Spain Golden Visa

What is the Spain Golden Visa

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Similar to other European nations, Spain introduced its Golden Visa program to bolster the country’s economic growth. Unlike Gold Visa Cards, a Golden Visa grants residency in a country and allows visa-free travel within that nation.

What You Will Find in This Article

  • What Is Spain Golden Visa?
  • Eligibility Criteria for the Spain Golden Visa
  • Investment Options for the Spain Golden Visa
  • Spain Golden Visa Application Process
  • Required Documents for Spain Golden Visa
  • Spain Golden Visa Renewal Process
  • Benefits of the Spain Golden Visa

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:

  1. Choose your investment option.
  2. Submit the application for a Schengen Visa.
  3. Visit Spain to provide biometric data (this typically takes around two months).
  4. Wait for the decision, which usually takes around 20 days.
  5. Receive your Spain Golden Visa and start enjoying its benefits.
Spain

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

Benefits of the Spain Golden Visa

The Spain Golden Visa is one of the most sought-after residency programs in Europe, offering a range of benefits for investors and their families. Introduced in 2013, the Spain Golden Visa allows non-EU citizens to obtain residency by investing in Spanish real estate, businesses, or government bonds. Below are the key benefits of this visa program:

Residency for the Whole Family

One of the most attractive aspects of the Spain Golden Visa is its coverage for the investor’s family members. This includes:

  • Spouse
  • Dependent children (under 18 or financially dependent)
  • Dependent parents

Family members are granted the same residency rights, allowing them to live, work, and study in Spain.

No Minimum Stay Requirement

Unlike many other visa programs, the Spain Golden Visa does not require a minimum stay in the country to maintain the visa. Investors can live abroad while holding residency in Spain. This feature provides incredible flexibility for those who wish to maintain their primary residence in another country while still benefiting from Spanish residency.

Freedom to Travel Across the Schengen Zone

Golden Visa holders and their families can travel freely within the Schengen Area without additional visas. This includes access to 27 European countries, providing the convenience of unrestricted travel for up to 90 days within a 180-day period.

Fast-Track Application Process

The Spain Golden Visa is known for its streamlined and quick application process. Applicants can receive their residency permit within 20 days of submitting their application, significantly faster than many other residency programs across Europe. This fast processing time makes it a preferred choice for investors looking to relocate swiftly.

5. Pathway to Permanent Residency and Citizenship

After holding a Spain Golden Visa for five years, investors become eligible for permanent residency in Spain, provided they have lived in the country for at least six months each year. Additionally, after ten years of continuous residency, individuals can apply for Spanish citizenship, making this an attractive long-term option for those seeking EU citizenship.

Ability to Work in Spain

The Golden Visa allows the investor and their family members to work legally in Spain. Whether you're planning to establish a business, pursue a career, or take advantage of Spain’s vibrant economy, this visa opens up a wide range of professional opportunities.

Access to Spanish Healthcare and Education

Golden Visa holders gain access to Spain’s high-quality healthcare system and public education. Spain’s healthcare is known for its advanced medical facilities and affordable care, while its public and private schools provide excellent education for children, making it an ideal destination for families.

High Standard of Living

Spain is renowned for its sunny climate, rich culture, and relaxed lifestyle. From world-class beaches to vibrant cities like Madrid and Barcelona, Spain offers an exceptional quality of life. Whether you enjoy exploring historical sites, savoring Mediterranean cuisine, or taking part in outdoor activities, Spain has something for everyone.

Safe Investment in Real Estate

A popular route to securing the Spain Golden Visa is through real estate investment. The Spanish property market has been consistently strong, offering investors a safe and profitable opportunity to buy property in a country that’s a hub for tourism and business. With a minimum investment of €500,000, real estate purchases can include residential properties, commercial real estate, or a combination of both.

Tax Benefits

Spain offers favorable tax incentives for non-residents, including an exemption from wealth taxes for the first six years and options for advantageous tax regimes, such as the Beckham Law. This law allows new residents to pay a flat rate of income tax on earnings sourced outside of Spain for up to six years.

Flexibility in Investment Options

The Spain Golden Visa offers multiple investment routes, including:

  • Real estate (€500,000 minimum)
  • Government bonds (€2 million)
  • Spanish businesses (€1 million)
  • Spanish bank deposits (€1 million)

This flexibility allows investors to choose the option that best suits their financial strategy and long-term goals.

