Investment residence permit
Investment residency, also known as Golden Residency or Golden Visa. Spanish law provides for residency only if a certain amount of money is invested in the Spanish territory.
The easiest way to invest is in properties, either one or more, for at least 500,000 euros.
In addition to property investment, the law also allows for other ways of investment.
Characteristics of the investment residence
-The initial residence permit is valid for 3 years (it used to be 2 years), after which it can be extended for another 5 years.
-After entering Spain, you can also work or open your own company.
-There is no time limit for leaving the country.
-After 5 years of residence you can apply for permanent residence in Spain or permanent residence in the EU.
Related articles: Guide to Spanish permanent residence aplication
-It is possible to apply for both spouse and underage children.
– Adult descendants who are financially dependent on the applicant are eligible to apply at the same time.
Requirements for investment residence
-No criminal record in the applicant’s home country or in the country where the applicant has resided for the last 2 years (it used to be 5 years). Underage children under 14 years of age are not required.
-Proof of investment in Spain.
In the case of a property investment, there are two ways to prove it:
- If the investment has been completed, the notary certificate of sale and purchase of the property.
2. If the closing has not been completed, people can hand in a deposit or reservation contract (“arras”) when applying for a Golden Visa, as well as proof that they have sufficient funds in Spain to complete the transaction. The official property sale closing can wait until after entry.
-The application requires proof of a certain level of financial means. The law states that the applicant needs to have a monthly income of 4 times the IPREM index, i.e. €2,400. If bringing family members, each additional person needs to prove an additional monthly income of 600 Euros.
If there is no passive income, it is possible to have enough savings to cover the family’s living expenses. The amount of savings is recommended to cover 2 years of living expenses.
For more information about IPREM, you can check the article: Spain IPREM Economic Capability Indicators Explained
3.Applicants and their family members are required to purchase private health insurance in Spain.
