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Updated January 2021

Law 14/2013 in force in Spain from 2013 in Spain will authorize entry, stay and residence for foreigners Non-EU citizens with an investment in real estates, shares or deposits.

The “Project of support for entrepreneurs and its internationalization” (Proyecto de Apoyo a Emprendedores y su Internacionalización” would amend the Immigration Law 4/2000 on Spain, and considers, among others, to provide an ENTRY VISA and a RESIDENCE PERMIT foreigners (Non EU citizens) who make a “significant capital investment that meets that any of the following conditions.


 It is a VISA to “enter” in Spain, and to have the right to “stay” in Spain (with the possibility to travel all around EEC-UE Europe). The conditions to obtain an entry visa are:

a) FINANTIAL INVESTMENT: An initial investment equal to, or more, than 2 million euros in Spanish government bonds, or a million Euros in shares of Spanish companies , or bank deposits in  financial Spanish institutions.

b) REAL ESTATE INVESTMENT: The acquisition of real estate in Spain with an investment of equal or superior to EUR 500,000 per applicant.

c) ENTERPRENEUR PROJECT: A business project that will be developed in Spain and is considered and credited as general interest , for which we assess the performance of at least one of the following conditions:

1..-  Creating jobs.

2 .-  Making an investment with relevant socio-economic impact in the geographical are in which the activity will develop.

3.- An important contribution to scientific innovation and / or technology .

It also means that foreign visa applicant has made a significant capital investment when the investment is carried out a legal person established in a territory which is not considered as OFF-SHORE country according to Spanish law, foreign owned, directly or indirectly, and when the investor has the majority of the voting rights and/or the power to appoint or remove a majority of the members of its board.

 Accreditation for the investment.

 For the grant of a residence visa for investors will need to meet the following requirements:

a) FINANTIAL INVESTMENT: In the case of investment in shares, or bonds, etc., the applicant must prove that he has made ​​the investment in the minimum amount required over a period not exceeding 60 days preceding the filing of the follows:

 1.- In the case of investment in unquoted shares or shares, he will present the copy of the investment statement in the Foreign Investment Registry of the Ministry of Economy and Competitiveness

2.-  In the case of investment in quoted shares , he will present a financial intermediary certificate , duly registered with the National Securities Market or the Bank of Spain , which states that the person has made ​​the investment following the standards.

3.- In the case of investment in government or public  bonds , will be presented a certificate from the bank, or the Bank of Spain, stating that the applicant is the sole owner of the investment for a period not less than five years.

4.- In the case of investment through bank’s deposit, will be presented a certificate of the financial institution in which it appears that the applicant is the sole owner of the bank deposit.

b ) REAL ESTATE INVESTMENTS: In the case of investing in Spanish real estates,  the applicant must prove ownership of real estate by providing one or more certificates of proficiency from the Land Registry that corresponds to the property or property dated within ninety days prior to the visa application.

In the event that the acquisition of the property is in the middle of the process of registration in the Land Registry , is sufficient to submit a certified copy of the notary deeds to which it was implemented, and justification had been made ​​or renewed application in the land registry within sixty days preceding the date of application.

The applicant shall prove to have a real estate investment in one, or more properties, for a value of 500,000 Euros, free of any liens or encumbrances, etc. The excess of the investment in more than € 500,000 may be subject to liens or encumbrances (like loans, credit, mortgage, etc). In other words, the aim of the law is that the eventual investor makes an investment of at least 500.000 EUR in real estate properties in Spain.

Investment may be in any real estate in Spain as houses, apartments, Hotels, etc, which may be registered in the land registry office.

In order to fulfil with the EU Money Laundering’s regulation, it is extremely important that the investor DEMONSTRATE and provide enough documentation to CONFIRM that the origin of the funds used to buy the property is demonstrated as per work, salary, or any official or private source in in accordance of the Money Laundry normative. So, investor must prove that fuds are not coming from fiscal evasion, or any other illegal activities as per money laundering’s laws.

c ) ENTERPRENEUR PROJECT: In the case of setting up a business in Spain , it shall submit a report favorable to note that the business plan submitted is beneficial to the  general interest. The report will come from the Economic and Commercial Office from the Spanish Embassy or Consulate where the investor submits the application for visa.

