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Golden Visa in Madrid Two Year Residency Permit

Golden Visa in Madrid Two Year Residency Permit

This magnificent opportunity was recently introduced for foreigners from countries outside the European Union to obtain a residency permit in Spain when they buy a property worth 500,000 Euros or more. And they now no longer have to request this in the Spanish Consulate of their country but can also do so in Madrid. What's more, a residency card valid for two years and subsequently another valid for five years may be obtained directly. In order to request the residency card, the applicant will need to be in Spain legally as a tourist within the legal period allowed on their visa (tourist or multi-visa).

The requirements they will have to meet are as follows:

  • Purchase one or several properties (residences, commercial premises, land, etc.) the total value of which is equal to or more than 500,000 Euros, without a mortgage, or have 1,000,000 Euros deposited in a bank in Spain, or purchase shares in a Spanish company for 1,000,000 Euros.
  • Show sufficient financial means for the investor and their family.
  • Purchase medical insurance in Spain.
  • Show a criminal record certificate issued in their country.
  • Marriage certificate, if also requesting for a spouse.
  • Birth certificate for children under 18 years and also if they are older, if they depend on the parent and are not married.

The residency permit should be approved in a period of 20 days (or one month) and the interested party will have to go to the Police Station in their town of residence in Spain for fingerprinting. Approximately one and a half months later they will receive the residency card valid for two years.

This type of residency permit does not require effective residence in Spain. They are only required to visit Spain once during the period of validity of the residency permit. This means that the interested party may rent their property out if they should wish to do so. This residency card will allow them to work in Spain without the need to request any additional permit. They will be able to work for a third party (as an employee) or for themselves (self-employed), with the only obligation of meeting the same legal requirements required for Spanish people. This residency card will allow them to travel to any Schengen country.

After two years have elapsed, the interested party may obtain a new residency card that will be valid for five years. To do this they will have to show that they still meet any of the requirements to obtain the residency card, i.e., that they are still the owner of the property, or that they have kept the one million Euros in the bank throughout the period of validity of the residency permit or that they still own shares in a Spanish company worth one million Euros. Nonetheless, it is possible that the reason given for the first residency permit may have changed, so it may be another of those indicated above (i.e., they could obtain the residency for having 1,000,000 Euros in the bank, and then renew it as a result of having acquired a property for 500,000 Euros during the validity of the residency permit, without the need to show that they still have the one million Euros). The rest of the requirements involve showing that they still have medical insurance in Spain, a bank certificate from a Spanish bank and a new criminal record certificate (unless they live more than six months a year in Spain).

GOLDEN VISA IN A CONSULATE. RESIDENCY VISA FOR ONE YEAR

Interested parties applying from their country may also request this type of residency permit directly in their own country. In this case, they must request the investor residency visa in the Spanish Consulate in their country. The documents and requirements are exactly the same as those indicated previously for the residency card requested in Madrid. The Consulate will issue a decision within a period of 10 working days. They will be issued a residency visa valid for 365 days. With this visa, they can live in Spain or visit the country at least once. During their stay in Spain and before the residency visa expires (or within the 90 days following its expiry), the interested party must request the residency card from Madrid, which will be valid for two years, and may subsequently obtain another residency card for five years.

This residency visa will allow them to travel to any Schengen country.

ORDINARY RESIDENCY PERMIT

This residency permit can be obtained by foreigners who buy a property for less than 500,000 Euros. In this case they must show that they have sufficient financial solvency to live in Spain and will be subject to the obligation of living in the country for a minimum of 6 months a year and, if they have children who are minors, they must show that they are attending a school in Spain in order to be able to renew the residency permit. It is also sometimes to possible to obtain this type of residency permit by showing the rental of a property in Spain, although the chances of obtaining it are lower than in the case of the purchase of a property. The request must be presented in the Spanish Consulate of their country and the time it takes to grant this is a maximum of three months.