Foreign citizens not residing in the European Union (EU) who make a significant capital investment in Spain can apply for a visa or residence permit in our country.
Obviously, it does not apply to EU citizens or to nationals of countries to whom EU law applies, as they are already beneficiaries of the rights of free movement and residence within the EU.
The grant of the investor or entrepreneur visa will be sufficient to reside and work in Spain during its term, and the residence authorization also applies to the applicant’s spouse and children.
What is considered a “significant capital investment”?
As indicated, in order to apply for this visa, a “significant capital investment” is required. Such an investment will be any of the following:
1. Acquisition of Real Estate
Foreigners who make an investment in Real Estate goods in Spain that are worth 500,000 euros or more per applicant will be able to apply for this visa. This amount must be free of charges and encumbrances. The part of the investment that exceeds the required amount may be subject to charge or encumbrance.
That is, if the applicant is going to buy, for example, a €750,000 house in Spain and for this purpose he/she needs a mortgage, this loan cannot exceed €250,000, because otherwise it would not meet the requirement that at least €500,000 appear as free of charges.
2. Investment of Capital
Foreigners conducting an initial investment with a value equal to or greater than two million euros in Spanish government debt securities, or a value equal to or greater than one million euros in stocks or shares of Spanish companies with a real business activity, closed-end investment funds or venture capital funds, or bank deposits in Spanish financial institutions.
3. Business projects and entrepreneurship
It refers to foreign investors with a business project intended to be carried out in Spain, that is deemed and proved to be of general interest, or investors who are intending to stay in Spain for a one-year period for the sole purpose of making preliminary arrangements in order to be able to develop an enterprising activity.
Are there any other requirements?
Yes. Whatever the type of investment made, the applicant shall meet, among others, the following requirements:
- He/she must be 18 years old or older and not be illegally present in Spain or be listed as rejectable in those countries with which Spain has signed an agreement to that effect.
- To have sufficient financial means to cover the living expenses and, where appropriate, those of their family members, for the entire period of residence in Spain.
- To have a public or private health insurance with a minimum validity of one year taken out by an insurance company authorised to operate in Spain.
Note: In May 2023 the Spanish Government was known to be exploring the possibility of tightening the requirements for granting the Golden Visa for real estate purchases (that is, increasing the minimum amount of investment required). The Residency by Investment scheme could be even terminated, as happened in Portugal recently.
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