RESIDENCE NON-LUCRATIVE

Economic means

Sufficient economic means at the time of the visa application, or proof of a source of regular income without having to engage in any business or professional activity in Spain, for the requested period of residence and in the following amounts:

A monthly amount of 2,134 Euros for 2018 or its equivalent in a foreign currency to support yourself during the requested period of residence in Spain.

A monthly amount of 532.51 Euros for 2018 or its equivalent in a foreign currency for the support of your dependents during their requested period of residence in Spain.

The minimum income required is 25,608 Euros annually plus 6,396 Euros per each additional family member.

ADVANTAGE / DISADVANTAGES

The residence non-lucrative allows the holder can bring along his or her spouse or partner and children under 18, as well as children over 18 years of age economically dependent on the visa holder. The visas for the family members are identical to the holder and can be obtained at the same time, later he/she should make a family reunification.

Authorizes to carry out commercial activities.

It allows studying and carrying out university practices, including paid ones.

Foreigners who have a non-lucrative residence, despite not being able to work, can perfectly undertake university internships even if they are paid

Allows economic activities in other countries.

Upon expiration, it can be modified to Residence for Work like self-employed.

Right to enter, leave, stay and travel freely throughout the Schengen Territory (the holder of the residence non-lucrative has the right to remain in Spain for an unlimited period of time, plus in the rest of the Schengen area for three months within each period of six months).

If the holder lives in Spain permanently, he/she can obtain the Spanish citizenship after 10 years (Latin American citizens and certain other countries, can seek to attain citizenship after two years, the required periods of time are different according to the nationality, or other personal circumstances).

It is possible to apply for long-term residence after an effective residency in Spain for five years.

It is not necessary to have real estate in Spain. So, both the owners of properties of a value lower than that required in the investor’s residence and even foreign citizens who still do not have real estate in Spain or those who have acquired real estate prior to the entry into force of the new law, they can obtain residence by crediting their economic resources.

It is not necessary to invest in Spain.

The process begins with the application at the Spanish Consulate.

The time required to process the visa and subsequently the residence is significantly longer than in the case of residence for investors.

The acquisition of tax residence status and the obligation to pay taxes in Spain for the taxpayer’s worldwide income.

The control of economic capacity is stricter than in the case of residence for investors.

RENEWAL

To renew the authorization, the applicant must have maintained the conditions based on which the permit was granted.

It is essential to demonstrate effective residency for six months in the year.

It must maintain the same levels of economic solvency.

In the case of relatives, they may renew their permit if the foreigner who gives them rights renews his own permit and if the economic dependence, in the case of ascendants and children over 18, is ongoing.

GOLDEN VISA

Investment requirements

An initial investment with a value equal to or greater than:

1. Two million Euros in Spanish public debt securities.

2. One million Euros in company shares or stock of Spanish capital companies with an actual business activity.

3.  One million Euros in investment funds, closed-end investment funds or venture capital funds constituted in Spain.

4. One million Euros in bank deposits in Spanish financial institutions.

5. The acquisition of real estate property in Spain with an investment value equal to or greater than 500,000 Euros per each applicant.

6. A business project intended to be carried out in Spain that is deemed and proved to be of general interest.

ADVANTAGES / DISADVANTAGES

The Golden Visa allows the investor can bring along his or her spouse or partner and children under 18, as well as children over 18 years of age and parents, as long as they are economically dependent on the visa holder. The visas for the family members are identical to the investor’s and can be obtained at the same time or later, whichever is more convenient.

Authorises to carry out commercial and labor activities (authorizes to work, from the first moment. The investor and the members of his/her family can carry out remunerative labour activity both on his/her own account and on behalf of another person, the Golden Visa includes a working permit that is automatically granted along with the residency permit).

The Golden Visa is a permission to reside in Spain issued to natural persons without any time limit on the length of stay, therefore, the person decides whether to become a tax resident or uses the residence as a multiple entry visa without a maximum stay limit.

Right to enter, leave, stay and travel freely throughout the Schengen Territory (the investor of the Golden Visa has the right to remain in Spain for an unlimited period of time, plus in the rest of the Schengen area for three months within each period of six months).

If the investor lives in Spain permanently, he/she can obtain the Spanish citizenship after 10 years. Latin American citizens and certain other countries, however, can seek to attain citizenship after two years, the required periods of time are different according to the nationality, or other personal circumstances).

It is possible to apply for long-term residence after an effective residency in Spain for five years (although the residence of investors does not have limits of permanence in Spain), for the obtaining the residence of long duration it is indispensable to respect the limits that establish the Law).

Any type of real-estate investment will qualify (residential, commercial, vacant land, parking spaces, etc.). The investment can also consist in several investments, each with a value of less than 500.000 euros. Once the limit of 500.000 euros has been fulfilled, the application can be submitted.

The investment can be made through a legal entity (it shall also be understood that a foreign national applying for a visa has made a significant capital investment when the investment is carried out by a legal person established in  a  territory which is not  considered a  tax haven under Spanish law and on which the foreign national directly or indirectly holds the majority of the voting rights and has the power to appoint or dismiss the majority of the board of directors).

It is necessary to make an investment.

It can apply directly in Spain, investors that are staying legally in Spain, on any kind of visa or visa exemption, can apply directly for their Golden Visa in the form of a residency permit in Spain. Other investors should apply for the Golden Visa at the Spanish Consulate of their country of residence and are given a residency visa valid for one year. Once they come to Spain under this residency visa, this visa can be turned into a residency permit. It is not necessary to wait for the residency visa to expire to apply for the permit.

The period of processing of the visa and residence is very limited. It allows obtaining the visa in less than one month from the presentation of the application.

The Golden Visa is a permission to reside in Spain issued to natural persons without any time limit on the length of stay, therefore, the person decides whether to become a tax resident.

The investment must be maintained.

RENEWAL

To renew the authorization, the applicant must have maintained the conditions based on which the permit was granted

The renewal of a Golden Visa does not require a minimum stay in Spain.

It must maintain the same levels of economic solvency.

In the case of investors, it is necessary to have kept the initial investment in place.

In the case of relatives, they may renew their permit if the foreigner who gives them rights renews his own permit and if the economic dependence, in the case of ascendants and children over 18, is ongoing.

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About Fairway Lawyers

English, German and Spanish speaking lawyers/abogados serving Marbella, Granada, Antequera and inland Andalucia, Southern Spain