Spain has set a deadline for applying for a "golden visa" (Law 1/2025 of January 3, 2025) on April 3, 2024. After the specified date, the program for obtaining a residence permit for investments will cease to operate. This applies to all forms of investments.
The cancellation of the Golden Visa will not affect articles 68-70 of Law 14/2013, which regulate business visas and residence permits.
This type of visa may become popular in the coming years, especially since Law 28/022 came into force on December 21, simplifying the application process. Entrepreneurs wishing to obtain a residence permit in Spain can now apply online on the portal of the Ministry of Migration from anywhere in the world.
One of the main conditions is a detailed business plan for the development of an innovative startup, which must be uploaded directly to the portal.
Although there are no minimum capital requirements, most successful applications include investments in fixed assets in the amount of 150,000 to 200,000 euros. Another point is the creation of five or six jobs in Spain.
The application review period has been reduced from 3 months to 3-4 weeks.
A residence permit is issued to entrepreneurs for 3 years with the possibility of extension for another 5 years.
Holders of an entrepreneurial residence permit must reside in Spain for at least six months a year in order not to lose their resident status. There is no such requirement for holders of a golden visa.Entrepreneurs who meet the requirements for residence in the country are eligible for tax breaks under the Beckham Rule. They pay personal income tax in the amount of 19 to 28%, depending on the level and type of income.
Source: IMI
