What is Spain Golden Visa?
Spain, a member of the EU since 1985 and the Schengen area since 1995, offers high living standards and a dynamic economy, making it a prime destination for relocation. The Spain Golden Visa Program is particularly appealing for non-EU nationals looking to advance their careers or life goals in Europe. This visa allows you to live, study, and work in Spain, and can eventually lead to permanent residency and citizenship.
After five years of temporary residency, you can apply for permanent residency, and after ten years, you may be eligible for citizenship through naturalization, provided you meet the necessary criteria.
Detailed Eligibility Criteria for the Spain Golden Visa Program
The Spain Golden Visa Program is designed to attract international investors and their families by offering them residency in exchange for a qualifying investment in the country. To be eligible for the Spain Golden Visa, applicants must meet a series of financial, legal, and health-related criteria. Below is a detailed breakdown of these requirements:
1. Minimum Investment Requirement
- Real Estate Investment: You must invest a minimum of €500,000 in Spanish real estate. This can be a single property or multiple properties, and the investment can be in residential or commercial real estate. Joint investments with others are allowed, provided each individual meets the minimum investment threshold.
- Spanish Government Bonds: An alternative to real estate investment is purchasing €2 million in Spanish Government Bonds. These bonds are backed by the government, offering a relatively secure investment.
- Capital Transfer: Another option is to transfer €1 million into shares of Spanish companies or a bank deposit with a Spanish financial institution. This investment can also be in the form of venture capital or other investment vehicles recognized by the Spanish authorities.
2. Age Requirement
- Minimum Age: The principal applicant must be at least 18 years old at the time of the application. This ensures that the applicant is legally recognized as an adult and capable of making binding financial decisions.
3. Residency Status
- Legal Residency: The applicant must not be residing illegally in Spain at the time of application. This means that if the applicant is already in Spain, they must have entered the country legally and must comply with current immigration laws.
4. Criminal Record
- No Criminal Record: Applicants must have a clean criminal record, both in Spain and in any other country where they have resided in the last five years. A criminal background check will be conducted as part of the application process to ensure compliance.
- Undesirable Persons List: The applicant must not be listed as an undesirable person in any country with which Spain has a bilateral agreement. This ensures that individuals with potentially harmful backgrounds are not granted residency.
5. Health Insurance
- Private or Public Health Insurance: Applicants are required to have valid health insurance, either private or public, that is recognized in Spain. The insurance must provide adequate coverage throughout the applicant’s stay in Spain. This ensures that the applicant will not be a financial burden on the Spanish healthcare system.
6. Proof of Financial Stability
- Sufficient Funds: The applicant must provide proof of sufficient financial resources to support themselves and their dependents without the need to work in Spain. This can include bank statements, income statements, or other financial documents that demonstrate the ability to sustain their living expenses while in Spain.
7. No Prior Rejections
- Residence Rejections: The applicant must not have been previously rejected for residency in Spain or any other country that Spain has agreements with. A history of rejection could disqualify the applicant from the Golden Visa program.
8. Health Requirements
- No Contagious Diseases: Applicants must be free from any illnesses that could pose a public health risk according to Spanish regulations. Specifically, they must not have any diseases listed in the International Health Regulations of 2005, which include certain communicable diseases that could impact public health.
Meeting these eligibility criteria is crucial for securing the Spain Golden Visa. The Spanish authorities carefully review each application to ensure that all conditions are met. If you meet these requirements, the Spain Golden Visa can provide you and your family with an excellent opportunity to live, work, and travel within Spain and the broader Schengen area.
Investment Options for Spain Golden Visa
To obtain the Spain Golden Visa, you have several investment routes:
Investment Type | Amount
- Real Estate Investment | €500,000
- Business Development | €1 million
- Capital Transfer | €1 million
Real Estate Investment Option
This option requires a €500,000 investment in Spanish real estate, either residential, commercial, or a combination. Properties can be rented out, and multiple investors can combine their investments. Any amount over the minimum investment can be mortgaged.
Business Development in Spain
This route aims to support the Spanish economy directly by creating employment, having a socio-economic impact, or contributing to scientific or technological innovations. The minimum investment requirement is €1 million.
Capital Transfer
You can also choose to invest in Spanish Treasury Bonds, which are backed by the government, making them a popular choice due to their security. Alternatively, you can invest in shares of Spanish companies or deposit funds in a Spanish bank, both with a minimum requirement of €1 million.
Business Projects in Spain
For business projects to qualify for the Spain Golden Visa, they must:
- Create jobs
- Positively impact the economy or society in the investment area
- Contribute significantly to scientific or technological innovation
Spain offers over 3,000 start-ups to invest in, with favorable tax conditions for investors. Due to the complexity of these procedures, it is recommended to work with an agent.
Spain Golden Visa Application Process
The application process for the Spain Golden Visa is straightforward:
- Choose your investment option.
- Submit the application for a Schengen Visa.
- Visit Spain to provide biometric data (this typically takes around two months).
- Wait for the decision, which usually takes around 20 days.
- Receive your Spain Golden Visa and start enjoying its benefits.
Opening a Bank Account and the NIE Number
The NIE (Número de Identificación de Extranjero) is a tax identification number required for financial and legal activities in Spain. It’s essential for all foreigners involved in Spain's tax system or real estate market.
Get Assistance from VisitsVisa
At VisitsVisa, we specialize in providing expert guidance throughout the Spain Golden Visa process. Our experienced team is committed to offering a seamless and transparent experience, ensuring that you and your family have all the support you need to navigate the complexities of obtaining a Golden Visa in Spain.
Submitting the Application for Spain Golden Visa
The application process for the Spain Golden Visa is designed to be efficient. Typically, the relevant authorities have a maximum of 20 days to process your application. If no decision is made within this timeframe, the visa is automatically granted. However, it’s important to note that in some cases, the entire process can take up to 10 months, depending on the specifics of your application and any additional requirements that may arise.
Spain Citizenship by Investment
While the Spain Golden Visa provides an excellent opportunity for residency, it is not a direct route to citizenship. However, by living in Spain for ten years and fulfilling certain criteria, you may become eligible for citizenship. This includes maintaining continuous residence, integrating into Spanish society, and meeting specific legal requirements. Consulting with legal professionals and experts is essential before making any commitments, as the path to citizenship involves careful planning and adherence to Spanish laws.
Updates for Spain Golden Visa in 2024
In 2024, there have been ongoing discussions about potential changes to the Spain Golden Visa program, particularly concerning the investment options. While the program itself is not ending, the Spanish government is considering adjustments to address housing challenges in the country. Despite these potential changes, you can still obtain residency by investing €500,000 in Spanish property, which remains a viable and popular option for many applicants.
Spain Golden Visa Renewal Process
The initial Spain Golden Visa is granted for one year, with the possibility of extension. You can extend your visa for up to five years, provided you continue to meet the necessary requirements. After five years of residency under the Golden Visa, you may apply for a permanent visa. This step requires that your original investment remains in place and that you continue to comply with all other visa conditions, including maintaining health insurance and demonstrating sufficient financial resources.
Golden Visa for Spain Benefits
- Travel: Visa-free access to Schengen countries
- Education: Spain offers a range of schools for international students
- Retirement: Spain is a popular retirement destination with various pension options