Not to be outdone by its Portuguese counterpart, the Spanish Golden Visa program has been improved by Law 25/2015, of July 28, which amends a few aspects and introduces some important clarifications:
- It is now clear that applicants can also request reunification with their de facto partners and children of legal age and parents (the last two when economically dependent);
- If the investment is performed by a couple married in the community property regime, and said investment is equal to at least double the threshold for a single visa, both spouses can apply for a GV. For example, if they buy property of € 1,000,000 both of them can apply for a GV (the minimum threshold being € 500,000). If the investment is € 900,000, then only one of them could apply for the GV and the other would be eligible for reunification;
- It has also been clarified that the GV allows its holder to live and work in Spain;
- Renewal of the GV has been simplified and the periods extended: after the initial duration of one year, the visa turns into a 2 year residence permit which can then be renewed for 5-year periods as long as the applicant fulfils the initial investment conditions;
- Investors can also now choose to invest € 1 million in investment funds or venture capital funds;
- Real estate investors now have more time to finish the necessary procedures. A deposit agreement will be enough to secure a 6-month visa.
The initial conditions still apply, ie:
1.- Investment of € 500,000 in real estate (no liens or encumbrances);
2.- Investment of € 1 million in shares or bank deposit;
3.- Investment of € 2 million in bonds;
4.- Execution of relevant investment project.