THIS IS THE FIRST STEP IN THE STANDARD PROCEDURE:
You start up the procedure, by download and filling out this application APPLICATION FOR SCHENGEN VISA.
Remember to apply for a business visa. Initially you should send it to your lawyer as a draft along with a copy of your passport. They will check the document to ensure it has been completed correctly. Once you know the date for arrival and departures in Spain your lawyer will contact you with an invitation letter. Your lawyer will take care for the application for your Golden Visa.
After approval by both Houses of the Spanish Parliament and publication in the Bank of Spain’s Official Gazette, the law allowing non-EU investors to apply for Spanish residency.
Here you can see the amending Spanish law 14/2013, of 27 September, to support entrepreneurs and internationalization, the official newsletter no. 180, Wednesday July 29, 2015 Section I. page 64529 BOLETÍN OFICIAL DEL ESTADO.
The new Golden Visa/Spanish Entrepreneur Visa (Spanish residence permit for non-EU citizens)
How it Works:
Non EU Citizens will be happy to know that the Spanish Government has introduced a new law allowing non-EU investors to apply for Spanish Residency.
By purchasing a property, or more than one property in Spain, of an amount of €500,000 or more, the applicant will be granted Residency in Spain for themselves, their immediate families [Spouses, and children (up to the age of 18 years)]. The property investment can be for: one, two, or several properties. The categories of properties that can be purchased include:
Properties under Construction
This New Golden Visa does not only apply to those who are interested in the investment of
Property: It also applies to Individuals who:
Make an investment of at least €500,000 that will in effect create a minimum of 2 jobs in Spain
Make an investment of at least €500,000, in Financial Assets
Take a Masters Degree Course in Spain (with the intention of starting a business in Spain)
The Possibility of Financing:
At least €500,000 of the investors own funds, from transparent sources that comply with the existing Money Laundering Legislation, etc. must be used. Beyond that threshold, there is no limit to financing (i.e., a Spanish Mortgage).
The Following Criterion Must Be Met to Apply for a Golden Visa
The applicant must:
Never have entered or illegally stayed in a Spanish territory,
Be at least 18 years of age,
Never have had refusal to enter into any of the Schengen countries,
Have public or private health insurance authorized to operate in Spain,
Have sufficient economic means to cover personal and family living expenses,
Have proof of the investment as outlined above,
Not have a Criminal Record,
Make an investment of property(ies) of an amount of €500,000, Make an investment of at least €500,000, that will in effect create a minimum of 2 jobs in Spain, Make an investment of at least €500,000, in Financial Assets, or take a Masters Degree Course in Spain (with the intention of starting a business in Spain).
A lawyer will take care of the Application for Residence, as well as the full Golden Visa Program, residence for the family, etc. The cost for this service provided by a Lawyer is approximately € 1,500 + 21% VAT. It is recommended that the investor check with his/her lawyer regarding the costs of this service.
The Spanish Ministry of Foreign Affairs will process and grant the Residency Visa.
The investment of €500,000 or more must be made before the application of the Golden Visa. Applicants purchasing property should be aware that over and above the amount of the €500,000 Mandatory Investment, they will need to add:
10 to 11% on top of this investment figure for the Tax and Stamp Duty on the property,
As well as the cost of Lawyer Fees for the purchase of the property . (Note: As every Lawyer has a sliding scale of fees for this purpose, it is recommended that investor check with their Lawyer on how much his/her fees will be).
A response to the application should be received within 20 working days from the submission date of the application. If, however, after the 20 days, there is no response to the application, the application is considered to be accepted. Please note that a formal response to the application can take up to 6 months.
To apply for residency, the investor must provide prove of the investment by way of a Registry of Property Certificate - This Certificate is verification that the investor has ownership of the property. If this Registry of Property Certificate is not available at the time of application, the Notarized Deeds, as well as Proof of Submission of the Deeds to the Property Registry, must be provided.
