The Golden Visa of Spain, greatly appeals to many people who desire to live in Europe and under the sun. In 2013, the Spanish government launched a nationwide programme for non-EU nationals. The procedure is straightforward, as it is in other nations. To get permanent residency and the same privileges as a Spanish citizen, the candidate must make specific investments. There are several elements to consider when determining if the housing by investment programme is a good investment.
This article will look at the entire programme by focusing on the most popular choice, real estate investing. Spain’s real estate market is varied, with significant local and foreign sales from non-EU investors. Apartments, penthouses, luxury villas, and classic Spanish residences are all available in real estate. However, any real estate acquisition to get Spanish residence should be done with caution. Let’s take a look at what you should know.
Who Can Get a Golden Visa in Spain?
Before investing in the golden visa to get Spanish citizenship, applicants must meet certain government conditions.
- You must not be a citizen of the EU.
- You must be at least 18 years old.
- Have no criminal record
- In Spain, you should have health insurance.
How Much Money Do You Need in Spain to Get a Golden Visa?
The minimum investment and transaction amount varies according to the direct method you use to get permanent residency. Within Spanish territory, investment opportunities include…
Invest 500,000 Euros in real estate, either in one property or in several.
Invest 2 million Euros in public debt instruments issued by the Spanish government.
1 million Euros should be deposited into a Spanish bank account.
Purchase 1 million euros in Spanish company shares
The final investment option is to establish new Spanish firms that will benefit the local community through job creation or technical innovation. You should ideally have business experience in Spain for this.
What are the Benefits and Drawbacks of the Golden Visa in Spain?
Before submitting a visa application for Spanish citizenship and making the initial deposit, it is important to understand both the positives and downsides. After all, becoming a Spanish resident involves considerable lifestyle adjustments rather than a little economic venture. Let’s start with the advantages:
- The International Quality of Life Index scores Spanish society well.
- The Mediterranean outdoor lifestyle also provides 300 days of sunshine each year to all permanent inhabitants.
- It is one of the least costly European countries in terms of living expenses.
- Belongs to the Schengen zone, which allows Spanish passport holders to travel to 180 countries.
- The Spanish government provides free education to children under the age of 18.
- The health-care system and medical-insurance coverage are among the best in Europe.
However, like with every other capital investment choice, there are drawbacks. Consider your own lifestyle, money, and expectations, as well as the ones listed below:
- In comparison to other nations, notably Portugal and Turkey, the Spanish government’s minimal investment is significant.
- Applicants must first go through the rigorous 5-year residency permit process.
- If you sell the assets or remove the investment before five years, the application is cancelled.
- Applicants are only permitted to leave Spain for 10 months throughout the five-year period. Other nations do not require permanent residency.
Can I include family members in my application?
Yes, applicants may include their spouse, any dependents under the age of 18, and any elderly parents who have reached retirement age. Minor children will need special papers, but there is no age restriction.
How long is the Golden Visa for Investment valid?
When an applicant initially applies, they will be granted a one-year visa. The applicant will then renew the paperwork to get a two-year visa. They will repeat this process until the candidate has completed five years of residency, at which point the applicant will be granted permanent status in Spain.
What documents are required for the application?
- The Golden visa application form may be obtained from the Spanish embassy or consulate in your home country.
- Take two passport photographs. Ascertain that they follow the biometric process criteria.
- Gather all financial papers and bank certifications to demonstrate the applicant’s money and suitable income in Spain.
- Your passport must be valid for at least one year.
- To verify that they have a clean criminal record, the applicant must also receive a criminal record certificate from the police department where they live that is no more than three months old.
- Remember to acquire your health insurance certificate from a Spanish business.
- All investment-related documentation and certifications are necessary.
- An identity document and proof of the applicant’s current country of residency are required.
- For families, the applicant must additionally submit all dependents’ marriage and birth certificates from their country of origin. Similarly, they must have a medical certificate demonstrating health coverage as well as a clean criminal record certificate given within 6 months.
Please keep in mind that foreign papers must be officially translated by a certified translator. Additional papers must be legalised by the issuing country’s consulate. Legalisation is not required for official and extra papers and identity issued by a European Union member state. For a comprehensive list of papers that require official translation, please visit the official website.
Note on Sufficient Funds: You must supply original and copies of documentation confirming sufficient financial funds or a regular source of income for the principal applicant and, if appropriate, any accompanying family members. The bare minimum is 400% of Spain’s Public Multiple Effects Income Indicator (IPREM). This sum must be added to the IPREM for each applicant’s family member. Apostilled foreign papers must be provided with an official translation into Spanish.
The Application Methodology
Many non-EU nationals hire professionals to guide them through the official activities and processes; nevertheless, if you want to follow the straight path, you must first invest. The principal applicant cannot utilise a loan or a financial intermediary to get cash and must invest completely from their own earnings. Begin the visa application procedure at the Spanish embassy within three months after making the investment.
