The Golden Visa is a residence visa through the acquisition of real estate (RIV) for Spain. This kind of VISA allows foreigners, who prove the acquisition of real estate in Spain with an investment of an amount equal or superior than 500,000 Euros, to live in Spain. The Golden Visa is directed to those investors who want to stay in Spain for longer than one year.
This permit is considered a valid document for residing and working in Spain during one year, without the need of processing the foreigner identification card. This permit is renewable provided that the real estate is still in possession of the permit holder. Furthermore, it is possible to apply for visa for the partner and children. Nevertheless, for the visa for children of legal age it is necessary to prove that the children are economically dependent from the holder of the permit.
Likewise, to apply for the “Golden Visa” you need to comply with the general requirements, among others, not living illegally in Spain, be over 18 years old and having a public or private health insurance.
Moreover, there are other specific requirements for the Golden Visa. The most important is that the applicant shall prove the intention or the final purchase of the properties. The first one can be proved through a preliminary contract with guarantee for the purchase through a down payment or by any means offered by the law formalized by public deed. The second one can be proved through a registry certification of ownership and encumbrances issued by the Land Registry which corresponds to the property or properties.
In any case, the applicant shall prove that he disposes of an investment in real estate in the amount of 500,000 Euros free of all charges and encumbrances. This proof can be provided either before or after the purchase.
Luis Wuest Sánchez – Dr. Frühbeck Abogados Barcelona
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