Dual Citizenship Opportunity

Spain recognizes dual citizenship with several Latin American countries, Portugal, Andorra, and the Philippines. Investors from these countries can apply for dual citizenship after just two years of residency, shortening the time frame compared to the standard ten years.

Application Process

Applying for the Spain Golden Visa involves several steps, each designed to ensure the applicant meets the necessary investment and legal requirements. Below is a detailed guide to the application process:

  1. Choose the Investment Option

    The first step is to decide which type of qualifying investment you wish to make. The most popular options include:

    • Real estate investment: Purchase a property or several properties worth at least €500,000.
    • Government bonds: Invest a minimum of €2 million.
    • Spanish business or shares: Invest at least €1 million in a Spanish company.
    • Spanish bank deposit: Place €1 million in a Spanish financial institution.
  2. Gather Necessary Documents

    Once you’ve chosen your investment route, you need to gather the required documents. These typically include:

    • Valid passport
    • Proof of investment: For real estate, this could be the deed of purchase. For financial investments, a certificate from a Spanish bank or relevant institution.
    • Medical insurance: Proof of public or private health insurance in Spain.
    • Criminal background check: A police clearance certificate from your country of residence, issued within the last three months.
    • Proof of financial means: Demonstrating you can support yourself and any dependents during your stay in Spain.
    • Visa application form: Completed and signed application form.
  3. Make the Investment

    You must finalize your investment before applying for the visa. For real estate, this means completing the purchase process and registering the property. For financial investments, it involves transferring the required funds to Spain.

  4. Submit the Application

    Once the investment is confirmed and documents are in order, you can submit your application. You can apply at the nearest Spanish consulate or embassy in your home country or apply directly in Spain if you're already in the country.

  5. Key Points:
    • The application can be submitted in person or through a legal representative.
    • You must submit the application within three months of making the investment.
  6. Application Processing and Approval

    The processing time for the Spain Golden Visa is typically 20 days. During this period, Spanish authorities will verify the investment and ensure all legal requirements are met.

  7. Receive the Golden Visa

    Upon approval, you will receive a residence visa valid for one year. This allows you to live and travel freely within Spain and the Schengen Area.

  8. Apply for a Residency Permit

    Before your one-year visa expires, you must apply for a two-year residency permit. This can be renewed every five years as long as the investment is maintained and all legal conditions are met.

  9. Renew Your Residency

    The Spain Golden Visa residency permit can be renewed indefinitely as long as you maintain the qualifying investment and comply with other legal requirements. There is no minimum stay required for the visa’s renewal, providing flexibility to live outside of Spain.

Required Documents for Spain Golden Visa

When applying for the Spain Golden Visa, it is essential to prepare a comprehensive set of documents to ensure a smooth application process. Below is a list of the required documents:

Valid Passport

You must provide a valid passport with an expiration date that is at least one year beyond your planned residency period in Spain. The passport should have clear, readable information and sufficient blank pages for visa stamps. Any previous passports may also be requested to verify travel history.

Proof of Sufficient Funds

You need to demonstrate that you have adequate financial resources to cover your living expenses without needing to work in Spain. Acceptable proof can include bank statements, investment portfolios, income statements, or any other financial documents that show your ability to support yourself and your dependents during your stay in Spain.

Proof of Medical Insurance

You must present documentation proving that you have valid health insurance, either private or public, that is recognized in Spain. The insurance policy should cover all medical expenses during your stay in Spain and must comply with Spanish standards. This ensures you won’t rely on Spain’s public health system unless covered by the insurance.

Educational Documents for Children (If Applicable)

If you have children who will be accompanying you, you must provide their educational documents. This includes school enrollment certificates, academic records, or any documents that confirm your children’s educational status. These documents may be necessary for enrolling your children in Spanish schools.

Translation and Legalization of Documents

All documents submitted as part of the application must be translated into Spanish and properly legalized. Translations should be done by a certified translator, and the legalization process may involve getting an Apostille stamp or having the documents certified by the appropriate consulate. This step ensures that all documents are recognized as valid and official under Spanish law.

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