‘Golden Visa’ is a colloquial name for state programs available in some countries that allow foreign investors to establish legal residence there in a fast manner. A ‘Golden Visa’ is different from a regular resident visa: you have to meet fewer conditions to acquire the former type of visa. Several countries offer this opportunity and we discuss the Spanish ‘Golden Visa’ program below.
The program was launched in 2013 and today, it is one of the most popular ‘Golden Visa’ programs in Europe. The program allows a foreign investor and members of his/ her family to freely reside in Spain and in the whole of Europe.
The methods of acquiring a ‘Golden Visa’ to Spain
You have to meet one of the following conditions to qualify for a Spanish ‘Golden Visa’:
- Buy real estate in Spain for at least 500,000 euros. You have to keep the property in your possession if you want to keep the ‘Golden Visa’.
- Deposit 1 million euros in a Spanish bank.
- Buy shares of Spanish companies for at least 1 million euros.
- Buy Spanish Government bonds for at least 2 million euros.
- Suggest a business project that can create jobs in Spain and contribute to the development of the Spanish economy.
Please note that you cannot withdraw from investments whatever option you choose. You can do it after living in Spain for 5 years because then you can qualify for a permanent residence permit.
Advantages of the Spanish ‘Golden Visa’
Freedom of travel. The Schengen zone is visa-free for you if you hold a Spanish residence card.
Business opportunities. Holders of ‘Golden Visas’ are entitled to engage in business in Spain.
Banking opportunities. ‘Golden Visa’ holders are free to set up accounts with banks in Spain and other EU countries.
No permanent residence requirements. You have to spend more than 183 days per year in Spain in order to qualify for a regular residence permit. ‘Golden Visa’ holders have to spend only 7 days per year in the country. At the same time, you have to live in Spain for the best part of each year if you would like to qualify for a permanent residence permit after 5 years.
Legal residence for the entire family. The foreign investor’s spouse and underage children qualify for ‘Golden Visas’ by default. Grown-up children and investors’ parents can also qualify if they are financially dependent on the main investor.
An opportunity to qualify for citizenship of Spain. If you live in Spain for 10 years, you can qualify for citizenship of the country by naturalization.
Healthcare opportunities. Cuadro medico sin copago is a medical insurance policy that gives free access to various medical services including doctor’s visits, ambulance calls, medical operations, etc.
EU driving license. ‘Golden Visa’ holders can apply for driving licenses and buy cars in Spain.
Educational opportunities for children. Your children can attend state and private schools and universities in Spain if you hold a ‘Golden Visa’.
No fiscal obligations. The visa holder does not become a fiscal resident of Spain if he/ she spends less than 183 days per year in the country.
No language or history tests need to be passed.
Please click here if you would like to find out about other ‘Golden Visa’ programs available in Europe and learn about their advantages.
Acquiring legal residence in Spain by purchasing real estate in the country
You have to do the following to qualify for a Spanish ‘Golden Visa’ by investment into real estate:
- Buy property in Spain worth at least 500,000 euros. It can be residential or commercial property. You can buy several pieces of property if their total price exceeds half a million euros.
- Be able to prove that the investment capital is your own money. You can take out a loan and buy a house that costs more than 500,000 euros but this is the minimum amount of your own money that you have to invest.
- If the construction work has not been completed, you can apply for a ‘Golden Visa’ only when it is.
You can file an application for a ‘Golden Visa’ in Spain or at the Spanish consulate in your home country.
Additional requirements to the applicant
The applicant has to be above 18 years of age and be solvent. The main applicant has to demonstrate having at least 28,800 euros in his/ her bank account plus 7,200 euros per family member.
The applicant also has to meet the following requirements:
- Confirm the legality of the sources of the investment capital;
- Have a clean police record for the last 5 years;
- Own nothing to the Spanish fiscal authorities;
- Have no visa irregularities or restrictions on entry into the EU;
- Be off the EU lists of sanctioned persons;
- Pose no threats to national security;
- Have no infectious diseases.
7 stages in the process of acquiring a Spanish ‘Golden Visa’
- Risk assessment. Contact a knowledgeable consultant to find out about all the small details involved in the process.
- Choice of property. You can visit Spain or choose the property remotely.
- Apply for a Spanish taxpayer’s number. You couldn’t purchase property if you didn’t.
- Make a purchase agreement. Please make sure that you use some legal advice.
- Apply for a ‘Golden Visa’. The application processing can take some time and legal support is desirable at this stage too.
- Obtain a residence card. The card is going to be valid for 2 years and it can be extended later. You can pick the card from the nearest police station.
- Apply for residence card extension. Please do so 60 days prior to the expiration date on your residence card. The property has to remain in your possession if your card is to be extended.
Additional costs involved
In addition to putting half a million euros into real estate, you will have to incur some additional costs when applying for a Spanish ‘Golden Visa’.
Legal fees can come up to a few thousand euros but all other additional costs are almost negligible. A medical insurance policy is not going to cost you more than 100 euros, the residence card issuance fee is also 100 euros, and the consular fee is below this amount if you are visiting Spain on a tourist visa.
Permanent residence in Spain
You can apply for a permanent residence permit after living in Spain for 5 years. You will have to prove that you have been away from the country for not more than 10 months over this period. When you have a permanent residence permit, you can withdraw from your investment.
Citizenship of Spain
You can qualify for citizenship of Spain after living in the country for 10 years. You will have to pass the language and history tests to become a naturalized Spaniard.
Please note that dual citizenship is disallowed in Spain so you would have to renounce your present citizenship. However, this requirement is not applied to citizens of some Latin American countries.
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