On the 30th of September 2013, the Spanish Parliament approved a new law (Law 14/2013), which seeks to encourage new business initiatives within an international scope and regulates how to obtain a residence permit when investing in Spain. By means of this Law, non-European citizens could be entitled to obtain said permit (allowing to travel within the 26 country Schengen zone), whenever they are prepared to carry out a significant capital investment in Spain. Only certain types of investment are included in this group.
The residence permit obtained by this Golden Visa is valid for an initial period of one year if the application is made outside of Spain or an initial period of two years if the application is made at the immigration office in Spain. The Golden Visa can be issued in ten days once the full and complete application has been submitted and there is no need to obtain the Foreigners Identification Number (NIE).
For renewing and extending the Golden Visa (every two years), the requirement will be that the person is under the same circumstances as when obtaining residency in the first place. Meaning that a cash investment of 500,000 EUR in property can be proven, it doesn’t need to be the same properties each renewal period. Properties can be bought and sold but the main applicant must have a cash investment of 500,000 EUR in property. Please note that the investor is expected to have travelled to Spain at least once during the first year of residency.
Applicants will also need to meet all other requirements for becoming resident, such as hold private health insurance, have sufficient resources for themselves and their family members, and showing a clean criminal record.