Residency in Spain for Investors

Since 2013, Spain has implemented an investment program called the “Golden Visa,” which allows citizens from “third” countries to obtain a residence permit through a simplified process and with a range of benefits.

The main advantages of this type of residence permit include no minimum stay requirement in the country, which is typically 183 days per year in other cases, and the ability to prove the origin of funds. The initial residence permit in Spain is issued for a period of three years, and upon maintaining the investments, it is possible to obtain permanent residency for five years and eventually apply for Spanish citizenship (the standard period being 10 years).

The application can include the investor’s spouse or partner, minor and adult children who are financially dependent and do not have their own families, as well as financially dependent parents. All of them will be granted work permits.

There are three main ways to obtain investor residency in Spain, with the most popular being the acquisition of residential or commercial real estate. The minimum threshold for this option is 500,000 euros, excluding any mortgage financing if needed. It is possible to purchase multiple properties as long as there are no debts or encumbrances on them.

A larger amount of 1 million euros must be deposited in a Spanish bank or invested in shares of an existing and successful Spanish company. Furthermore, a minimum of 2 million euros needs to be directed towards investment funds, bonds, or government debt securities.

The third option, which involves opening a business, does not have any specific investment size requirements. However, the business should contribute to the Spanish economy, create new jobs (the more, the better) at its registered location, and employ innovative technologies. In this case, the investor can include a company manager, CEO, or another trusted person in the application, justifying their presence in Spain.

Each investment option requires a specific set of documents for the residency application. However, the general requirements:

• include a completed application form
• copies of passport pages containing biometric data (with a validity of at least one year)
• original and copies of documents confirming that the investor has sufficient financial means to live in Spain for one year (the minimum amount being 400% IPREM, which is 600 euros per month in 2023, and 100% IPREM for each family member)
• original and copy of a certificate of no criminal record issued by the competent authorities in the country of origin or residence for the past 5 years
• an original and copy of private or public Spanish health insurance
• payment receipt of the fee
• color photographs according to the prescribed format
• marriage certificates, birth certificates of children, and other documents to prove family relationships if family members and parents are included in the application (their dependent status needs to be confirmed).

For real estate investments, an extract from the Property Registry (Registro de la Propiedad) issued no earlier than 90 days, indicating the amount or the purchase agreement, should be provided. For investments in shares, bonds, and bank deposits, supporting documents from the relevant financial institutions can serve as evidence. Finally, in the case of opening a business, an opinion from the Chamber of Commerce or other economic and commercial organizations located in the area of business activity should be obtained, confirming that the main applicant owns a controlling stake and that the company’s headquarters are not based in an offshore jurisdiction.

With the right approach and the assistance of a qualified team of lawyers like Lusa Legal, obtaining a Golden Visa in Spain can be a fast and straightforward process.