If the investment fails or is sold during the visa period, consequences may vary based on circumstances and visa program.
If the investment that qualified you for the Spain Golden Visa is sold or fails during the visa period, it can have significant consequences for your visa status. Here’s what you need to know:
1. Impact on Visa Status
- Maintenance of Investment: The Spain Golden Visa program requires that the qualifying investment be maintained for the duration of the visa period. If you sell the investment or it fails (e.g., in the case of a business or financial investment), you risk losing your eligibility for the Golden Visa.
- Immediate Notification Requirement: If the investment is sold or fails, you are generally required to notify the Spanish authorities immediately. Failing to maintain the investment could result in the revocation of your visa, and you may be asked to leave Spain or reapply with a new qualifying investment.
2. Options After Selling or Failing Investment
- Reinvestment: If you sell your initial investment, you may reinvest the proceeds into another qualifying asset to maintain your Golden Visa status. The new investment must meet the minimum required threshold (e.g., €500,000 for real estate) and comply with the program’s rules.
- Transition to Permanent Residency: If you have already transitioned to permanent residency after the initial five-year period, the requirement to maintain the investment may no longer apply. However, this depends on the specific terms of your residency and whether the investment was a condition of maintaining your residency status.
3. Legal and Financial Implications
- Legal Advice: It is highly recommended to seek legal advice before selling your investment or if your investment is at risk of failing. Legal professionals can help you navigate the requirements and explore options to maintain your visa status.
- Tax Implications: Selling your investment could also have tax implications, including potential capital gains tax. It’s important to consider these factors and consult with a tax advisor to fully understand the consequences.
Summary
If the investment tied to your Spain Golden Visa is sold or fails, you could lose your visa unless you reinvest in another qualifying asset. Immediate notification to the authorities is required, and the loss of the investment may lead to the revocation of your visa unless proper steps are taken. Consulting with legal and financial advisors is essential to navigating this situation effectively. For detailed guidance, consulting official Spanish immigration websites and professional advisors is advisable.