Q: What is the "Golden Visa"?
A: In September of 2013 Spain introduced a new type of visa and residence permit for investors known as the "Golden Visa". The essential purpose of this new law is to facilitate foreign investments in Spain made by individuals that are not citizens of the European Union.
Q: What are the benefits of the "Golden Visa"?
A: The visa allows the successful applicant to travel freely and without restrictions along the “Schengen Area“ of Europe: Spain, France, Germany, Austria, Belgium, Denmark, Estonia, Finland, Greece, Hungary, Iceland, Italy, Latvia, Lithuania, Czech Republic, Liechtenstein, Luxemburg, Malta, Netherlands, Norway, Poland, Portugal, Slovenia, Slovakia, Sweden and Switzerland.
Applicants may file for Spanish/European citizenship after ten years of residency if desired. The Spanish citizenship further offers:
• Visa free travel to over 160 countries, including the
USA
• Retirement in a safe country with a warm climate
• A better education for the applicant’s children
• A better quality of life for the family
• Personal security
• Tax advantages
• Freedom associated with having multiple passports
• Retirement in a safe country with a warm climate
• A better education for the applicant’s children
• A better quality of life for the family
• Personal security
• Tax advantages
• Freedom associated with having multiple passports
Q: What is the minimum investment required to obtain the "Golden Visa"?
A: The minimum investment in Spanish real estate is set by the Spanish Government at €500.000. The investment cannot be financed through a loan/mortgage - it must be a cash investment. Further, the investment must have been made after September 29, 2013 which is the date on which the law became effective. Real estate purchases prior to this date cannot be applied.
Alternatively, investors may select to create a business project in Spain, duly recognized as being of “general interest”, or invest in a minimum of €2.000.000 (two million euro) in Government bonds, or transfer to Spain at least €1.000.000 (one million euro) to be invested in Spanish company shares or deposited into a Spanish bank.
Q: Will the visa also include my family?
A: Yes, your spouse and children under 18 can be added at the same time as the initial application, or anytime thereafter.
Q: How long does the application process take?
A: The application takes no longer than 20 days, but the real estate investment must be made before the application is filed.
Q: What type of real estate can I invest in?
A: Your are free to select whichever property you wish to purchase; residential, commercial or land. Your investment can be in one property or a portfolio of multiple properties as long as the minimum investment is met.
Q: Does the investment have to be in mainland Spain, or can I invest in real estate on one of the islands?
A: You may invest in property located on the mainland or any of the the Balearic Islands of Mallorca, Menorca and Ibiza.
Q: Can you help me find real estate in Spain?
A: Yes. We are associated with several licensed real estate agencies in Spain and would be happy to help you find your ideal property.
Q: Once I obtain the visa, do I need to move to Spain or live in Spain for a minimum number of days during the year?
A: No, you do not need to stay in the country for a minimum number of days. The residence visa is originally issued for one year. There is no minimum stay requirements during the initial one year Golden Visa period.
After one year, the visa can be renewed for two successive periods of two years each, provided that the investment is maintained. You need only be in the country to renew the visa. You are free to use the visa to travel to any Schengen Area country, for any length of time. This makes the visa especially attractive to business people.
Q: Once I want to apply for permanent residency, and maybe citizenship, do I need to move to Spain or live in Spain for a minimum number of days during the year?
A: Yes. To apply for Spanish permanent residency you must live in Spain at least 6 months per year, for five years. If you would like to then apply for Spanish citizenship (and hence European citizenship which will allow you to live, work or study anywhere in Europe), you need to show a total of 10 years permanent residency.
Q: How long can I stay in Spain with my golden visa?
A: The residence visa for investors authorizes a stay in Spain for one year. Once this period has expired, one can request a residence authorization for a period of two years, renewable for two years more if you prove the maintenance of the investment.
Q: Does the Golden Visa authorize me to work?
A: Yes. The Golden Visa authorizes you to live and work in Spain. This results from the Fourth Additional Provision of the Law, which gives the right to live and work in Spain.
Q: Can I keep my tax residence outside Spain?
A: Yes. The holders of the permit can keep their tax residence outside Spain, as long as they stay in Spain for a period less than 183 days per year. Also, the residence permit can be renewed even with absences longer than six months per year.
Q: What are the major differences among the various immigration by investment programs?
A: The Bulgaria Citizenship by Investment Program offers several investment options starting from EUR 257,000 plus fees for Bulgaria (EU) citizenship and passport after 5 years in residency status.The Cyprus Residency by Investment Program offers options from EUR 300,000 for Cyprus (EU) permanent residency. Residents may apply for citizenship after 7 years in residency status.
The Greece Golden Visa allows non-EU applicants to file for Greece (EU) residency by way of a EUR 250,000 investment in local real estate. The investor may file for Greek citizenship after 7 years of living in Greece at a minimum of 183 days per year.
The Malta Naturalisation for Exceptional Services by Direct Investment regulation provides the applicant with Malta (EU) residency and citizenship for an investment in the amount of EUR 600,000 (36 months residency option) or EUR 750,000 (12 months residency option). Additional are a philanthropic donation, a property purchase or rental, and fees. For applicants who are only seeking Malta (tax) residency or Schengen travel benefits, options start at an annual recurring expense of EUR 15,000 plus property and fees.
The Monaco Residency / Citizenship Program offers Monaco residency to applicants who can prove sufficient accommodations and financial self-sufficiency. The applicant may file for Monaco citizenship after 10 years of permanent residency.
The Portugal Golden Visa Residence Permit Program offers Portugal (EU) permanent residency for a property investment starting from EUR 280,000. Investors may apply for Portugal citizenship after 5 years in residency status.
The Spain Golden Visa offers Spain (EU) residency for a EUR 500,000 minimum investment in real estate, or a EUR 1 Million Euro asset transfer, or a 2 Million Euro securities investment, or the creation of a new government-approved business project. The investor may file for citizenship after 10 years in residency status.
Outside of the EU, citizenship by investment programs include those offered by Canada, the United States of America, and the Caribbean nations of Antigua & Barbuda, St. Kitts & Nevis, Grenada, Dominica, and St. Lucia:
Canada offers several residency by investment options, leading to citizenship if desired, starting at CAD 200,000.
The United States EB-5 Program leads to permanent residency status and citizenship in the United States for a minimum investment of USD 900,000 in a commercial enterprise in the U.S. that generates at least 10 jobs for Americans. After 5 years as a permanent resident the investor may apply for U.S. citizenship.
The Caribbean nations of Antigua & Barbuda, St. Kitts & Nevis, Grenada, Dominica, and St. Lucia offer citizenship programs requiring a real estate investment from USD 200,000 or a non-refundable donation of at least USD 100,000.
Q: What does "Schengen Area" mean?
A: The Spanish visa allows you to travel without restrictions across the "Schengen Area" of the European Union. The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their common borders. It functions as a single country for international travel purposes, with a common visa policy. Source: Wikipedia
Q: After I am granted citizenship and receive a Spanish passport, will I be able to travel to the United States with my Spanish passport?
A: Yes. The Spanish passport will allow you to travel to the U.S. under the visa waiver program which allows citizens of participating countries to travel to the United States without a visa for stays of 90 days or less. Source: U.S. Government
Please contact us for a detailed cost estimate or confidential consultation. Our associated attorneys are ready to assist you with attaining your investment objectives and answer any questions you might have about the Spanish Residency / Citizenship by Investment programs.
