WHAT IS THE SPANISH GOLDEN VISA?
Residence-by investment programme – Spain Golden Visa. It allows non-EU investors who make a qualifying investment to live legally in Spain.
Advantages of the golden visa in Spain
- Dependents included:
- Spouse or common-law partner
- Dependent children
- Member of the Schengen Area and the EU
- Right to live, work and study in Spain
- Pathways to obtaining Permanent Residency after 5 years of actual residence
- Pathways to obtaining Citizenship in Spain after 10 years of actual residence, or 2 years in case of former Spanish colony citizen
- High standard of education and healthcare system
- Visa-free travel within the Schengen Area
- No physical residency requirement
- No language requirement
- No education or management experience required
A minimum of EUR 500,000 in a real estate property
- Purchase one or multiple properties
- Mix of residential or commercial allowed
- Joint buyers can combine investments into one property (min EUR 500,000 each)
- At least EUR 500,000 of the investment must be from the investor’s own funds (free of all charges, e.g. mortgage)
- The investment can be made through a majority owned company (longer processing time)
Golden visa Spain – The requirements
- Be over 18 years of age and a Non-EU/EEA Citizen
- Make a qualifying investment in Spain
- Hold the investment for a minimum of 5 years
- Have no debt to Spain authorities
- Have a clean criminal record
- Not have entered or stayed illegally in Spain
- Open a bank account and obtain a tax identification number in Spain
- Select property and complete legal documentation process in Spain
- Receive police confirmation on application eligibility
- Complete qualifying investment
- Meet all application documentation requirements
- Submit application in Spain or at a Spanish Consulate
- Processing time between 1-3 months
- Initial residency visa provided for 1 year, then 2 years, and then 5 years (renewal)
WHAT IS THE SPANISH GOLDEN VISA?
The Spanish Golden Visa is a residence by investment program. It enables non-EU investors who make a qualifying investment to live in Spain.
DOES THE APPLICANT’S FAMILY ALSO BENEFIT FROM THE GOLDEN VISA?
Yes, the following relatives may be included in the application:
- Spouse, or life partner,
- Children who are under 18 years old (including adopted children) that are financially dependent on the Investor may be included.
- Children over 18 years old provided they are financially dependent on the investor and single.
- Parents provided they are financially dependent and do not have the financial resources to support themselves.
HOW LONG IS THE GOLDEN VISA VALID FOR?
The initial visa issued under the Golden Visa program is valid for 1 year. Thereafter, a 2-year residence permit is issued followed by a 5-year residence permit which may be renewed every 5 years as long as the investment and the other requirements are maintained.
ARE THERE ANY RESIDENCY REQUIREMENTS?
Under the Golden Visa program, there is no residency requirement, but it is required to travel to Spain in order to provide biometrics during the residence permit application and renewals.
WHAT ARE THE REQUIREMENTS TO RENEW THE GOLDEN VISA?
In order to renew the Golden Visa, the investor must continue to fulfil the initial conditions when the visa was issued, including maintaining the qualifying investment.
CAN GOLDEN VISA HOLDERS WORK IN SPAIN?
Yes, the main applicant and family members are allowed to reside and work in Spain with the residence permit.
WITH THE GOLDEN VISA, IN WHICH COUNTRIES CAN THE CLIENT GO WITHOUT A VISA?
The visa holder can travel into the Schengen area up to 90 days in any 180-day period.
WHAT IS THE MINIMUM INVESTMENT REQUIREMENT?
The minimum legal requirement in a property investment is of EUR 500,000. All types of property are eligible, but must be free of liens and encumbrances
HOW LONG DOES THE INVESTOR NEED TO KEEP THE INVESTMENT IN SPAIN?
For as long as the investor wants to maintain the residence permit, as the permit is only provided if the conditions are satisfied or until permanent residence or citizenship is granted. Therefore, if the investor sells the property before becoming a permanent resident or citizen, the permit will no longer be in effect.
WHEN CAN THE INVESTOR PURCHASE THE PROPERTY?
The property must be purchased before the submission of the visa application.
CAN THE INVESTOR LIVE IN THE PROPERTY THAT HAS BEEN PURCHASED?
The investor will fully own the property. Therefore, the investor has full access to it, as the owner and landlord, and is fully entitled to live there or rent out the property.
CAN THE INVESTOR MAKE OTHER INVESTMENTS IN SPAIN AFTER THE QUALIFYING INVESTMENT?
Golden Visa holders (including dependents) can apply for permanent residence if they have lived in Spain for 4 years and 2 months over a 5-year period.
CAN GOLDEN VISA HOLDERS APPLY FOR PERMANENT RESIDENCE?
Golden Visa holders (including dependents) can apply for permanent residence if they have lived in Spain for a consecutive period of 5 years, without having left for no longer than six months at any one time and have not exceeded 10 months absence in total during the 5 year period.
CAN GOLDEN VISA HOLDERS APPLY FOR CITIZENSHIP?
Golden Visa holders will become eligible to apply for Spanish citizenship after a ten-year residence period residence, subject to meeting language and other requirements, i.e.:
- Financial stability
- No criminal record
- Have a sufficient degree of integration into Spanish society
Citizens from Latin-American countries, Andorra, Equatorial Guinea, Philippines, Portugal and of Sephardi origin are eligible to apply for Spanish citizenship after a two-year residence period.
The present document is intended for guidance and general information only and does not constitute or purport to provide you with legal advice. Such information is subject to changes without notice. Each case is unique and depends on the facts and circumstances of the individual and due consideration should be taken if applying the general information to your personal situation. For an evaluation of your personal circumstances one of our legal team would be happy to assist.