The Spanish government softens the golden visa requirements

Mª Eugenia Blasco Rodellar, Director of Immigration Area. AGM Abogados

After one year and a half of the residence permit for investors in Spain created through the Law 14/2013 supporting Entrepreneurs and the Internationalization of their projects, we are awaiting for the ultimate Spanish rule developing the issue, which we can affirm through government leaks, that new changes are coming which will enhance the issue of the permits, hence these measures will stimulate the growth of investments.

One of the main reasons worrying the investors is the matter of the family members. Due to this new regulation, the family of the investor can also benefit of the same residence as the investor automatically. Furthermore, a comparable situation to the marriage will be recognized by the Spanish law, as common law marriage, and can also benefit of this law. Children over 18 year’s old dependent on the parents are considered too, as well as depending parents of the investors.

Another advantage proposed about the new regulation is “lack of obligation” to visit Spain once during the period of time the permit lasts or event to renovate it. This obligation exists in the rest of countries offering the same permit. Regarding this matter, it can often be seen that many investors, especially Chinese, does not have the will of reside in Spain, but the objective of performing the investment and obtaining the Golden Visa, in order to receive an economical return and secondly a permit which allows traveling around Europe in any time is needed. The residence permit issued will last 5 years and does not require renovating it every two years proving the investing is maintained.

Among the new aspects mentioned, the opportunity of obtaining a visa or authorization for 6 months for those people who have not materialized the investment yet, but have signed the earnest money deposit and the intention is to stay in Spain temporally without the limit of three months of the tourist visa and after having purchased the property the residence time lasts for 5 years.
In conclusion, if these proposals are approved, they would correct the weak aspects that have discouraged the investments so far, and at the same time, they would settle Spain ahead of the most attractive international investment offers regarding the Golden Visa or investor visas.