• Intra-Corporate Transferee Residence
The so-called Golden Visa or Law of Entrepreneurs (Official Gazette 28-9-2013) states that non-resident foreigners who intend to enter the Spanish territory with the purpose of carrying out a significant investment of capital, shall be allowed to apply for a stay visa or, if applicable, a residence visa for investors. What has to be understood by "significant investment"?
a) An investment equal to or more than 2.000.000€ in public debt securities, or 1.000.000€ in shares or stakes of Spanish companies or bank deposits.
b) Acquisition of real properties in Spain through an investment of an amount equal or superior to 500.000€ by each applicant.
c) A business project to be developed in Spain, to be considered as a project of general interest.
We understand that the enquiry refers to the investment in real properties and therefore item (b) is concerned.
A few explanations concerning the above:
How to obtain a Spanish Golden Visa or Residence Visa in Spain?
In the event of the acquisition of real properties the applicant must prove to have acquired the real property presenting a certificate issued by the Land Registry in respect thereof.
This visa is applied for and obtained through the Spanish Consulate of the country of origin of the investor, proving the purchase as said in the previous paragraph.
The issuance of the residence visa for investors shall constitute a sufficient title to reside in Spain during a period of minimum one year.
Investors who have been granted a residence visa and wish to reside in Spain for a longer period than one year, will need to obtain a residence authorization allowing them to stay in Spain for a two year period.
They shall be required to prove that they keep their investment and may apply for the residence authorization up to three months after the residence visa has expired.
Visas and residence authorizations shall allow the investors and their family to travel without any kind of limitation through the Schengen space.
The permanence in Spain, though of only one day during the period of validity of the visa, shall maintain its validity.
The conflict point is the following one:
The Law on Personal Income Tax states that any person residing in Spain more than 183 days per year shall be considered as a Spanish resident from a tax point of view.
Therefore if a foreign investor stays in this country for a period superior to the term herein above mentioned, he may be at risk to be considered as a tax resident in Spain and as a result may find himself bound to pay taxes on his assets abroad.
However the Law of Entrepreneurs is still very useful for those who wish to stay in Spain or inside the Schengen space, even travelling several times per year, without exceeding the afore mentioned term and without having to go through the cumbersome procedure of having to obtain visas every time they wish to travel to the country.
If you would need Smart Xcape to help you achieve your Spanish Golden Visa or Residency in Spain together with the right property or bank repossession in Marbella or anywhere on the Costa del Sol, Southern Spain, please do not hesitate to fill the form below or give us a call on +34 952 811 010 Now!