How to obtain residency for investors in Spain for Nationals of Chile

Recently, there has been an increase in interest in obtaining residency for investors, linked to the Golden Visa permit in Spain, especially from South American countries, including Chile.

The Golden Visa (GV) or residence authorization for investors is a residence permit currently in force in Spanish law, which Chilean citizens, among other nationalities with origin outside the European Union, can benefit from. Its main purpose is to attract and encourage foreign investment, offering in exchange the right to reside and work in the country.

By this means, Chilean citizens who make an economic investment in Spain, as long as it is one of those provided for by law and whose amount reaches the minimum required, will be entitled to reside and work in Spanish territory.

Can I reagroup my relatives from Chile as an investor in Spain?

Yes, in fact, one of the major advantages of this Golden Visa for investors is that it facilitates family reunification together with the holder, a procedure that is considerably more limited and demanding in the case of other permits. 

Thus, Chilean citizens who wish to reside and, if applicable, work in Spain, will be able to process the corresponding residence authorizations for the members of their family they wish to bring as companions, all of them being linked to the main investment.

And, in fact, the present permit, due to its framework under the Entrepreneurs Law, is particularly generous in this area, allowing the regrouping of the following family members of the holder:

• The spouse or person with analogous relationship of affectivity
• Minor children
• Children of legal age, provided that it is proven that they are economically dependent on the holder, and that hey have not constituted a family unit by themselves
• Dependent ascendants, when joining or accompanying foreing nationals

What investments are eligible for the Golden Visa?

Those Chilean citizens who wish to access this permit for investors must make an investment in our country from among the following, included in Law 14/2013, of support to entrepreneurs, equaling or exceeding the minimum required:

• 2 million euros in Spanish Public Debt securities.
• 1 million euros in shares or equity investments in Spanish capital companies with a real business activity.
• 1 million euros in investment funds, closed-end investment funds or venture capital funds incorporated in Spain.
• 1 million in bank deposits in Spanish financial institutions.
• 500,000 euros pin real estate investment, which must be free of liens and encumbrances. 
• A business project to be developed in Spain that is considered and accredited as being of general interest.

Main advantages or benefits of the Golden Visa for Chilean nationals

Firstly, the residence permit for investors has an expedited processing period that makes it an express permit, since the agency in charge has only 20 working days to grant or deny the application, at the end of which, without an express resolution, it is understood to be favorably resolved.

Another of the fundamental advantages of the Golden Visa for Chileans is the fact that it is not required to live in Spain to maintain the validity of the authorization, nor is it a requirement to opt for its renewal. For both cases it is sufficient to maintain the minimum investment made and stay in the country for only one day a year during the 3 years of validity of the permit.

One of the great attractions for Chileans, as non-EU citizens, is the freedom of movement granted by this permit, both in Spain and throughout the Schengen area. 

Finally, access to Spanish nationality through residence can be a major incentive for this authorization.

Obtaining the spanish passport after residency as an investor for Chileans

Chilean citizens, by virtue of the agreement that Chile has signed with Spain, enjoy a reduced period of 2 years of residence in our country to obtain Spanish nationality.

Pursuant to the provisions of the Civil Code, the following requirements must be met in order to obtain a Spanish passport by way of residence:

• legal residence, continuous and immediately prior to the application;
• good citizenship and;
• sufficient degree of integration into Spanish society.

Regarding the legal and continuous residence, the permit granted by the Golden Visa for investors allows the accreditation of such residence. However, despite the fact that, as we have seen, in order to maintain said permit it is only necessary to remain in Spain for one day a year, when the purpose is to obtain Spanish nationality, the interested party is required to remain in Spanish territory for a minimum of 183 days a year.

However, by residing for such time, there is a risk of also acquiring tax residency in Spain. 

That is why it is preferable to seek specialized legal advice to develop the best strategy to follow according to the needs of your particular case. Contact our expert lawyers here.

Patricia Ruiz

Lawyer in the International Mobility area