Golden Visa renewal process: everything you need to know
Investor residency in Spain, through programmes such as the Golden Visa, has been an attraction for many foreign investors seeking stability, business opportunities and an exceptional lifestyle in Europe. However, the importance of renewing the Golden Visa as time progresses cannot be underestimated.
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Briefly, we will discuss and focus on the really essential elements in the pursuit of our renovation of this residence.
Investor Residency vs. Golden Visa
First of all, we must distinguish between investors who are in possession of an investor residence and investors who are in possession of a Golden Visa.
- If the investor already holds a residence permit by virtue of his investment, he must apply for the renewal of his residence, which will be granted for a period of 5 years.
- For investors holding a Golden Visa, the next step is to apply for residency, which will be granted for 3 years.
Means of renewing the Golden Visa
Both applications have requirements in common that must be fulfilled. The most important is the accreditation that the investment situation that gave rise to the initial authorisation has been maintained. This can be done by the following means:
a) In the case of investments in unlisted shares or equity investments, this is done by means of a notarial certificate guaranteeing that these assets have been held.
b) If the investment was made in listed shares, we will need a financial institution to guarantee that the value of the shares we hold remains at 1 million euros.
c) If our investment was in public debt, we must ask a financial institution or the Bank of Spain to certify the maintenance or extension of the securities that gave rise to our authorisation.
d) For investments in investment funds incorporated in Spain, we must ask the fund manager to certify the value of these units for 1 million euros.
e) In the case of bank deposits, we will need a certificate from the financial institution that the investment has been maintained.
All these certificates must be issued no later than 30 days before the application.
f) If our investment was in real estate, let us prove the continuity of the investment with a certificate of ownership and charges from the land registry.
However, if we obtained the Golden Visa by virtue of a pre-contract with a guarantee, we will need to prove that we finally acquired the property. This is done by means of a certificate from the land registry.
g) In order to prove that the general interest status of our business project is maintained, we must obtain a favourable report again.
The other elements to be taken into account in our renewal remain fundamental. They encompass demonstrating that the requirements we met in our initial application are maintained. For example:
- Have health insurance.
- Continue to have no criminal record.
- To continue to have the economic capacity necessary under the law to support ourselves and our families.
Finally, having resided in Spain, we will be required to have fulfilled our social security and tax obligations, if any.