Wednesday, 26 April 2017

Spain Golden Visa: Benefits, types & requisites

A law to support internationalisation and enterprising was introduced in Spain through which a new type of visa and residence permit is given known as Spain Golden Visa. The initiative was to draw foreign investments from non-EU citizens through flexible and agile method. Find out more below;

Benefits of the Golden Visa
  • Bearer of the Golden visa is eligible to reside in Spain for one year which is greater than the 90-days actual period for non-residents.
  • Free movement in the Schengen Area.
  • A particular type of residential permit that can be requested for at the end of visa tenure.
  • Validity period is two years that after renewal can be extended to two more.
  • Bearer or original investor may also apply visa for family including spouse and children under 18 years as well as dependent adults due to certain disability.

Investment options
Different types of investment options are presented by the law to obtain stay permit and residence visa. Here’re a few you should know of;
  • Investment; equal to or higher than two-million Euros
  • Share acquisitions in Spanish companies or bank deposits in country’s own financial entities for an amount that must be equal to or higher than one-million Euros
  • Acquisition of a real estate or likely asset worth 500,000 Euros or higher
  • Investment in government-based business project for improving economy by creating employment opportunities, carry forward investment that’s beneficial for socioeconomic growth, contribution in the scientific and technology industry that promotes innovation.

General requirements
Spain Golden Visa obtained from diplomatic or consular office bears validity to live in the country for at least one year. Upon successful completion of the stay period, residence authorisation can be requested for investors bearing two-year validity that’s renewable to two more years. In this particular scenario, following criterions must be fulfilled;
  • No previous illegal entry or stay in Spanish territory
  • Must be above 18 years of age
  • No criminal record in Spain and other countries where the applicant has lived during the past five years. Any proof of crime may result in immediate denial of the visa application
  • Successful entry in other international countries other than the applicant’s native; without rejection
  • A valid health insurance through an authorised entity to enter and move about in Spain
  • Proof of sufficient economic resources to manage convenient living
  • Pay the tax to proceed with authorisation

Specific requirements
  • Investment in property assets
Submission of certificate along with the latest proof of corresponding property that must be worthy of 500,000 Euros or even higher!
  • Investment in public debt
Submission of certificate issued by a Spanish financial entity or bank; stating investment possession for above five years!
  • Investment in social shares or bank deposits of Spanish companies
Copy of the investment statement where transaction is actually carried through Registry of Foreign Investment of the Ministry of Economy and Competitiveness!

Provided above is a briefing of Spain Golden Visa, the types, benefits and eligibility requisites.

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