The Entrepreneurs Law 14/2003 introduced numerous novelties with its publication. Among them, one of the most unknown is the residence visa for investors known as Golden Visa: an option to promote investments in our country. The Golden Visa is intended to attract foreign capital and talent by making it easier to obtain legal residency in Spain.
It all started in 2013, when the Spanish country was going through an economic crisis and with the aim of attracting qualified professionals, business projects and investment to Spain that would encourage the reactivation of the economy and end up having a positive impact for Spanish citizens , this figure was introduced.
The “Golden Visa” for Spain is mainly aimed at non-EU investors.
The requirements to obtain it are:
– An investment of 500,000 euros in Spanish real estate. It can be one or more properties of any type.
– An investment of one million euros in bank deposits in Spanish financial institutions.
– An investment of one million euros in shares of Spanish companies.
– An investment of two million euros in Spanish Public Debt.
– Starting a business project in Spain of general interest, which creates employment, contributes to technological and/or scientific innovation or has a socio-economic impact on the local area.
– Criminal record
– Medical insurance
– Sufficient financial means to cover any stay in Spain.
Permits, once granted and depending on each circumstance, last between 1 and 2 years.
At the time of renewal, the fundamental requirement is that the investment has not been withdrawn or eliminated.
In addition, foreigners residing in Spain thanks to the Golden Visa, also have free movement rights throughout the Schengen area.
Regarding the payment of taxes, which ones and how much depends on the time of residence in Spain during the year. If you stay for more than 6 months, you are considered a Spanish resident and assets and income worldwide will be taxed in Spain. If you stay for less time in the country, you only pay taxes on the initial purchase of the real estate and thereafter on the value of the assets in Spain.