Include all international documentation, such as a passport, proof of private health insurance, proof of purchase indicating the real estate worth, and a valid passport. Payment of the visa fee is required. Pay the application cost in local currency when submitting your application. Changes are possible due to currency volatility. After receiving the golden visa, exchange it for a residency permit, then renew it after one and two years before applying for permanent residence.
Can I Lose My Golden Visa to Spain?
Yes, if the applicants liquidate their investment or sell the property before the five-year period expires. They will automatically surrender their resident visa and will not be granted permanent residency in that situation.
Can I apply for a Golden Visa if I already own a home?
Yes, you may receive a Spain golden visa if you own the property for less than three months. All real estate-based petitions for permanent residency must be submitted within three months. The land register provides proof of acquisition dates.
Is it possible to have dual citizenship in Spain?
Yes, Spain allows dual citizenship; but, before applying for an investor visa, you should first verify with your current nation of origin. Some, such as the United States, refuse to allow it.
Additional Visas for Spain
Schengen Tourist Visa: Holders of this short-stay visa may visit Spain and other Schengen Area countries for tourism or business for a maximum of 90 days within 180 days. It is usually given out for tourism, family visits, business meetings, or cultural events.
Student Visa: Apply for a student visa if you want to study in Spain for longer than 90 days. To apply for this visa, applicants must obtain an admission letter from a recognised educational institution in Spain.
Work Visa: To work in Spain, you will require a work visa. Potential companies in Spain often sponsor the application of the principal candidate, who must demonstrate that they have the requisite skills and credentials for the position.
Residence Visa: This visa permits people to stay in Spain for more than 90 days. It covers topics such as family reunion, retirement, and self-employment.
This visa allows a single candidate to serve as an au pair in Spanish families. It enables the qualifying applicant to spend the full term living with a Spanish family, caring for their children and enhancing their Spanish language abilities.
Cultural & Sports Visa: This visa is intended for artists, performers, athletes, and others in the cultural and sports sectors who want to attend events or engage in activities in Spain.
Transit Visa: Applicants who are travelling via Spain to another country and have a layover or stopover may require a transit visa. It is critical to determine whether your nationality necessitates this form of visa.
Other Countries That Provide Citizenship via Investment
Turkey: Turkish authorities have also introduced a golden visa programme for international investors. The investor visa has modest entry requirements and a rapid processing period. In contrast to Spain, real estate-based investor visa applications are often approved within a year. The majority of properties eligible for the foreign investment programme are in Istanbul.
Portugal: The golden visa in Spain is frequently compared to the golden visa in Portugal. This is another nation with investment potential, and because it borders Spain, it has comparable weight and love for the Spanish residence by investment programme. Foreign nationals who invest in Portugal profit from the fact that they are tax residents.
Where Can I Buy Real Estate in Spain?
Since the program’s inception, around 5,000 people have qualified, many of whom have purchased real estate in Madrid and Barcelona. Barcelona is a bustling and cosmopolitan city noted for its spectacular architecture, fascinating property kinds, rich culture, and lovely beaches. It is located in Catalonia. It’s a common option for real estate deals.
Madrid: Spain’s capital city, is known for its vibrant corporate climate, world-class museums, and ancient sites, as well as being a cultural, financial, and educational centre. However, Spain offers several areas with a variety of property kinds. The sizes and budgets of residential houses in Spain vary; you can view our whole collection here. However, other prominent locations for property sales include
Costa del Sol: This southern coastal region, which includes towns like as Marbella and Malaga, provides a Mediterranean lifestyle complete with sunny weather, magnificent beaches, and golf courses. It is popular among visitors and retirees.
Valencia: This city is well-known for its beautiful architecture, pleasant temperature, and cultural attractions. It is less expensive than other major Spanish cities, making it appealing to home purchasers.
Seville: Seville, known for its ancient landmarks, festivals, and Andalusian charm, is rich in history and culture.
Bilbao: Bilbao, in the Basque Country, is known for its contemporary architecture, especially the Guggenheim Museum. It’s a growing location for home purchasers.
Costa Blanca: This region, which includes towns like as Alicante and Benidorm, provides a unique combination of beach living and cultural attractions.
Consider your lifestyle choices when deciding where to buy real estate in Spain, whether you want to live in a lively metropolis, on the ocean, in the countryside, or on one of Spain’s lovely islands. Consider your budget as well, as investment property costs vary greatly from one place to the next. See our full list of the best areas to buy real estate in Spain, and contact us for assistance with property transactions.
Also of Importance
Easiest Countries for Citizenship: The allure of an investment visa is easy to comprehend. Investors improve their quality of life and cultural understanding by investing. Furthermore, being a global citizen offers more financial prospects. As a result, while popular citizenship investment programmes are not new, they have received significant attention in the previous 10 years.
