Spain Golden Visa: Eligibility & Online Application Procedure

What is it that comes to your mind when you hear ‘Spain’? Is it the mouth-watering español cuisine or the scenic views of cathedrals, or the famous festival of La Tomatina? Well, whichever it is, getting a Spanish Golden Visa can get you more than just a temporary taste of these and many other things. You will get to learn why and how you need to acquire the Golden Visa and how it can be beneficial for you.

Spanish Golden Visa, also known as the Investor Visa, is among the most successful residency-by-investment visa programs, which has been availed by over 6,000 applicants and has brought in more than € 3 billion since it was introduced in 2013. This program permits applicants to migrate, live, study and work in Spain and the Schengen countries like any other EU citizen by making a certain investment. To know more about the investment types, criteria and eligibility, keep reading further.

Getting an Investor Visa will open a plethora of opportunities for you and your family. To be eligible for the same, one has to meet the following set of standards:

• Individuals must have zero criminal records.
• Applicants should be of or above 18 years of age.
• An individual should have a professional health certificate and credible medical health insurance.
• Individuals must be in possession of sufficient funds to support living in Spain.
• Applicant must not have faced any refusal for Visa or entry into the Schengen area in the past.
• An individual should make a sound investment from the available options and have the proof supporting the same.
• Only spouses, children below the age of 18 and dependent family members are eligible for the Golden Visa.
• To be eligible for permanent residency after five years, one cannot spend more than 11 months outside within those five years.

Now that you know what the eligibility criteria for obtaining a Spanish Golden Visa are, let’s proceed to its application process.

As it has already been discussed before, you have to make a significant investment to get an Investor Visa. Following are the investment options available for you:

• Make an investment of € 2,000,000 in government bonds.
• Purchase one or multiple real estate properties worth € 500,000.
• Make a deposit of at least € 1,000,000 in a bank account.
• Contribute a minimum of € 1,000,000 to Spanish businesses.
• Open a business in Spain and provide employment which has a significant socio-economic effect in the field of technological or scientific invention.

Obtaining a Spanish Golden Visa can take quite some time and a whole lot of paperwork. Deciding on your investment option and understanding the legal procedures is essential to applying for your Investor Visa.

You need to go through the following stages to successfully obtain the Golden Visa:

Step 1: Choose Your Investment Option

Among the multiple options available for the investors to choose from, you have to fix your mind on the one which will work out the best for you.

Step 2: Investment & Paperwork

You need to make the investment and get all the documents legalised and translated into Spanish. It is recommended that you get professional help for doing so as there is a lot of paperwork involved which can get hectic for you to do it all by yourself.

Step 3: Document Submission

After finishing up with the paperwork, crosscheck and submit them to the Spanish Consulate. Next, you have to pay the government fee and collect a receipt of the same.

Step 4: Interview & Biometrics

After successful submission and verification of documents, you will get your confirmed interview slot. On that date, you have to visit Spain, pay the Government permit fee and give your biometrics.

Step 5: NIE & Bank Account

You should obtain your NIE or the Foreigner's Tax Identification Number and open a bank account to make transactions. Obtaining this beforehand will make your application process faster and smoother.

Step 6: Golden Visa Received

Upon successful execution of the above-mentioned steps, you will receive your Golden Visa, which is valid for two years and renewable every five years.

Step 7: Permanent Residency

If you reside in Spain for five consecutive years, you can apply for permanent residency in Spain. And after 10 years, you can apply for Citizenship status provided that you live at least 6 months annually in Spain.

You need to submit the following documents along with the application form to support your appeal:

• Spanish long stay visa application form
• Valid passport which must have been issued within the past 10 years
• Proof of the citizenship of the native country
• Two passport-size photographs
• Police clearance certificate which should not be older than the 90 days at the time of application
• Latest bank account details or any other document as proof that you have sufficient funds to support yourself and your family while in Spain
• Medical insurance issued and purchased from a valid Spanish provider
• A medical certificate declaring you do not suffer from an illness which can cause a public threat
• Proof of investment you made from the available options.

Following are the charges and fees you will have to bear to get the Golden Visa:

• Visa fee - € 133.92
• Legal procedure for a family of four - € 9,000 and renewal charges € 2,500 each time.

The residence certificate issued at the time of Visa is valid for one year, which is renewable every two years.

You can apply for permanent residency after five years, provided that you didn't spend more than 11 months outside of Spain in five years.

You can apply for Citizenship and a passport after residing in Spain for 10 years.

Following are the benefits you and your family members will enjoy under the Spanish Golden Visa Program:

• Applicants and family members or dependants will get permanent residency after residing for five years.
• An individual will get a Residence Permit along with their family to live, study and work in Spain.
• An applicant is eligible to apply for Spanish Citizenship after residing for ten years.
• Individual and family members can avail of facilities of the Spanish healthcare and education system.
• They can travel to the Schengen area without a visa for up to 90 days within 180 days of the duration.

If you are applying for the Investor Visa, you should know the following tax implications in advance:

• There will only be tax consideration on the worldwide income of the investors if they live in Spain for more than 183 days out of 365 days.
• For the non-residents, income earned from the country, like rental income, is taxed at 24.75%. This can further be reduced with the expenses.
• Capital gains exceeding € 50,000 is taxed anywhere between 24% to 27%. Income earned from the sale of a property is also considered capital gain and is taxable under the same head. These are eligible for allowances and deductions.
• There will be annual property taxes for any property ranging between € 200 – € 400 payable to the local authority.

With all this information, this piece on the Spanish Golden Visa comes to an end. Several Indians go to Spain to reside in that country. Having a detailed knowledge of the application process, document requirements, and other information mentioned in this piece will help interested individuals make informed decisions regarding the same.