All those who are interested in investing in Spain may be able to obtain their residence and work permit. In this post, in addition to reviewing the requirements and the procedure to apply for this authorization through the purchase of the real estate, we will answer some of the questions that we receive most frequently from our clients.
The main requirement to be able to request this type of authorization is to invest at least five hundred thousand euros in real estate without a mortgage or any other type of charge.
What happens if the value of the property is over €500,000?
In this case, concerning the amount that exceeds €500,000, a mortgage or any other type of lien could be constituted.
What if it was bought with a mortgage and was canceled later?
There is no answer to this question expressly mentioned in the law. Nevertheless, it is our understanding, that the requirement of investing €500,000.- has been completely accomplished and the application would be accepted since by providing the certification of ownership and charges from the Property Registry, this charge would appear canceled.
However, it must always be kept in mind that the law only applies from its entry into force and, therefore, the date of the sale must be after September 2013.
What other requirements need to be accomplished?
- Not being a citizen of any of the Member States of the European Union or the European Economic Area or of Switzerland, or a family member of citizens of these countries to whom the Union citizen regime applies.
- Not to be found irregularly in Spanish territory.
- Not being prohibited from entering Spain and not appearing as objectionable in the territorial space of countries with which Spain has signed an agreement to that effect.
- Have no criminal record in their country of origin or in those in which they have resided for the last 5 years.
- Have medical health insurance that operates in Spain and provides the same coverage as the National Health System.
- Have sufficient financial means to reside in Spain during the time for which the authorization is granted.
What economic means are considered sufficient?
The main applicant must have savings of at least 400% of the IPREM, which would be around €27,000.- and 100% of the IPREM, that is, around €8,000.- for each additional family member.
It would also be possible to demonstrate a monthly income of money in which case 150% and 50% of the monthly IPREM are applied for the main applicant and family members respectively. These amounts cannot come from leasing or from private funds that do not guarantee their receipt at first request, as would happen, for example, if a tenant leaves the property, in which case the investor would stop receiving the amount of the rent.
What documents should be submitted?
Accordingly, with the requirements that we just mentioned, the documents to be submitted (in addition to administrative forms and fees) are the ones to prove compliance. So the documents to be submitted are:
- A complete copy of the applicant´s passport that includes all the pages to verify the entry and exit stamps that prove that the applicant is not in Spain in an irregular situation.
- In the case of not being a national of the country in which the applicant resides, it is also necessary to provide the residence card of the country in question.
- A certificate issued by the insurance company that certifies the validity of the private medical insurance and its coverage, complete and without co-payments, in Spain.
- Background checks from the country where the applicant has resided for the last 5 years duly legalized or apostilled.
- Stamped bank certificate proving the applicant has sufficient resources.
- A certification issued by the Property Registry proving the ownership of the property certificate of property, and real estate purchase deeds.
Is it possible to initiate the Golden visa application process if the purchase has not yet been finalized?
Yes. For that, it will be necessary to provide the down payment contract or deposit and prove that you have the financial means to formalize the acquisition.
For those unfinalized purchases, the residence permit or the visa is granted only for 6 months, after which the authorization must be renewed.
What type of permits can the investor request?
- An investor visa, if you are outside of Spain when the application is submitted.
- A residence permit, if you are currently in Spain when applying.
What relatives can accompany the investor?
The same application may include the husband or wife or de facto couple, minor children, and those who, even when they are older, are financially dependent on the main applicant and the applicant’s dependent parents.
It is important to bear in mind that for a married couple to apply jointly, their economic marital regime must be a community of assets, otherwise, the investment to be made is one million euros.
How long does this application take to be approved?
One of the advantages of the Golden visa is the streamlined process:
- Visa decisions are made and notified within 10 working days.
- Residences permit decisions are made within 20 working days.
Where need the applications to be submitted?
The applications for visas are made in person at the Spanish Consulate, while the residence permits will be submitted electronically through the website of the Unit of Large Companies and Strategic Collectives (UGE-CE).
Was this information useful? Any questions, or clarifications or if you want us to help you submit your applications, do not hesitate to contact us!