SPAIN

RESIDENCE BY INVESTMENT PROGRAM

The Golden Investor Visa offers non-EU applicants to the opportunity to acquire the right to live in Spain and use the country as a base for travel via a range of investment options.  Those investors and their dependants (including children up to the age of 18 years) who fulfil the required living expense and investments criteria will enjoy a special visa (Schengen Visa) allowing them to stay in Spain for 1 year.  Granted with the Schengen Visa is a Residence permit which requires renewal every two years over a four year period.  On meeting the qualifying investments the investor and his dependents have the right to live in and travel from Spain permanently.

To qualify for residence by investment in Spain an applicant is required to meet one of the following criteria. Please note that these figures may change without notice, are exclusive of professional fees and are used for a guidance only.  Please contact us for an accurate quote.

PROGRAM REQUIREMENTS

• A minimum cash investment of EUR 500,000 in a single property be held for at least 5 years or multiple properties valued at a minimum of EUR 500,000 also to be held for 5 years
• A minimum investment of EUR 2,000,000 in government bonds
• A minimum investment of EUR 1,000,000 in company shares or bank deposits
• The creation of a business to be developed in Spain

PROCEDURE AND SCHEDULE OF COSTS

The route to Citizenship by investment in Spain starts through acquiring a residence by investment. An applicant obtains a Schengen Visa (valid for 1 year under the Golden Residence Permit Program, also known as Golden Visa) via the chosen means of investment. This residence permit, granted with the Schengen visa, is subject to renewal every two years during a four year period.  After 5 years in total, an applicant can apply for a Permanent Residence Permit.  Citizenship may be requested after 10 years of residence in Spain.

To qualify for residence by investment in Spain an applicant is required to fulfil any one of the following options. Please note that these figures may change without notice, do not include professional fees and are intended as use only as a guide. Please contact us for an accurate quote.

APPLICATION PROCESS

The application process for a Residence Permit is straightforward and begins with obtaining a Schengen Visa for 1 year. An applicant is required to apply via the diplomatic missions at the Spanish consular offices and will firstly receive a 90 day visa to allow them to travel to Spain to search for a suitable property.  Alternatively, an applicant can engage a lawyer via the power of attorney to act in their absence for the purpose of searching for a property should the client not wish to travel to Spain.

During the period of the Schengen visa an investor is allowed to travel visa free within the Schengen zone for 90 days out of 180.

The review and processing time of a Schengen Visa application is currently around 10 working days.  After the Schengen visa has expired and, once an investment has been made, an investor can apply for a Residence permit at the Spanish Ministry of Foreign Affairs providing they have entered Spain at least once during the Schengen visa period. As part of the process to acquire a residence permit, the applicant is asked to provide their relevant biometric data i.e. a signature, photo and fingerprints and within 20 days the Residence permit is issued.

Residence permits can be renewed as along as the property investment is maintained and the applicant can prove that they have travelled to Spain at least once during the previous 12 months. After 5 years of continuous residence Permanent Residence can be attained and after 10 years of residence an application for Spanish citizenship can submitted.

Typically the following documentation is required:

• Evidence of investment:

1. I.e. under the Real Estate Option,
2. Deed Certificate AND proof of the registration of Property
3. An up to date certificate issued by Property Register

• Under Transfer of Capital Option, a declaration from a financial institution confirming the transfer of capital into an account of which the applicant is a sole owner or confirming the investment into the shares an companies
• An up-to-date certificate from a commercial registrar certifying and confirming that the applicant is the owner of the company’s shares
• Under Purchase of Government Bonds a declaration from a financial institution confirming purchase of bonds

1. Under Creation of a Business Project a certification attesting the general nature of the business project

• Passport
• A verified criminal record from the current country of residence
• A verified Criminal record from Portugal
• A declaration from the tax department proving evidence of debts to the tax authorities
• A declaration from social security proving that no debt is owed
• Declaration from the investor confirming compliance with the investment requirements
• Medical Insurance certificate
• Passport type photographs

Please note that Regency Elite will provide and prepare application forms and will assist clients with the right choice of supporting evidence.  For further information on how the application process works, please contact us.

ABOUT

With its 4,964 km of coastline and 8000 km of beaches the kingdom of Spain is located on the Iberian Peninsula.  Spain shares a boarder with France and Portugal and consists of 17 regions on the mainland and the popular Balearic Islands in the Mediterranean Sea and the Canary Islands in the Atlantic Ocean.  Spain enjoys a generous amount of sunshine and hot sunny days all year round thanks to its proximity to the Mediterranean and the Atlantic.  A combination of its climate, its popular coastlines, history and culture as well as excellent infrastructure has made Spain popular international tourist destination.

Spain draws its income from a number of important sectors such a wholesale and retail trade, transport, energy (both renewable and non-renewable) and a resurgent property market. Its biggest export and import partners are France, Germany and Italy.

Before the economic downturn Spain witnessed sky high profits from a property market boom, as prices per square meter for newly built property soared by 182% in 2007 alone.  During the economic downturn of 2008 Spain was amongst the worst hit and as a result the property market devalued rapidly in certain areas by up to almost 50% However, this has allowed foreign investors to snap up property bargains and to diversify their property investment portfolio.

As a means to stimulate the real estate market the Spanish Government has invited foreign investors to ‘diversify their passports’ in return for investing in real estate.  After such investment, and the meeting additional criteria, a non-EU investor can acquire a citizenship for life in Spain and, as a result, the right to residence in all 28 EU member states.

BENEFITS OF THE PROGRAM

• Investments can be made through a company as long as the company is not based in a tax haven and an applicant has a full control of the company
• Property can be owned by company, can be sold and sublet
• Property investment can comprise of several properties of residential, touristic, rural, commercial or industrial nature and rural land, developed land, buildings under construction, or decrepit buildings
• Financing of a property via mortgage is allowed above the minimum EUR 500,000 threshold providing that an investor uses at least EUR 500,000 of his own funds.
• Permanent Residence after 5 years
• Citizenship for life after 10 years of residence
• Visa free travel in Schengen Area on Schengen Visa
• Dual citizenship allowed
• Visa free access to 172 countries

  For a list of Visa Free Travel for holders of a Spain passport please scroll down: