The Golden Visa option was introduced to promote the Spanish Economy and thus support the creation of new jobs and the entry of new talent. It constitutes an advantageous pathway to becoming a resident in Spain.
What is the Golden Visa?
The Law allows for non-EU citizens that either invest a substantial amount in Spanish business or real estate, or bring new business, as well as highly coalified professionals and investigators, to apply for a residency permit and thus intends to make Spain more attractive for international entrepreneurs.
The Spanish investor visa has a variety of advantages. It allows the investor to travel freely throughout Europe (Schengen) and to work in any part of Spain while not requiring for the carrier to reside in Spain in order to retain and renew the residency visa permit. After five years, it is possible to obtain permanent residency and after ten years, the carrier is given the option to apply for Spanish citizenship.
Furthermore, the investor can bring over his or her husband or wife, domestic partner, children and dependent ascendants.
Can you apply for a Golden Visa if you invest in a property with other people?
Up until now, this an investment realised by various people who are not married or such, was not considered a viable investment. The Large Business and Strategic Collectives Unit interpreted the law as meaning that each person has to acquire a property for a minimum of 500.000 €, not 2 people one property for 1.000.000 €.
However, the Tribunal Superior de Justicia in Madrid, according to STSJ nº 1631 of the first of March 2018, has decided to the contrary and allowed such an investment as basis for the Golden Visa application.
Is this decision reliable?
In general, there is always the possibility that the matter is brought before the Supreme Court as the last instance court. Thus, it is still an option that the decision may be reverted.
How Can Lexidy Help?
If you plan to apply for a Golden Visa, it would be our pleasure to assist you and accompany you every step of the way. We look forward to hearing from you!