The Spanish Golden Visa has undergone some modifications in its programme, making it more attractive to potential investors, highly qualified professionals, entrepreneurs, researchers and transnational displaced workers. In the recent years, Spain’s economy has experienced growth and stability, primarily because Russian, Chinese and Middle-Eastern investors have purchased property under the country’s Golden Visa programme.
Expansion of dependents who can accompany the investor
Prior to the changes, when the Spanish Golden Visa was launched in 2013, the requirements for an investor to expand the residency permit grant to their dependents was limited to family members who were their husband or wife and minor children.
However, the residence permit now entitles not only the husband or wife to accompany the main applicant on their application, but extends for people with similar relationship, such as, domestic partners.
Additionally, minor children as well as children of legal age who have constituted themselves a family unit, as well as the ascendants of the investor or of his spouse, the in-laws, dependent on them, are too granted with permission to accompany the main applicant as their dependants.
As the Spanish Golden Visa has broadened the scope for opportunity and possibility for investors to grant a residence permit to the following family members: domestic partner, spouse, couple, minor children, older children, ascendants of the investor and ascendants of the investor couple.
Elimination of the need to visit Spain to renew visa
Another change coming with the modification of the Spanish Golden Visa (residence permit for investors) relates to the requirement that investors must renew their permit either while residing in Spain or entering the country to renew the permit. This meant that the beneficiary of the residence permit would travel to Spain (if not already residing in Spain) at least once during the validity of the permit to be able to renew it later.
Nevertheless, the change recently introduced has eliminated the requirement for this need to travel to Spain. Now, beneficiaries can renew the permit without having ever stepped on Spanish soil. In this respect, the Spanish residence permit is equated to that of its competitors in the European market making it easier for beneficiaries holding the residence permit to travel through Europe without having to enter Spain to comply to the visa renewal regulation.
Residence permit extension increased to 5 years
Rather than investors having only their visa permit extended up to two years, a further modification has been included, coherently with the issue of not needing to travel to Spain at any time and making it even easier and more attractive for investors to subsequently achieve Spanish nationality: the duration of the residence permit has been increased once it has been renewed from two years to five years.
Initial visa validity increased to 6 months
By the entry into force of the Second Chance Act another modification has been made with the initial visa with which investors traveled to Spain to make the investment. To begin with, the visa duration period was issued to a restricted 60 days, even less than that of a Spanish tourist visa permitting non-EU members to enter Spain for 90 days. The new change introduced in this aspect extends the duration of this initial provisional visa by increasing it to a considerable 6 months. Moreover, this type of visa is applicable to those investors who despite not having formalised the investment (purchase of a home or property), have at least signed one of the contracts securing the deed prior to the making the investment itself and have deposited the money in Spain.