Spain Golden Visa: Changes in Spanish Gold Residence Visa Law

4 March 2016

spain golden visa

In order to improve the conditions for investors looking to obtain the Spain Golden Visa, the Spanish Government approved on July 30, 2015 a modification of the Law 14/2013 facilitating the granting of these permits.

One of the key points are the family members who are now eligible for the Spanish Gold Residence Visa. Initially, only the spouse and children under 18 years old were able to be included in the programme with the holder of the investment. However, as a response to this limiting factor, it is now possible to include adult children who have not made themselves a family unit and are still economically dependent on the investor, as well as the ancestors of the investor who are economically dependent.

Another advantage, which also will be a differentiator over existing regulations in other countries with similar programmes, is the abolition of the requirement to travel to Spain at least once during the authorized period to stay. Therefore, there is no obligation to visit Spain for a single day to apply for or renew residence. It is usual among investors to not re-locate in Spain, but instead, just having an investment which allows to obtain a return on investment and get the Golden Visa in Spain which allows to travel to Europe (Schengen territory) at any time when needed but without obligation to do relocate full time to Spain.

In addition to the new regulation, the Spain Golden Visa initially granted will continue to be for two years but the renewal of it will directly be 5 years renewable for equal periods, providing greater peace of mind to the investor and reducing paperwork.

Another new feature is the possibility of obtaining a visa or provisional authorization for 6 months for those who have not yet formalized the purchase but have already signed the pledge and deposited the money in Spain. Therefore, investors can prolong their stay in Spain during the purchase process beyond the 90 maximum days allowed as a tourist, and also have direct access to the residence from Spain after the end of the buying process without returning to their country of origin.

With these changes, Spain tries to be ahead of the most advantageous options on the international scene as regards conditions for obtaining Golden Visa or investor residence visas.

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