Golden Visa in Spain: How to get a residence permit by buying property

What is the Golden Visa?

The Golden Visa is a program for foreign investors to obtain residency in Spain. It allows for long-term residency if they invest in the Spanish economy. One of the most popular methods is the purchase of real estate worth at least €500,000. The program was launched in 2013 to encourage foreign investment in Spain.

Conditions for Obtaining the Golden Visa through Real Estate Purchase

To obtain the Golden Visa through real estate purchase, several conditions must be met:

1. Real Estate Investment

One or more properties worth at least €500,000 must be purchased. This can be residential or commercial. It is important that the purchase is not financed with a loan.

2. No Criminal Record

The applicant must have a clean criminal record and must not be on the lists of persons denied entry to the EU.

3. Proof of Financial Means

The applicant must demonstrate that they have sufficient means to live in Spain and maintain the property.

4. Property Registration

After purchasing the property, it must be registered in the Property Registry (Registro de la Propiedad) and all legal formalities must be completed.

Benefits of the Golden Visa

1. Residence in Spain and the Schengen Zone

Upon receipt of the Golden Visa, the applicant and their family are granted the right of long-term residence in Spain and freedom of movement within the entire Schengen Zone.

2. Family Reunification

The Golden Visa program allows for the granting of residence not only to the primary applicant, but also to their close relatives, including spouses and children under the age of 18.

3. Employment Opportunities and Business Activity

Upon receipt of the Golden Visa, investors can work in Spain and start their own business without being limited to owning real estate.

4. Path to Citizenship

The Golden Visa can be the first step on the path to Spanish citizenship. After 10 years of residence in Spain, an application for citizenship can be submitted. However, it is important to note that owning property is not a requirement for obtaining citizenship.

Step-by-Step Guide to Obtaining the Golden Visa

Step 1. Select the Property

Buy one or more properties worth at least €500,000. It is important that the purchase is made with your own funds, without the use of a mortgage.

Step 2. Sign the Purchase Agreement

Sign a purchase agreement with the seller and register the transaction in the Property Registry.

Step 3. Apply for a Visa

Apply for the Golden Visa at the Spanish Embassy in your country or through the Spanish Migration Service. You must submit the required documents, such as the purchase agreement, proof of financial resources, and a criminal record check.

Step 4. Obtaining the Visa and Residence Permit

After the application and approval, an investor visa will be issued. This visa allows you to enter Spain, and after receiving the residence permit, you can live and work in the country.

Step 5. Visa Extension

The Golden Visa is issued for a period of one to two years, with the possibility of extension. It is important to renew the visa regularly and provide proof of investment.

What laws govern the Golden Visa program in Spain?

• Law 14/2013 on Support for Entrepreneurship and International Investment, which regulates the conditions for obtaining the Golden Visa.

• The Visa and Residence Law (Ley de Extranjería), which regulates the rights of foreigners to reside in Spain.

• Regulations on visa issuance and residence in Spain, published in the Official Gazette of the State (BOE).

For more information about the Golden Visa and other investment opportunities in Spain, visit the official Spanish government website here.

Conclusion

The Golden Visa program is an excellent way for foreign investors to obtain residency in Spain while simultaneously acquiring a stable and profitable property. This path opens up numerous opportunities for work and business and is the first step toward citizenship.

If you would like to learn more about the Golden Visa or invest in real estate in Spain, contact us at INMOPREST for advice and support every step of the way!

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