Britain's exit from the European Union has cast a long shadow over the British ex-pat community in Spain, many of whom find themselves in the position of having their established lifestyle of spending their summer at their second home in Spain thrown into disarray. There is more than one route enabling non-EU citizens to remain in Spain for a period longer than 90 days before having to leave the country for a period of time. The Golden Visa is perceived as a highly attractive method of achieving residency in Spain.
Giambrone's highly competent Spanish immigration team have assisted a considerable number of British citizens to gain residency through the visa route. There are various options and types of visas available, Giambrone's expert lawyers will advise as to the most appropriate and advantageous visa depending on the circumstances of the applicant.
The Golden Visa is aimed at investors and entrepreneurs and was enacted by Entrepreneurial Support Act of 27 September 2013 (Ley 14/2013), partially modified by Law 25/2015 (final provision eleven) and by Royal Decree-Law 11/2018 (Title III). Giambrone's skilled Spanish lawyers have advised many British citizens on a wide range of issues relating to Spain, such as purchasing a second home in Spain and to how to obtain a Golden Visa or non-lucrative visa both prior to, as well as after Brexit and our clients are delighted our lawyers have been able to provide a swift solution to restoring their ability to enjoy the summer months in Spain.
Our Spanish lawyers recognised that British citizens, regardless of whether they are ex-pats or not, who had purchased a property in Spain valued at £500,000 or more, fulfilled one of the investment requirements enabling such owners to be able to apply for a Golden Visa without any further investment, provided they bought their property after 2014.
Some of the more significant advantages of a Golden Visa are that the main applicant's spouse, their minor children as well as older children who are economically dependent on the applicant are also able to accompany the applicant. A Golden Visa provides the ability to not only live in Spain but work in Spain if required. Also, a Golden Visa allows the applicant complete freedom of unlimited travel across the Schengen area. If the applicant does not want to actually live in Spain once the Golden Visa has been obtained the residential requirement is very small and amounts to a day or so.
There are, of course, requirements that an applicant must satisfy. Our lawyers have extensive experience in advising our clients on the details and documentation surrounding an application as well as ensuring that the applicant is able to meet the requirements which are as follows:
- The Golden Visa in Spain designed for foreign investment and does not apply to EU citizens or citizens of countries where EU law applies.
- An applicant must be over the age of 18
- An applicant must have full-coverage health care in Spain
- An applicant must have an income that is sufficient to support both them and their family if their family accompanies them.
- An applicant must not have a criminal record.
The Golden Visa is an investment visa and there are other forms of investment that enable an individual to apply, other than the purchase of a property valued at £500,000 or more. The other criteria enabling an application are as follows:
- Two million Euros in Spanish public debt securities,
- One million Euros in company shares or stock of Spanish capital companies that are actually carrying out business activity.
- One million Euros in investment funds, closed-end investment funds or venture capital funds constituted in Spain, included within the scope of application of Act 35/2003, of 4 November, on Collective Investment Institutions, or of Act 22/2014, of 12 November, regulating venture capital entities, other closed-end collective investment entities and the management companies of closed-end collective investment entities, which amends Act 35/2003, of 4 November,
- One million Euros in bank deposits in Spanish financial institutions
Finally, a Golden Visa may be obtained by an applicant intending to start up a business project in Spain that is deemed to be of general interest. However, it must achieve at least one of the following conditions:
- The creation of jobs.
- An investment with relevant socio-economic impact in the geographic area around which the activity will be carried out.
- An enterprise that makes a relevant contribution to scientific and/or technological innovation
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.