 In this case, the investors who are considered in the above cases, have the option to apply for a RESIDENCE for more than one year, for their selves and their families, subjected to the fulfillment of the following conditions:

a)    Not be irregularly in Spanish territory. It will be proved with the Investment Visa.

b)    To have legal age of  at least 18 years old.

c)    No criminal records in Spain and/or in the countries where they have lived for the past five years, for actions considered criminal under the Spanish legal system.

d)    Not included as objectionable in the territorial space of countries with which Spain has signed an agreement to that effect.

e)    Have a public insurance or private health insurance concluded with an Entity insurer authorized to operate in Spain.

f)     Have, and accredit sufficient resources for themselves and their family members during their period of residence in Spain WITHOUT WORK in spain.

“Sufficient resources” is considered when the investor may proof general incomes of more than 2.130 EUR/ month for himself, and 532 EUR/month for each member of the family)

g)    Pay the fee for processing the permit or visa.

h) Obtaining NIE

The spouse and children under 18 years of age, or older who are objectively unable to provide their own needs because of his health, which meet or accompany foreigners, may apply jointly and simultaneously or successively, this visa.


 1) Visa application form duly completed in capital letters or typed.

2) A recent color photo, with a white background, between 26-35mm wide and 32-45 mm high.

4) Ordinary passport with at least 1 year validity.

5) Photocopy of all pages of the passport that contain information. (stamps, visas).

6) Certificate of criminal record, or equivalent document, in the case of an applicant of legal age, which must be issued by the authorities of the country of origin, or the country or countries in which he or she has resided during the last five years,

– It must be translated into Spanish.

– This document must be legalized with the APOSTILLE (if the country of origin forms part of Apostille Hague Convention) or with the stamp of the FOREIGN OFFICE (in the rest of the cases), and must be provided in original and copy.

– This document cannot be issued more than 3 months on the date of the application

7) Have a public insurance or private health insurance arranged with an insurer authorized to operate in Spain. (original and photocopy), which must cover the investor and all the members of his family (in case they also apply for the visa).

8) Documents proving sufficient financial means for their support during the time of residence in Spain including, where appropriate, that of their family, without the need to develop any work or professional activity. The minimum amount established amounts to € 2,130.04 per month (400% of the monthly IPREM index, to be consulted in subsequent years), increasing by € 532.51 per month (100% of the IPREM) for each family member accompanying him.

9) Prove that the applicant has acquired the property / real estate properties / s for a minimum value of 500,000 euros through certification with continuous domain information and charges of the Property Registry corresponding to the property or real estate. If at the time of the visa application, the acquisition of the property is in the process of registration in the Property Registry, it will be sufficient to present the aforementioned certification in which the entry form for the acquisition document is valid, accompanied by documentation accrediting the payment of the corresponding taxes. The certificate must be dated within 90 days prior to the submission of the application.

It is important to know that the investor may apply for  the Golden Visa even before the purchase transaction is completed, always that there is a pre-contract with a guarantee in its fulfillment by means of a deposit or other means admitted in law formalized in a public deed, it must present  the pre-contract with guarantee together with a certificate from a financial institution established in Spain (usually a Spanish Bank) in which it is confirmed that the applicant has a bank deposit with the necessary amount for the acquisition, complying with the committed contract, of the property or properties indicated, including charges and taxes. The amount of the deposit can only be used for the final purchase of the property or properties indicated in the pre-contract with guarantee. In this case, the interested party will receive a residence visa for investors with a maximum duration of 6 months.

10) For relatives of these applicants, in addition to the above, to prove the marital relation or filiation, by marriage certificate or birth certificate in the case of children, translated and legalized (Apostille or Foreign Office of the country of origin). Original and photocopy.

The validity of the Entry VISA is for 1 year. And it may be renovated in equal periods if the conditions for which the Visa was obtained are kept.

 Application of the VISA must be made in the Spanish Consulate of the country where the applicant has the permanent residence, in a PERSONAL meeting at the Consulate, or by legal representation.

