In this article we explain in detail the expected changes in Spain’s Golden Visa legislation and how we can continue to accompany and advise you throughout the process of obtaining your legal residence in Spain, both through the Golden Visa program as well as other existing visas available for international clients wishing to live, work, and invest in Spain..
In recent days, different media have echoed the approval in the Spanish Congress of Deputies of the repeal of Articles 63, 64, 65, 66 and 67 of Law 14/2013, of September 27, to support entrepreneurs and their internationalization. The measure continues to be processed in the Senate and, in the event that the upper chamber also repeals these articles, the Spanish Golden Visa would be eliminated.
So, although it is not yet possible to know with total certainty if the Spanish Golden Visa will come to a definite end, as expert advisors in business, tax, and real estate law, we offer in this article clear and concrete information about the different possibilities of investing in Spain and obtaining your legal residence card, opening the possibility to have a personalized informative call.
If you have started your Golden Visa process with us, as well as if you already have this permit and need to renew it, you can rest assured that, in the event that the law is repealed, it will not affect processes initiated prior to its repeal date. We will continue to work with you and adapt to any changes.
However, it is important to point out that if you are considering investing in Spain to obtain your Golden Visa, now is the time to start, since it is possible that in a short time it will no longer be possible to do so.
To have information about your specific situation and start the process, schedule a consultation and we will advise you.
What is the Spain´s Golden Visa
By definition, Spain’s Golden Visa is a residence card granted to foreign individuals who make a significant investment in Spanish territory. In this way, it allows foreign entrepreneurs and investors to have a legal residence permit for themselves and their family.
Now, what does the current law consider a significant investment to obtain the Golden Visa? There are three alternatives:
1. Invest half a million euros in residential or commercial real estate, either in one or several properties totaling 500,000 euros in total. In the event that this sum is exceeded, it is possible to finance the surplus. For example, if the total investment is 650,000 euros, 150,000 euros can be financed.
2. Invest one million euros in Spanish financial products.
3. Acquire 2 million euros of Spanish debt.
In other words, to obtain this type of residence, investment is the main requirement, and it is not necessary to reside permanently in Spain. The Golden Visa only requires the applicant to travel to the country once a year, has an initial duration of 2 years (renewable) and provides total freedom of movement throughout the Schengen area.
How does Vázquez & Barba help you obtain your Spain’s Golden Visa?
At Vázquez & Barba we accompany and advise international investors in the three investment routes to obtain their Spain´s Golden Visa (including all the preparation of official documentation and banking formalities), as well as in other ways to obtain their residence card. Our mission is to facilitate the process, ensuring its security and procuring a successful result..
We are experts in the field, we have been awarded for years as one of the best law firms in Spain for investors and we have very good relationships with local banking entities. In addition, something that sets us apart is that you will always have the same interlocutor throughout your residency process. Our services also include real estate agency services, so we can either offer properties from our portfolio or find the ideal property for your investment.
Therefore, if you are considering the option of investing in Spain to obtain your Golden Visa, the time to do it is now. Let’s talk and we will explain to you how.
Is it still possible to apply for Spain’s Golden Visa?
As we indicated at the beginning of this article, the processing of the repeal of articles 63, 64, 65, 66 and 67 of Law 14/2013, of September 27, was approved in the Chamber of Deputies and continues its process in the Senate.
Then, there are different possibilities: that the Upper House approves the text, that it presents certain amendments or that it proposes a veto. In any of the last two cases, the matter will return to the Congress of Deputies for debate in a plenary session.
This means that, although its fate is not known with certainty, there is a possibility that the repeal will be approved and a firm step has already been taken in that direction.
Consequently, if you wish to initiate the processing of your file to apply for the Spanish Golden Visa it is essential that you start as soon as possible.
What happens if I have my Spain´s Golden Visa in process?
The possible change in the legislation will allow only those who are already in the process of obtaining the Golden Visa to benefit from it.
This means that if you are already in the process of obtaining the Golden Visa, if the changes in the law are finally approved, you will not be affected. And the same applies if you start your process immediately, since the law has not yet been repealed.
In the case that the repeal of the articles that enable the obtaining of the Golden Visa is approved in the Chamber of Deputies, foreign investors that from then on want to reside in Spain will have to evaluate other options.
Are there other ways to legally reside in Spain?
The current legislation includes different ways of obtaining a residence permit for long-term stays in Spain, all of which must be studied on a case-by-case basis.
For example, within the same Law 14/2013, of September 27, the following residence authorizations are contemplated:
- Residence Authorization for Entrepreneurs. Aimed at foreigners who have a residence permit or visa, and want to start, develop or manage an economic activity that is considered innovative and/or of special economic interest for Spain, and for this it is necessary to have a favorable report from ENISA (“Empresa Nacional de Innovación, S.A.”). In this case, it is possible to obtain a residence authorization for business purposes.
- Residence Authorization for Highly Qualified Professionals. This is a residence permit foreseen for foreign professionals who are graduates or postgraduates from universities and business schools of recognized prestige, graduates of higher professional training, or specialists with a professional experience of a comparable level of at least three years, who have been summoned by companies in the Spanish territory to join their workforces.
- Residence Permit for Intra-company Transfer. This residence permit is provided for foreigners who move to Spain within the framework of an employment, professional or professional training relationship with a company or group of companies established in Spanish territory.
- Visa for International Teleworking (“Digital Nomads”). A residence permit for foreigners not residing in the European Union who wish to carry out an employment or professional activity at a distance for companies located outside the national territory, through the exclusive use of computer, telematic and telecommunication means and systems.
- Non-Lucrative Visa. Another way to obtain a Spanish residence card is the so-called “non-lucrative visa”. This residence visa is aimed at foreign retired persons, pensioners or those who can justify a monthly income of more than 2,400 euros without exercising any labor activity. It applies to the applicant and his family.
On the other hand, the Portuguese Golden Visa program is still in force, although it has more limitations and complexity than the Spanish one (and its future continuity is not known either). Anyway, it is something that can be studied if it is of your interest and we can also advise you on it, as we are licensed throughout the European Union.
Beyond the Golden Visa: Spain is culture, tradition, and an excellent investment destination.
Spain has always been a unique destination: to invest, to visit and to reside. Its status as a historical meeting point, the plurality of customs and traditions of the many cultures that have inhabited it, its quality of life and the Mediterranean climate are some of the main reasons why Spain has established itself as one of the most attractive places in the world to invest and undertake business projects.
In Vazquez & Barba we also advise you on the purchase of real estate and the realization of business investments in order to safeguard or grow part of your assets in a strong economy.
We are here to assist and advise you
At Vázquez & Barba we are expert legal advisors in business, tax, and real estate law for international clients, and we can advise and assist you in all the ways to obtain your legal residence in Spain, as well as in the realization of investments in property and / or business.
With 10 years of practice in the Spanish territory, we have been repeatedly awarded as one of the best law firms according to Expansión, the leading business newspaper in Spain.
We have the knowledge, experience and flexibility to adapt to changes in legislation and to continue advising and accompanying you in the processing, obtaining and renewal of your Spanish residence permit and thus start the way for you and your family to obtain a European passport.
Whether you are interested in starting the processing of your Golden Visa (which should be started as soon as possible) or if you want to know other options for investment and / or obtaining your residence permit, we can advise and accompany you throughout the process.
In short, with or without Golden Visa, we are still at your side to guide you and help you to obtain your legal residency in Spain and enjoy the European lifestyle.
