In the wake of Brexit and the end of the transition period on 31st December 2020, many of our British clients have been asking about the possibility of obtaining a visa which would allow them to stay for longer than 90 days within a 180 day-period, without having to account for entering and leaving the country or becoming Spanish fiscal residents.  The residence visa for investors, or “Golden Visa”, might be a solution, as it allows unlimited travel in and out of Spain throughout the year.

The Golden Visa is a special resident’s visa for those who decide to invest in Spain.  It allows the investor to not only live in Spain but also work here and bring their family over.  Moreover, the holder can travel freely throughout the European Union so long as they visit Spain at least once a year for the visa to remain valid and can provide proof that they still have investments here.

Nonetheless, anyone wishing to apply for this type of visa should take its fiscal implications into account.  The visa holder might be any of the following:

  • Spanish fiscal resident, paying tax for global income to the Spanish revenue authority.
  • Third-country fiscal resident, paying non-resident’s tax in Spain.
  • Beneficiary of the Spanish special fiscal regime, whereby 24% of the first €600,000 of income accrued in Spain is taxable; the beneficiary must be in paid employment in Spain. The revenue authority must be duly informed if the visa holder chooses this option, as it is only valid for a period of five years, after which the beneficiary will become a Spanish fiscal resident whose global income will be taxed in this country.

Any foreign national wishing to apply for this type of visa must take into account that if they were to spend more than 183 days in Spain, together with their family, they could be considered a Spanish fiscal resident and be taxed for their worldwide income.

Applicants must fulfil the following requirements:

Undertake a significant capital investment:

  1. An initial minimum investment of €2,000,000 in Spanish public debt, or a minimum investment of €1,000,000 in shares in a Spanish company or deposit in a Spanish bank. The applicant must provide proof that the investment has been made no more than 60 days prior to submitting the visa application.
  2. Acquire real estate in Spain for a minimum value of €500,000 per applicant.
  3. A corporate investment to be undertaken within Spain and which can be considered and proven to be of general interest.

Provide proof that they have entered the country legally.

Be 18 years or older.

Have no criminal record in Spain or any other country where they have lived during the past 5 years.

Hold full medical insurance cover.

Be financially self-sufficient.

Pay the handling fee.

The resolution period from date of submittal is 20 working days.

If you require more information or guidance regarding visa applications, please contact Agote Diez Abogados, we can also assess you on the needed investment.