If the applicant is purchasing property, this property can be sold once Permanent Residency is obtained .In other words, the investor can sell on his/her properties and purchase other properties, however, the €500,000 ceiling must be maintained.
This Visa will allow unlimited travel throughout the EU Schengen Visa Zone.
The visa is renewable for the first five years and, an application for Permanent Residency is possible after the five years. Residency in Spain under the Golden Investor Visa program allows a real estate investor and his or her immediate family to live in Spain. The legislation has no minimum period of residence. Hence, an investor can buy a property in Spain, travel freely to Spain at any point and, his or her family can do the same. The family can live in Spain permanently, with access to schools both state and private following the English curriculum. Eventually citizenship can grant access to study elsewhere at universities in Europe including the UK.
Spanish Citizenship can be granted after five further years Permanent Residency; however, the person must prove that he/she has travelled to Spain at least once in the first two years and once more in the subsequent 3 years. Once the person has obtained his/her Spanish Citizenship, they automatically become EU Citizens, which allows the applicant and his/her family to work, study and live anywhere in Europe.
Residence Visa for Investors (1st Year)
Initially, a 90 – day Visa will be granted that allows the applicant to come to Spain and search for a property. Whilst in Spain, the applicant will sign a Power of Attorney giving their lawyer the power to act on their behalf with regards to the process of conveyance and residency. Should the applicant be prepared to purchase a property without visiting Spain, due to time limitation, etc, the signing of a Power of Attorney will give their lawyer permission to then act on their behalf.
Once the property (that is a property whereby the Value on the Deeds is €500,000 or more) has been purchased, the applicant needs then to apply for a One Year Investor Visa. This allows the applicant to spend 1 Year in Spain, and travel freely in the Schengen Area for 90 days out of every 180 days. The Investor’s Lawyer will apply for this.
There is no obligation on part of the applicant to spend a minimum amount of time in Spain during the year once they have obtained this One Year Visa. However, at the end of this one year period, the applicant will require a Residency Permit and with this permit, the applicant will be required to visit Spain at least once in the year. As such, it is advised that the applicant does not apply for the One Year Investor Visa unless they are sure that they will be visiting Spain within the next 12 months.
The Diplomatic Missions and Consular Spanish Offices will authorise this One Year Investors Visa which can be issued for one, two or more entries into Spain. With exception of applicants subject to prior consultation, these visa applications will be processed and notification will be sent within 10 working days.
Authorization for Residency (2nd Year up to the 5th year)
Following the purchase of a property of €500,000 or more, and at the end of the One Year Visa period, the investor can then apply for Residency enabling the investor to live in Spain for two years. Thereafter, this Residency can be renewed for another two years. There is no limit to the amount of times this two-year residency can be renewed. For this application, the investor must have proof that they have travelled to Spain at least one time in the previous 12 months. The investor can sell on his/her properties and purchase other properties; however, the €500,000 ceiling must be maintained.
There is no obligation to spend a minimum amount of time in Spain. The investor can be Tax Residents outside of Spain, and benefit from Spanish Residency allowing them the freedom of unlimited travel and time spent in the EU.
Permanent Residence (Following the First Five Years of Residency)
Following the first five years of continuous residence, investors can then apply for Permanent Residence in Spain.
Spanish Nationality (Following Ten Years of Permanent Residency)
After ten years of residence, the investor can apply for Spanish Nationality, but the investor must provide justification of at least six months of residence.
Lawyer contact details
If you require legal services in the Valencia province please contact Lupe Vila, her details are below.
Experienced English Speaking Conveyancing Solicitor and Property Lawyer. We go to you with no cost to anywhere in VALENCIA, ALICANTE, CASTELLON and MURCIA region (SPAIN), Full legal assistance at flat fees. LUPE VILA, LAWYER in VALENCIA (SPAIN) specialized in Real Estate Law and property Conveyancing and also provides a comprehensive range of legal and fiscal services to meet the majority of legal needs from international clients who plan to move to Spain buying a home or simpy own a property as a non-residents.