax of about 24% applies to profit over €50,000 together with other deductions depending on the policies that bind such business or investment. Investors have to pay the annual tax for their properties to the Spanish local authorized, and this amount ranges from €200 – €400.
We provide world-class Immigration consultancy services in Dubai, kindly contact us for an exclusive counseling session on any immigration plans, or you can fill the online assessment form to check your eligibility for the Express Entry program, in Canada or Australia.