WHAT IS THE SPANISH GOLDEN VISA?
The Spanish Parliament recently approved Law 14/2013, by which non Europeans citizens could be entitled to obtain Spanish Residence after carrying out a significant capital investment in Spain.
It cannot be any type of investment but the following ones:
a) Real Estate investments of a minimum of 500,000 EUR per person.
This option is the one we do most support and we do encourage individuals to invest in Spanish properties.
The minimum amount is 500,000 EUR per person, excluding loans and/or mortgages.
In case of a 500,000 EUR property owned by more than one person, the minimum amount required would not be met, therefore it would be necessary to carry out a study and issue a sponsorship letter to prove the head of the family can support the rest of the family.
The applicant may invest in several properties if the total amount invested is at least 500,000 EUR. If there is a mortgage involved, the amount invested free of encumbrances has to be at least 500,000 EUR.
Purchase of property may be done through an investment company if this company is not attached to a tax haven jurisdiction and if the individual who applies for residence holds the voting majority rights.
b) Investments in Spanish Public Debt or in Spanish companies.
The minimum amount to invest on shares of Spanish companies is 1,000,000. If the choice is Spanish Public Debt, the minimum amount is 2,000,000 EUR to apply for Spanish residency.
c) Investments in Projects that could be considered of public interest.
In this case we have not been informed about the minium amount and the type of projects that would be considered of public interest.
d) Bank Account Deposit.
Will only be considered those Bank Deposits with a minimum of 1,000,000 EUR.
Residency applications may have retroactive effect with the exception of investments in Public Debt which have a 60 days deadline.
The residence permit will be valid for one year at least. The process has been significantly simplified and it is estimated that the process will take no longer that 10 days if all previous requirements are fully met and all necessary documents are supplied. A Spanish fiscal number for foreigners identification will not be required.
For residence renewals/extensions the person must be under the same circumstances as when appliying for residence for the first time. The investor will have to be travel to Spain at least once a year.
There will be other requirements to apply for Spanish residency that previously were also in force, like having a private health insurance, having enough resources for all family members and showing a clean criminal record.
THE EUROPEAN UNION
The European Union (EU) is an economic and political union of 28 member states that are located primarily in Europe.
The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states.
Institutions of the EU include the European Commission, the Council of the European Union, the European Council, the Court of Justice of the European Union, the European Central Bank, the Court of Auditors, and the European Parliament. The European Parliament is elected every five years by EU citizens.
The EU’s de facto capital is Brussels.
The EU traces its origins from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), formed by the Inner Six countries in 1951 and 1958, respectively. In the intervening years the community and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit. The Maastricht Treaty established the European Union under its current name in 1993. The latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009.
The EU has developed a single market through a standardised system of laws that apply in all member states. Within the Schengen Area (which includes 22 EU and 4 non-EU states) passport controls have been abolished. EU policies aim to ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development.
The eurozone, a monetary union, was established in 1999 and came into full force in 2002. It is currently composed of 17 member states. Through the Common Foreign and Security Policy the EU has developed a role in external relations and defence. Permanent diplomatic missions have been established around the world. The EU is represented at the United Nations, the WTO, the G8, and the G-20.
With a combined population of over 500 million inhabitants, or 7.3% of the world population, the EU in 2012 generated a nominal gross domestic product (GDP) of 16.584 trillion US dollars, constituting approximately 23% of global nominal GDP and 20% when measured in terms of purchasing power parity, which is the largest nominal GDP and GDP PPP in the world.
The EU was the recipient of the 2012 Nobel Peace Prize.