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Spain

Residency Visa for Capital Investors (RIC)

Under Law 14/2013, of 27 September, on support for entrepreneurs and their internationalization, individuals who make a capital investment in Spain may be eligible for a residence visa.

investment


Bank Deposit or Investment Funds

You may obtain a residence visa, and after that a residence permit, if you deposit at least €1,000,000 in a savings or fixed deposit account in a Spanish-based bank or financial entity, or you invest the same amount in investment funds, closed-end investment funds or venture capital/private equity funds established in Spain.

The residence visa is valid for 1 year, during which you may apply for a temporary residence permit which will be valid for 5 years, provided that you still keep the investment. Your spouse and your unmarried dependent children may be included in the application.

To maintain your residence status, you will be required to visit Spain at least once per year.

After 5 years holding the temporary residence permit, you will be eligible for permanent residency.

Note that the 1-year residence visa does not count in this 5-year period.

For residents under this scheme, no physical residence or place of abode is required to apply for a PR status.

The permanent residency will entitle you to live and work in Spain indefinitely.

After 10 years of legal residency (temporary or permanent) you may be eligible for naturalization. To become a Spanish citizen, you will be required to commit to renounce your previous nationality, have financial stability, no criminal record, attend an interview and prove your degree of integration into Spanish society, e.g. knowledge of Spanish language, culture, values and participation in Spanish social activities.

Note that nationals of the Philippines, Andorra, Spanish-American countries, Equatorial Guinea, Portugal, as well as individuals with Jewish Sephardic origin, may be eligible for citizenship after two years of legal residency.

Requirements


- Not be in Spain with irregular immigration status.
- Be over 18 years old.
- Lack of criminal record in Spain and in the countries where you have resided in the last 5 years, for crimes foreseen in the Spanish legal system.
- Have public insurance or private health insurance arranged with an insurer authorized to operate in Spain.
- Sufficient financial resources for yourself and your family members during your period of residence in Spain (monthly income of €2,130, and additional €533 per dependent).
- If you have invested in investment funds:
o Certificate from the fund's management company, incorporated in Spain, duly registered with the National Securities Market Commission, stating that you have made the investment
- If you have made a bank deposit
o Certificate of the financial institution stating that you are the sole holder of the bank deposit

Restricted Nationalities


European Economic Area

dual citizenship


Spain only recognizes dual citizenship for nationals who have acquired Spanish nationality at birth. Naturalized citizens must renounce their previous nationality, except those from countries with which Spain has concluded a double-nationality agreement. Currently, citizens of the following countries may become Spanish naturalized citizens, without giving up their previous nationality: Andorra, Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Equatorial Guinea, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Portugal, Puerto Rico, El Salvador, Uruguay and Venezuela.


Documents Required


  • One passport-size photo
  • Proof of income
  • Bank Statement
  • Original Bank Reference Letter (Not older than 6 month)
  • Original Police Clearance Certificate
  • Evidence of Health Insurance
  • Receipt of payment of fees
  • Original or Certified copy of Birth Certificate (if applicable)
  • Original or Certified copy of Marriage Certificate (if applicable)
  • dual citizenship No
  • Family members included Yes
  • land ownership Yes
  • Physical residence required No
  • Personal visit required Yes
  • Language skills required No
  • Interview required No
  • Investment Single €1,000,000
  • Investment Family 4 €1,000,000
  • Minimum annual income €25,560
  • Time to citizenship 120
  • Time to permanent residency 60
  • Visa-free countries 174
  • Financing available No

Fees

government fees main applicant €3,000
processing fees main applicant €3,000

Country details

Spain
EUR
34
Madrid
Europe
Catalan Galician Occitan Spanish
46505963
The Kingdom of Spain is a transcontinental country and member of the European Union. It is located to the south of western Europe and to the north of Africa. Its territory is organized into seventeen autonomous communities and two autonomous cities, with diverse geography and cultures.

