16 Dec SPAIN & GOLDEN VISA
SPAIN AND THE GOLDEN VISA
Spain has re-dimensioned the requirements for non-EU foreigners to obtain residency. Previously the “Golden Visa” was only granted to those who bought a home built with a value greater than 500,000 euros. Now, on the other hand, it has been extended to those foreign investors who want to promote or build their own house on a previously acquired land, always respecting that minimum investment value.
What are the benefits of the Golden Visa in Spain?
1-Allows you to be absent from Spain for long periods without losing your residence.
All residence permits in Spain require a constant stay in the country of more than 6 months per year.
However, with the Golden Visa, the investor and his family may be absent for practically its entire term, without this implying their loss.
2- Allows the investor’s family members to accompany him.
The figure of family reunification for non-EU foreigners exists both in other types of residence and in the Golden Visa, but there are great differences.
The main difference is that in ordinary family reunification the applicant will arrive in Spain alone and after one year (when requesting the renewal of their residence or when said renewal is approved) they will have the possibility of meeting with certain of their relatives.
On the contrary, the Golden Visa in Spain allows the investor’s relatives to benefit from this type of residence simultaneously. In other words, there will never be a separation from the family unit by not having to wait 1 year to exercise this right (Article 62.4 of Law 14/2013).
3- Obtaining Spanish nationality by residence.
In accordance with the provisions of article 29.1 of Organic Law 4/2000, of January 11 (hereinafter the Immigration Law), “foreigners may be in Spain in situations of stay or residence.”
The typical cases of foreigners who are in a situation of stay are tourists and students. They will never be able to opt for Spanish nationality by residence as their situation in Spain is one of stay.
On the contrary, a person who has a permit such as the Golden Visa will be able to opt for nationality because he has been in a residence situation. Therefore, it complies with the provisions of article 22.1 of the Civil Code for the acquisition of nationality.
4- Includes work permit for the investor and his family.
The granting of the residence visa for investors will constitute a sufficient title to reside and work in Spain during its validity (Article 65 of Law 14/2013). In other words, by obtaining the Golden Visa, not only the investor, but also all his accompanying family members of working age will have the possibility of working without having to find an employer to sponsor him or in general without having to do any additional procedures before the immigration authorities.
5- The duration is much higher than other types of residence authorizations.
The general rule is that all initial residence authorizations last 1 year and their renewals 2 years.
On the contrary, “the initial residence authorization for investors will have a duration of 2 years” and “once this period has expired, they may request the renewal of the residence authorization for successive periods of 5 years.”