Engel & Völkers Licence Partner Costa Brava Sud > Blog > GOLDEN VISA - How to obtain the residence permit?

GOLDEN VISA - How to obtain the residence permit?

Many investors from countries outside the European Union have found the Golden Visa the ideal way to obtain a residence permit in Spain. But do you know exactly what it is and what are the requirements to get it? Many times, it is something as simple as buying a house. Let's see it.

What is the Golden Visa or residence for investors?

It’s a residence permit in Spain specifically designed for investors. In fact, it’s intended for people who do not belong to any of the member countries of the European Union and who wish to live in our country and in any of its regions, such as Catalonia or Madrid. The primary requirement is that they make a significant investment in the national territory. It’s the fastest and easiest mechanism that exists to live in Spain legally indefinitely.

What requirements must you meet to obtain the residence for investors?

They're very few:

- Be over 18 years of age.

- Not be a citizen of any country of the European Union.

- Have no criminal record in Spain or in any other country.

   You must attach a certificate that proves it.

- Hire a public or private insurance that covers your health care in Spain.

- Have sufficient financial means to live in Spain.

   Both you and the rest of your family.

- Make an investment of at least € 500.000.

This can be, for example, to buy a house in Catalonia or in any other Spanish region. The property can be mortgaged, but it is an essential requirement to deliver that amount or a higher amount as entry in all cases.

You must bear in mind that you will not only need that € 500,000 to buy a house in Spain through a real estate agency or an individual. In addition, you will have to have the amount of taxes associated with it. These are 10% VAT in case the property is new and 8% Asset Transfer Tax if it is second-hand. Of course, this part is bankable.

What institutions regulate the residence permit in Spain for investors?

The legal framework on which this visa is based is found in what is known as the Entrepreneurs Law (Law 14/2013, of September 27, to support entrepreneurs and their internationalization). This text establishes that the beneficiaries of said permit for investors will not be subject to the general immigration regime during their stay in Spain.

This is the reason why it cannot be requested at an immigration office. It must be requested at the Large Companies Unit, which is located in Madrid and which is responsible for evaluating and, depending on the case, approving or denying your concession. A real estate agency can take care of managing the entire process if the investor is outside the national territory at the time of purchase and hires their services.

Definitely, buying a house in Spain has become a very interesting solution for all those investors who want to reside here.

The facilities offered by the Golden Visa have made it possible.

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