Residence permit for investors under the law 14/2013, or "Golden visa"
Foreign nationals who have acquired property in Spain from the amount of € 500,000 have the right to claim the so-called "golden visa" - the residence permit of the investor. In addition to buying property, the applicant can invest in bonds and securities on the territory of the country, invest in shares, buy a stake in a Spanish company or make a bank deposit.
The "Golden Visa" is issued not only to the main applicant, but also to his family members. In 2015, the Spanish government introduced new benefits for investors from countries outside the European Union: the period of validity of the second residence permit card was increased from two to five years, together with the main applicant, the residence permit was now able to receive a civil husband or wife, his parents and adult children - in case of confirmation of material dependence on the investor. In addition, since 2015, the residence permit under this program gives new residents the right to work in Spain.
An important factor is also the fact that for the owners of this residence permit there are no restrictions on staying in the Schengen area, as well as the obligation to stay in Spain more than 183 days a year. It is worth bearing in mind the fact that the period of residence affects the situation with respect to taxation. Citizens who stay in Spain less than 183 days a year will not be considered tax residents of Spain.
Real estate objects and conditions
According to the law Ley 14/2013, a foreign investor can acquire both one and several residential or commercial properties in Spain with a total value of € 500,000. So, for this amount you can buy an apartment for € 490,000 and a parking space for € 15 000.
At the same time, foreign buyers can apply for mortgage loans in Spain, but subject to initial investment of € 500,000. For example, for a house worth € 850,000, an applicant for a residence permit can contribute € 500,000 of its own funds and request a mortgage for a sum of € 350,000.
Terms and conditions of renewal
According to the condition of the program, the "Golden Visa" is issued with the right to work for all the above-mentioned applicants for a period of two years and is subsequently extended for five years. If the investor and his family members fulfill the requirements for being in the country for 10 years, they have the right to apply for citizenship. It is worth bearing in mind that in case they do not live in the country on a permanent basis, in the future they will not have the opportunity to obtain permanent residence and citizenship ..
As a rule, foreign residents have the right to obtain Spanish citizenship only after 10 years of permanent residence in the country on the basis of a residence permit, in the process of naturalization, by origin, at the state's discretion and on the basis of an option.