 II.- RESIDENCE PERMIT FOR INVESTORS – Permit for Residence for more than 1 year:

 This project of law also opens the possibility to investors who already have an ENTRY VISA to get a RESIDENCE PERMIT if their intention is to stay in Spain for periods higher of ONE YEAR.

Foreign investors wishing to reside in Spain for a period of more than one year, must request the residence permit for investors.

 This authorization cannot be requested directly, but to achieve it, we must have obtained first the residence visa for investors.

 The residence permit for investors will have validity throughout the national territory and, so that granted, the applicant must continue to comply the generic requirements established in the Article 62 of Law 14/2013.

 In addition to these requirements, the applicant for a Residence authorization must:

 (i) be the owner of a residence visa in force or within of the 90 calendar days after expiration

of this;

(ii) have travelled to Spain at least one during the period authorized to reside;

(iii) prove that the significant investment remains

 Keep in mind that, according to the provision additional seventh of Law 14/2013, the foreigners must maintain during the term of visas or authorizations the conditions that

they were given access to them, for which the Administration General of the State may carry out the checks that they may consider appropriate.

 Validity of this permit is for TWO YEARS. So, the residence permit for investors authorizes the foreign investor to reside in Spain for an initial period of two years and may be renewed for successive periods of two years, provided that the investor maintains the conditions which generated their right to the initial authorization. The Law 14/2013 does not mark any limit to the number of renewals of the aforementioned authorization.

 Application of the Residence Permit will be done at the Unidad de Grandes Empresas y Colectivos Estratégicos in Madrid. And this can be done in direct presence of the investor or by legal representation.

 The validity of the RESIDENCE PERMIT is for 2 years. And it may be renovated if the conditions for which the Visa was obtained are kept.


– What are the differences between the ENTRY VISA and the RESIDENCE PERMIT?

The main differences are:

– The ENTRY VISA gives the option and the faculty to come to Spain to the investor, for short or long periods.

 – The RESIDENCE PERMIT gives the option and the faculty to stay in Spain to the investor and his family, and only after the investor makes the investment as required for the Entry Visa.

 – What are the personal TAX implications of the VISA?- If I obtain the VISA, will I be considered as Spanish Tax resident, and forced to pay taxes in Spain as Tax resident?

It is important to know that this VISA is to “enter” in Spain, and to have the right to “stay” in Spain (with the possibility to travel all around EEC-UE Europe). For this reason, is very important to know that, the fact to get this visa does not make the investor automatically “TAX RESIDENT” in Spain. This VISA, as said, will have the chance to the investor to come and stay in Spain for whatever the time he whishes. So, if the investor only comes 1-2 months per global year, then, for tax purposes, will be considered as NON TAX RESIDENTS.

Only persons who stay more than 6 months during the natural year may be considered as “TAX RESIDENTS” in Spain. And, in this case, they will be paying the personal taxes in Spain as residents, and will be forced to declare in Spain, and to pay in Spain,  all the incomes obtained overseas.

But, in instance, if the investor, once the visa is obtained, decided to stay in Spain in periods of lower than 6 months during the natural year, they will be considered as NON TAX RESIDENTS, and then, they will be responsible to declare in Spain, and to pay in Spain, for whatever assets, and incomes, they receive in Spain. So, they will not be forced to declare, and to pay, in Spain, for the incomes and assets they have in the rest of the world.

As conclusion: To obtain this visa will give the investor the “faculty”, or the “right”, to come to Spain, and stay in Spain, and travel throughout all Europe. And will depend on “how many time” the investor stays in Spain to determinate about the way in which he is considered for tax purposes.

– When will be approved this law? :

Has been approved definitely in  October 2013, so, right now is in force.

