1. What are the Investor Residence Visa requisites? The Investor Residence Visa will be granted to those foreigners who process in Spain one of the following investor:
- A monetary investment of: ▪ More than 2 million Euros in Spanish public debt (bonds) ▪ More than 1 million Euros of shares in a Spanish company or a bank deposit in a Spanish banking entity
- An acquisition of real estate in Spain with a net investment of at least 500,000 Euros.
- A business plan in Spain which will provide: ▪ Creation of new jobs ▪ Socio-economic impact in the area of the activity ▪ Relevant contribution to scientific or technological innovation ▪ Relevant concurrence of trade and investment policy for Spain
2. When can I initiate the Investor Residence Visa application?
- For the investment through public or private debt: o The investment must be made less than 60 days prior to filing the application.
- For real estate investment: o The registration of the property must be made less than 90 days prior to filing the application.
3. What are the requirements to be able to apply for the Residence Visa apart from the proof of investor?
- Aged over 18
- Police clearance (no criminal records)
- Not to be listed refutable in any Schengen countries
- Public or Private health insurance (with an insurance entity authorized to operate in Spain)
- Have sufficient economic means to cover personal and family living expenses
4. How long is the Investor Residence Visa valid for? The Residence Visa is granted for one year. Once granted it opens the rights for two years Residence Permit renewable indefinitely, for periods of two years, as long as the beneficiary maintains the investment. 5.Do I need to get the Investor Residence Visa first in order to get the Investor Residence Permit? Yes. Once the investment is realized the investor will apply for the Residence Visa which is valid for one year non renewable. The Visa is delivered by the Spanish Embassy in the country of origin. Immediately after the delivery of the Residence Visa, and before its expiration date (i.e., one year), the investor can apply for the Residence Permit granted for a 2 years period and renewable every two years. The Residence Permit is delivered by the Immigration Department in Spain.
6. Is the Residence Permit renewal automatically granted?
Yes, assuming that you keep the investment (see Q&A #4)
7. How many times a year do I need to travel to Spain?
At least once within the period of validity of the permit to obtain renewal, i.e.: 1 day every 2 years; therefore, the renewal day will cover this requisite.
8. What is the “Long term Residence Permit”?
In addition, after five years of holding a Residence Permit (i.e., excluding the Visa period) you will be allowed to process a long-term Residence Permit. But you will have to demonstrate that you have not been out of Spain for more than 10 months during this 5 years period. If this is not possible you can always remain under the benefit of the Investor Residence Permit renewable every two years. ABOUT THE PERMITS (i) Obtain a new kind of visa enabling to enter and stay in Spain for a maximum period of 1 year thus increasing the maximum stay period for non-residents which is currently of 90 days. The visa will enable the beneficiary unrestricted capacity to move within the “Schengen” area. (ii) Obtain a new kind of two-year residence permit renewable for further terms of 2 years. This permit will not require the beneficiaries a minimum residence period in Spain of 183 days a year to renew it. This means that the holder of this permit may be authorized to maintain its tax residence outside Spain
9. What documents do I need to provide to apply for the Residence Visa?
In addition to the investment certificate and the private insurance, it will be needed a criminal record, a health certificate, and a Family Card certificate.
10. What documents do I need to provide to apply for the Residence Permit?
Once the Residence Visa is granted, it should only be needed:
- The proof that the investment has been maintained
- The proof that the investor and his family have visited Spain at least once (one day is enough).
11. Do I or my family need to come to Spain to apply for the Residence Permit
There is no need. You can give a Power of Attorney (POA) However, you may have to come to Spain for the biometric data collection and then to collect in person the Residence Permit. With this, you comply with the requisite of 1 day of stay in Spain (see Q&A #9)
12. Will the residence permit allow free traveling in the countries of the Schengen zone?
Like any other holder of a residence permit in Spain, persons with an Investor Visa can travel freely around the 26 countries members of the Schengen Area.
13. Am I obliged to enter the Schengen zone every time through Spain?
No. Holding an Investor Residence Visa / Investor Residence Permit entitles you to enter the Schengen zone through any Schengen state.
14. How long does it take to obtain the Residence Visa?
Although the law says 10 days, it is our experience that it may take around 2 months, after the investment requisite has been fulfilled.
15. How long does it take to obtain the Residence Permit? The Residence Permit is granted 20 days maximum after the application has been processed. However, it may take further delay for the ministry to physically deliver it.
16. With the Residence Permit, do I get a work permit?
Holders of the investor's visa (investor and family) are entitled to work in Spain, either as an employee or as an entrepreneur.
17. Will I be able to apply for a Spanish passport?
No, unless you live in Spain. If a holder of a Residence Permit resides in Spain, a Spanish passport can be applied after a number of years of residence (generally ten years, but only two years for those nationals of a Latin American country, Philippines, and Sephardic Jews).
18. In the case of death, will the family of the investor be able to maintain the Investor Residence Permits?
Yes, the family will be able to keep the permits as far as the property is kept under the successor’s name.
19. Are there any tax implications for holders of the Investor Residence Permit?
Holders of the Investor Residence Permit are not required to stay in Spain for a minimum period of time other than one day per authorized residence period (i.e., One year for the Visa, two years for the Residence Permit). Therefore, holding an Investor Residence Permit has no direct implications on tax residence, which otherwise will be applicable based on factors suc as residence in Spain, economic activities, etc.
20. When will the holder of an Investor Residence Permit be considered a fiscal resident in Spain?
Any person that stays in Spain for more than 183 days in a calendar year will be considered fiscal resident. However, for further clarification, it is recommended to have a fiscal expert review each particular situation, if applicable.
21. Do I need to come to Spain to process with the acquisition of the property?
There is no need; you can give a Power of attorney (POA).
22. Can I invest in more than one property if the total investment value is above 500,000 euros?
Yes, the investment can be done with different properties as long as the invested sum is over 500.000 euros.
23. To full fill the investment criteria, can I invest in a commercial property (i.e., offices, shops, etc.) or do I have to invest in a residential property only?
You can also invest in a commercial property.
24. What are the taxes to be paid for the acquisition of the real state on top of the purchas cost of the property? (i.e., VAT, stamp duty, notary costs, etc.)
It varies depending on the location and the type of property but it represents generally around 12% to 13% of the cost of the property.
25. Can I rent my property in Spain? Yes, it can be rented. 26. If I sell my property and I buy a new one, do I lose my Visa?
No. As long as the invested sum is at least of 500.000 euros the visa would be renewable.
27. Does the 500 K euros include VAT, taxes, charges etc.? No, it does not include taxes and charges.
28. Do I have to open a bank account in Spain? Yes, to process with the acquisition a bank account has to be open in Spain.
29. How often do I need to be in Spain? How will I justify my stay in Spain?
The requisite of minimum stay is of one day/one trip for each authorized residence period, and the entry stamp in the passport accredits it. It means one day during the one-year Visa period and then one day every two years during the Residence Permit period.
30. Will my family (wife and children) benefit from my permit?
Yes, they will. The law allows family re-unification. The spouse and children under 18 can apply for Residence at the same time as or after the initial application.
31. Does my family also need to come to Spain every year?
Yes, one day per year for every member of the family holder of the Residence Card.
32. Does my family need to apply for the Residence Permit separately?
No, all family members can apply for their Permit at the same time (as explained in #27), and we encourage to process all family members application together.
33. Is it possible to get financing?
The property must be free of mortgage and other charges for the first 500 K euros.