Many foreigners chose to invest in Spanish real estate as the path to obtaining Spanish residency. That is a great entry point but, nevertheless, if you wish to keep your permit, you must fully understand what requirements and conditions must be met to renew it. And that is what we will explore in this article.
You are about to discover how to renew your golden visa in Spain successfully, including the complete list of requirements, timings and crucial legal advice that will help you do it effortlessly.
When should I renew my golden visa?
The first question we must answer is related to the length of validity of the golden visa.
As you may already know, the initial investor residency card you obtain is valid for a total of 2 years (as opposed to 1 year if you obtained it at the Spanish consulate on your country of origin)
Once that period comes to an end, you must renew it.
Nevertheless, one of the main upsides of this visa under the Entrepreneur’s Law is that after this initial renewal, your new card will be valid for another 5 years.
Hence you can avoid the need to renew every 2 years (as what happens with other residences under the general regime), and with it the need to stress with bureaucracy that frequently.
Bear in mind that you must start your renewal process within a really specific time range. That is, between the 60 days before and 90 days after your card expires. Otherwise, the renewal won’t be possible.
Main requirements to renew the investor visa
Another of the most favorable upsides regarding this residency by investment is the fact that the renewal requirements are quite straightforward and easy to meet.
Basically, we are talking about two main conditions you must meet to successfully keep and renew your golden visa:
- Demonstrate you are still in possession of the assets/investment/property you used to get the card in the first place above the same minimum value (or with an increased one)
- Demonstrate that you have visited the country at least once per the duration of the visa period (but there is no minimum duration required)
This last requirement and its flexibility is really important, as it directly means that this visa allows you to freely move within the European Union with your relatives, and stay and live in other countries.
Will I be able to get permanent residency or citizenship after renewing it?
The answer is yes, but the key questions if after how many renewals.
What does that mean?
First of all, we must confirm all years that pass while you are the holder of a golden visa count towards permanent residency or Spanish citizenship.
But, in order to apply for each of them:
- You must have lived in Spain for a minimum of 5 years with a golden visa to apply for permanent residency
- And, in order to apply for citizenship, 10 years in the country are required (unless you are from the Philippines, Portugal, Andorra, Equatorial Guinea or from any Latin-American country, then you can obtain it just after 2 years)
The most usual path goes as follows.
First of all, you would obtain the initial investment residency card for 2 years, renew it for 5, once 3 years of this second renewal pass move to permanent residency, and then after 5 years apply for citizenship.
Nevertheless, something crucial must be stated.
We mentioned in the previous section that you don’t need to stay in Spain for a minimum duration of time to renew your golden visa. But if you aim to apply for permanent residency or citizenship, that is no longer the case.
Here you can find an article defining the maximum amount of time you would be allowed to leave the country per year if you want to apply for any of those procedures.
Renewal procedure step by step
Similar to the initial application process, in order to renew your investor visa, you will have to gather all the required documents and submit them to the UGE.
You will also enjoy a fast-track resolution, receiving a favorable response (provided that you meet all the requirements) in just 20 days.
With that response, you will be allowed to get an appointment at the immigration office to register your fingerprints again, and come back after 30 days to receive your renewed residency card.
Do you still have doubts or would like our team of immigration lawyers manage the complete golden visa renewal application for you?
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