Golden Visa Residence in Spain
- Golden Visa. The best way to access to the residence in Spain for you and your family.
- What is the Golden Visa residence?
- Why, within Golden Visa residences, is the most used procedure for the purchases of real estates?
- What are the advantages of Golden Visa compared to other types of residences?
- How is the procedure for a Golden Visa residence?
Golden Visa Residence. The best way to access to the residence in Spain.
Hello, my name is Antonio Villena I am the director of a Spanish professional team specialized in residency in Spain and at the end of this video you could find my professional references of more than 33 years of business activity.
We are going to talk about what Golden visa Residence is; what advantages it has; how it is processed and try to give you some additional information about it.
What is Golden Visa Residence?
Commonly called residence Golden visa, it is really a residence visa for investment, this residence visa for investment was born in the year 2013 under the Entrepreneurs Act, September 2013.
In addition, what it is trying to do is attract non-EU foreign investment capital in exchange for offering a residence with many fold advantages.
- First, for investing in Treasury bill with a minimum investment of 2.000.000€
- In addition, by bank deposit or investment fund with a minimum of one million euros (1.000.000. euros) or by creating a company as long as this company will create jobs, technological company creations or company creations that can activate the economy in a determined area.
- And also of course for the purchase of real estate of more than € 500,000 free of charge and mortgage. This last type of option for Golden visa residence, in which by far it is the most used in these years.
Why within the residences for investment or Golden Visa residence, is usually the most used procedure the purchase of real estate?
The reasons are very simple:
- First, because Spain is a stable economy, an economy that is constantly growing and any real estate that is purchased is revalued.
- Second, if you want to buy one or more real estate to be able to rent it, then the profitability is also high because there is a strong demand for long-term rentals as well as for vacation periods. It should be borne in mind that Spain is one of the countries in the world and in Europe, that receives the most of the tourists, so buying a home for rent is a very profitable option.
- Also, of course, because the purchase of a home is one of the Golden Visa residence options, it is the one that requires the least investment. Keep in mind that the rest of the investments that follow as we saw before requires one million euros and above. For all these reasons, it is the most attractive by far with respect to the other type of investment that one must have to access the Golden Visa residence, or better said what investment residence visas are.
What are the advantages of having a Golden Visa residence over another kind of residence?
There are many, the first, is that there is a commitment from the department that approves or denies it. A very specific ministerial department called the “UGE”, a unit for large companies and that has a commitment of approval within in 20 days. The real commitment, it means from the date of presentation they have to answer their process at the time of the request in 20 days. Normally if the process has been submitted correctly, a response of acceptance from the residence is received.
The cases we have processed they have been accepted and approved in about 16 days.
The deadline is important, but also that the documentation can be delivered electronically from the office of a professional who has a recognized digital signature with the department.
This is a huge advantage since everything is presented photocopied, scanned and it is a great advantage since from the country of origin they can send the documentation to our office by email and from here we present it electronically with our digital certificate.
Then, all the resolutions, all the communications are done by email and by phone, which is a great advantage.
For this, we must also say that the applicant must have a valid visa to EU, to be able to opt for this procedure to apply via Internet platform for Golden Visa residence, if this is not the case, it can also be submitted from the Spanish consulate of the country of residence.
Which is somewhat more cumbersome due to the deadlines, because the consulate has to send to the UGE, the UGE communicates to the consulate, then the consulate communicates to the applicant, even so it is a relatively short procedure, since the consulates have an order to expedite the process, for Golden Visa residence, but it is always much more cumbersome.
Another advantage that the Golden Visa residence it has with respect to other kind of residence is that it can be held, not only by the applicant, but also by all the members of his family, including children who are of legal age.
This doesn’t exist in any another kind of residence. Well, as long as the children are of legal age, they have to be dependent on the father, and not be married, that is, they don’t have their own family.
It is also extensible to the investor’s parents even to the in-laws, as long as they also depend economically on the investor.
Another enormous advantage of the Golden Visa residence is that you do not have to reside in Spain. In principle, the first residence is for two years and the second residence is for five years and it must be taken into account that depending on the circumstances, and if the person actually lives in Spain, five years after having residency, it becomes permanent. And it no longer depends on the length of stay or any economic issue, it is like a Spanish ID and of course later the nationality.
Another great advantage of the Golden Visa residence is being able to reside in Spain or anywhere in Europe or the world, you desire, always renewing when you keep a minimum value of € 500.000 in real estate.
It can be renewed as long as it is selling, keep an equal value in real estate, that is, you can sell it, get rid of it, but whenever you are going to renew, have the same value in real estate.
They can be second hand houses, € 500.000 should be at least free of mortgage you can also buy many houses and the mortgage can have it from above the € 500.000.
All these are undoubted advantages that the Golden visa residence has over other types of residences.
Another advantage that Golden Visa has is that it allows you if you want to create your own business or if you want to work or if you want to simply reside without working all the options are valid once you obtain Golden Visa.
How is the process of a Golden Visa residence?
As we have already explained, for Golden Visa residence it can be accessed through different investments, as the vast majority of the Golden visa residence are for home purchases, we will focus on the procedure of how to access through the purchase of real estate.
First, it must be said that if you invest as a natural person, there are several issues to take into account. If it’s a second-hand house, homes that already have previous mortgages or have previous loans or a seizure from a bank, you can also buy a house that is seized by a bank, it is very important that at the time of the sales and purchase, not only the seller should say at that time that the loans are eliminated. It has to be issued a very specific certificate stating that all the loans on the properties or real estate have been paid. This should be made very clear in the act of buying and selling for accessing the Golden Visa residence.
It should also be borne in mind that to present, the property does not have a mortgage, it has no charge or that the mortgage and the charge it has are less than the amount required, that is, it can have a mortgage above € 500.000, This is demonstrated to the “UGE”, with a very specific certificate from the property registry. This is a certificate called “charges and domain”.
Also keep in mind that when you don’t buy as a natural person, but as a company, a company that can be a Spanish company or foreign company from any country, the Ministry of Finance has to ask for a very specific report stating that the person who is going to apply for the Golden Visa residence through an entity, which has 50% of the company as owner, not only that but also has the power to make unilateral decisions through the company, that is, who is a partner, who it is the majority shareholder and it can also make decisions unilaterally.
This must be done prior to the request to be presented for the Golden visa residence, once the property is purchased.
All of these are details as there are several other aspects in the whole process that must be taken into account in these types of processes, and when there is no experience in this type of process, since can breach the process.
We have been referred a case file that the administration itself had recommended an applicant for the Golden visa residence, who had not met the requirements that the administration had notified him. There were technical problems in the application, once he had made purchases and investment, so that he and his wife and children were about to reach the maximum deadlines that the administration had given him, and consequently deny the entire application for residence due to technical problems. When really the most important thing it was the investment had been done correctly. It was recommended to us and we were able to sort a few days before the last deadline to solve the problem.
From this office, we have successfully processed all the cases in all these years since the opening of the law in September 2013, the Golden visa residences for all Arab countries: Algeria, Morocco, Kuwait, Egypt, Qatar, Turkey, and Irak etc.
Simply for the knowledge of the operation of the Spanish administration, for experience in the way it works the process.
I hope this video about Golden Visa residence has served you.
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