Spain Golden Visa holders can ensure compliance by tracking important dates, staying informed on visa regulations, maintaining updated documentation, communicating with authorities, and seeking legal advice as needed.
Holders of the Spain Golden Visa must meet several ongoing requirements to maintain their residency status. Here’s a detailed explanation of how to ensure compliance:
1. Maintain Investment
- Initial Investment: Golden Visa holders must maintain their qualifying investment in Spain. This could be a real estate purchase worth at least €500,000, a significant financial investment, or a business project that creates jobs or has an economic impact.
- Proof of Investment: Investors must regularly provide proof that their investment is still in place. This can include property ownership documents, bank statements showing the value of financial investments, or business records.
2. Residence Requirements
- Minimal Stay Requirement: Unlike other residency permits, the Golden Visa does not have stringent residency requirements. However, to renew the visa, holders must visit Spain at least once during the year prior to renewal.
- Address Registration: Golden Visa holders must register their address with the local municipality in Spain and update it if they move.
3. Renewal Process
- Initial Visa and Renewals: The initial Golden Visa is valid for two years. Subsequent renewals are granted for five-year periods. Renewal applications must be submitted within 60 days before or 90 days after the current permit expires.
- Documentation for Renewal: When renewing, visa holders must provide updated documentation, including:
- Proof of ongoing investment
- Valid passport
- Health insurance coverage
- Proof of sufficient financial means to support themselves and their family.
4. Health Insurance
- Comprehensive Coverage: Golden Visa holders must maintain valid health insurance that provides coverage equivalent to that offered by the Spanish public health system. This can be through private health insurance or the Spanish social security system if applicable.
5. Criminal Record
- Clean Record Requirement: Visa holders must have a clean criminal record in Spain and in any countries they have resided in for the past five years. A criminal record check may be required during the renewal process.
6. Tax Obligations
- Tax Compliance: Depending on the amount of time spent in Spain, Golden Visa holders may become tax residents, requiring them to comply with Spanish tax obligations. This includes declaring worldwide income if they spend more than 183 days in Spain in a calendar year.
- Non-Resident Taxes: Even if they are not tax residents, Golden Visa holders may still be liable for certain taxes on their Spanish assets, such as property taxes.
Summary
To ensure compliance with ongoing Spain Golden Visa requirements, holders must maintain their qualifying investment, visit Spain at least once a year, renew their visa on time, maintain health insurance, keep a clean criminal record, and fulfill any applicable tax obligations. For detailed guidance, it is advisable to consult resources like official Spanish immigration websites and professional legal or financial advisors.