Can holders of an investment visa be admitted to any EU State? Can they do it more than once? Foreigners holding a long‐stay visa or a residence permit issued by one of the Member States may, under that permit and with a valid travel document, circulate freely for no more than three months in any six‐month period, within the territory of the other Member States, provided that

they comply with the conditions for entry referred to in article 6.1 (a), (c) and (e) of Regulation (EU) 2016/399 of the European Parliament and of the Council of 9 March 2016 establishing a Union Code on the rules governing the movement of persons across borders (Schengen Borders Code), and  

they do not appear in the national refused entry list of the Member State in question. The conditions of entry are:

(a) To be in possession of a valid travel document giving the holder the right to cross the border and meeting the following criteria   ‐  shall remain valid for at least three months after the intended date of departure from the territory of the Member States. In justified cases of emergency, this obligation may be waived, 2 ‐ must have been issued within the previous 10 years;

(b) To be in possession of documents justifying the object and the conditions of the intended stay and having sufficient means of subsistence, both for the period of stay envisaged and for the return to the country of origin or transit to a third country in which their admission is guaranteed, or be in a position to legally obtain said means

(c) Not be registered as not admissible in the SIS;

(d) Not to supose a threat to the public order, internal security, public health or international relations of any of the Member States or, in particular, be listed as inadmissible in the national databases of any Member State for the same reasons. It should also be borne in mind that there is a possibility for a Member State to impose by law the obligation on third‐country nationals to declare their presence on their territory in accordance with Article 22 of the Schengen Convention. Spain has imposed this obligation.

– Who is the applicant for each – permit and who can apply?

The applicant, depending on the type of permit, may be:

A) In initial permits: o In the case of investors and entrepreneurs, the foreigner himself o In permits for highly qualified professionals, researchers or intra‐company transfers, the company or entity that requires the services of the foreigner o In family permits:

* If the application is filed jointly with the permit holder, it will be the holder (in the case of investors and entrepreneurs) or the company or entity (in the case of highly qualified professionals, researchers or intra‐ company transfers)

* If the application is filed at another time, it may be one of the above or the family member

B) Renewals are filed by the foreigner who holds the permit (relatives apply for renewal of their own permit). Applications may be filed by the interested party himself or through a representative.

– How is the Foreigner’s Identity Card (TIE) processed? Foreigners who have been issued a residence visa under this rule may stay in Spain for a period of one year, the residence of its holder in Spain is authorized without the need to process the foreigner’s identity card.

However, those who obtain a residence permit under Law 14/2013 must personally apply for the foreigner’s identity card. The decision granting the permit indicates the procedure, documentation and where it can be requested.

– Do I have to submit copies and originals? When filing the application personally, you must bring the original and copy, the administration will only keep the copy.

If you file it in a public registry, you must bring the original and copy and send only a certified copy

– Where can I find the application forms? Residence permit application forms can be found in this link: 

–  If a foreigner is in Spain legally at the time of application but will not be so at the time the decision is issued. Is the application admissible? The law requires not to be irregularly in Spain, therefore this requirement must be fulfilled at the time of the application. The application for a residence permit will extend the validity of the residence or stay situation of the permit holder until the end of the procedure.

– Which nationalities?:

 For Non EU nationals, for example Russia, India, China, Argelia, Maroc, Turkey, Azerbaian, United Arab Emirats, Egypt, Jordan, Saudi Arabia, Nigeria, South Africa, Tunisia, Ucranie. Pakistan, Moldovia, Taiwan, Canada, USA, Mexico, South America, Central America, Puerto Rico, Costa Rica, Panamá, Argentina, Brazil, Korea, Japan, etc.

–  I am buying a plot to build on it a house, I am allowed to obtain the Golden Visa adding the value of the plot plus the costs of materials and proffessionals involved in the construction?:

YES.  There is a recent Sentence from 2020 of the High Courts in Spain confirming that the amount of 500.000 EUR can be obtained considering:

Usually, the cost of materials etc will be determined at the economic report made at the construction project by the architect which in charge of the construction, and it will be evaluated by the Spanish administration to confirm which concepts of the construction are included and part of the 500.000 EUR value, and which not.

The text of Spanish High Court Sentence says: 

” The Law  requires a “significant investment”  of 500.000 EUR to be granted in order to obtain the residence authorization as an investor. The investment can be carried out through the construction or promotion of a property on a plot or land previously acquired through sale  (…)”