What is the Golden Visa in Spain? The Golden Visa in Spain, also known as the residence visa for investors, is a temporary permit given to individuals who are not citizens of the European Union (EU) and their families. This visa is granted when they acquire real estate in Spain valued above a certain amount. Today we're taking a closer look at the Spain Golden Visa program rules, including applying for the Golden Visa in Spain procedure, covering its key benefits, necessary requirements, and more in 2023.
Spain Golden Visa 2023
Golden Visa Spain vs Portugal: With Golden Visa programs coming to an end in several European countries, such as Portugal, and with others tightening the rules, there has been a recent surge in interest in Spanish Golden Visas in 2023. As has happened in Portugal, where the government recently put an end to the granting of golden visas to foreigners, investor visas could also have their days numbered in Spain.
Golden visa Spain: Several political parties have proposed plans with the idea of tightening the granting of this visa for investment in Spain in housing or withdrawing it altogether. For now, nothing has been decided, meaning that now is the perfect opportunity to take advantage of the benefits that the Golden Visa in Spain offers.
Golden Visa Spain requirements
How much money do you need to get a Golden Visa in Spain?
How do I get a golden visa for Spain? In order to qualify for Spain's Golden Visa, you need to meet one of the following requirements:
- Acquire real estate in Spain valued at a minimum of €500,000. This can be a single property or multiple properties with a combined value of at least €500,000.
- Invest a minimum of €2,000,000 in Spanish public debt.
- Purchase shares in a company or deposit at least €1,000,000 in a Spanish bank.
- Invest in a new business that will create job opportunities, contribute to scientific and/or technological innovation, and have a significant socio-economic impact in the designated area.
For more information, consult the Spain Golden Visa official website from the Spanish Government.
Who qualifies for a Golden Visa in Spain?
In addition to the investment, you must satisfy the following requirements:
- You must be of legal age (18 years or older).
- You must have a clean criminal record.
- You must not have been denied a Schengen Visa in the past.
- You must have health insurance in Spain.
Note that the Golden Visa programme in Spain also permits the acquisition of permits for your spouse or partner, as well as for dependent children under the age of 18. Additionally, permits can be requested for individuals over the age of 18 who rely on the applicant for financial support and do not have their own independent family unit. Once the application is approved, the family members will receive their own residence permits and will be entitled to the same benefits as the main applicant.
Golden Visa Spain tax implications
After the approval of Law 14/2013 on 27th September 2013, which governs the issuance of visas for property acquisition or investment in Spain, a common question is whether the Golden Visa affects tax residency in Spain.
The answer is clarified in the definitive resolution of the Tax Agency V346 / 2015 dated January 30th, leaving no room for uncertainty:
“The fact of having a residence permit granted in accordance with the provisions of the sixth additional provision of Law 14/2013, of September 27th, to support entrepreneurs and their internationalisation, does not presuppose that they have tax residence in Spain, which is not acquired or lost through the granting or denial of a visa or administrative residence permit, but through compliance with the requirements established in article 9.1 of the LIRPF ”.
The Golden Visa in Spain therefore does not oblige you to pay any taxes. This depends on the total time of residence in the country, and if this is more than 183 days per year, then you are obliged to declare your total income for tax purposes.
What are the tax benefits of a Spanish Golden Visa?
As previously mentioned, if your stay in Spain is less than 183 days, you will only be required to pay the applicable tax related to your property investment. For first-time sales, this is the Value Added Tax (VAT) at a rate of 10%. For subsequent sales, it is the Property Transfer Tax (ITP) also at a rate of 10%.
However, if you become a tax resident in Spain, in addition to the aforementioned taxes, you must also consider the following taxes:
- Income Tax: The tax rate for income tax ranges from 19% to 45%.
- Corporate Income Tax: The corporate income tax rate is 25%.
Benefits of Spanish Golden Visas
The advantages of Spain's Golden Visa scheme are not limited to just taxes. While the programme has specific requirements, for those eligible it offers remarkable benefits in terms of things such as Spanish residency. Holding a Spain Golden Visa means that you have:
- Access to the EU (Schengen area).
- The ability to apply for the same permit for your spouse, partner, minor children, and financially dependent adult children.
The scheme also only requires one visit to Spain per year to maintain the permit, with no need for extended stays. In addition, the initial residence permit for investors is valid for two years. Upon expiration, non-EU investors interested in residing in Spain for a longer period can apply for permit renewal for successive 5-year periods, as long as the conditions are met. You then gain the right to work as an entrepreneur or employee once the 2-year permit is granted, and have the opportunity to obtain permanent residency after 5 years and Spanish citizenship after 10 years.
Golden Visas in Spain after Brexit
Before Brexit, British citizens could easily move to and reside in Spain through the EU regime, which involved a relatively simple process with few challenges. Since Brexit, British citizens have had to explore alternative options, with the Golden Visa and the Non-Lucrative Visa emerging as the most popular choices. These alternatives offer fewer obstacles compared to obtaining a regular work permit, for instance.
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