In Europe, it occupies most of the Iberian peninsula, known as peninsular Spain, and the archipelago of the Balearic Islands (in the western Mediterranean sea), and two autonomous cities (Ceuta, Melilla) and an autonomous region (the Canary Islands) in Africa. The peninsular territory shares land borders with France and Andorra to the north, Portugal to the west and the British territory of Gibraltar to the south. In its African territories, it shares land and sea borders with Morocco.

It is inhabited by 46 million people. Its capital and most populated city is Madrid, with over 3.1 million inhabitants. Other important cities include Barcelona (1.6 m), Valencia (800,000) and Seville (700,000). Its official language is Spanish, along with four co-official regional languages, Catalan/Valencian, Basque, Galician and Aranese. Its official currency is the Euro (EUR).

Visa Free Travel

With your new passport from Spain you'll be able to access 174 countries visa free
>

Taxes

To be a tax-resident in Spain, you must spend more than 183 days in the country during a calendar year or have your center of economic activities located there, if it is not stated otherwise in a tax treaty.

Tax-residents are subject to Personal Income Tax on their worldwide income.

PIT is levied at progressive rates by the state and each autonomous region. The lowest combined top marginal tax rate is 43.5% in Madrid (on annual income exceeding €60,000), and the highest is 48% in Catalonia (annual income exceeding €175,000.20) and Andalusia (annual income exceeding €120,000).

Savings income is taxed at progressive rates between 19% and 23%. This includes capital gains and investment income such as dividends and interests. Rental income is taxed at personal income tax general rates.

Non-residents are subject to Non-resident income tax at a flat rate of 24% on income from Spanish sources. If a non-resident is a resident within the EEA that has concluded a tax exchange of information agreement, he or she will be subject to a reduced rate of 19%. Regarding dividends, capital gains and interests, they are subject to a 19% tax, unless the tax rate is reduced under a tax treaty.

Spain has enacted extensive controlled foreign company (CFC) rules, under which income retained in a non-EU controlled foreign company may be attributable.

Municipalities levy a real property tax up to 1.3% on the cadastral value of property. Transfer of real properties, which are not subject to V.A.T., may be taxed at a 6% tax rate, although this may vary according to each autonomous region.

Inheritance and gift tax ranges from 7.65% to 34%, although it may be higher in some autonomous regions.

Net worth tax is levied at progressive rates between 0.2% to 2.5%. Each autonomous region sets its own minimum amount exempt and its own scale rates. Madrid does not levy net worth tax.

The V.A.T. standard rate is 21%. Certain goods and services are taxed at 10%, 4%, 0% or are exempt.

Regarding corporate taxation, resident entities are subject to 25% income tax on their worldwide income. To learn more about Spanish corporate taxation, legal framework and tax treaties, visit incorporations.io/spain.

This should not be construed as tax advice. Flag Theory | Passports.IO has access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.

  • Property tax Yes
  • Transfer tax Yes
  • Inheritance tax Yes
  • Net worth tax Yes
  • CFC law Yes
  • Tax residency days 183
  • Personal income tax rate 48%
  • Capital Gains tax rate 23%
  • Investment income tax rate 23%
  • Territorial taxation No

Procedures

Flag Theory | Passports.IO and our qualified attorney in Spain will guide you through each step of the process to ensure that it is as fast, efficient and pain-free as possible.

First our lawyers will conduct a due diligence check on you to ensure that you are eligible and that your application will be approved.

If required, we will provide you access to our network of financial advisors in Spain to find the investment opportunity that best suits your needs. We will handle your ordinary visa application to come to Spain, and introduce you to Spanish banks in order to open a bank account and make the required deposit, or transfer your funds to an investment fund.

We will send you the application forms, provide assistance to complete the questionnaires, and translate and legalize supporting documents.

Once you provide the completed application form and supporting documents, the application must be submitted to your country of residence's closest Spanish embassy or consulate, or directly in the Ministry of Interior’s Immigration Department in Spain. You may choose between submitting the application personally or let us do it for you.

The application should be processed in a maximum period of 20 days. After your application is approved, you may travel to Spain to start your residency permit procedures. Our lawyer in Spain will guide you through this process.

For further information on Spanish residency by investment and detailed procedures, contact us for a free private consultation.

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