The advantages of obtaining a Golden Visa in Spain
While there are plenty of Golden Visas across Europe, the Spanish Golden Visa application process is one of the easiest, known for its speed and clarity. Applicants who successfully acquire the Golden Visa in Spain can enjoy key Golden Visa benefits, among other advantages.
Holders of a Golden Visa in Spain have a Spanish residency permit. This means that they, along with their closest relatives, have the legal right to live and work within the Spanish territory, as well as having access to the following benefits and rights:
- Permission to live in Spain.
- Authorization to work in Spain, either as freelance or employee.
- Freedom to travel within the Schengen area.
- Consent to extend the rights and benefits to family members.
- Usage of public services.
- Ability to gain Spanish citizenship after 10 years.
In which cases an investor is eligible for applying for the Golden Visa:
- Real Estate: Purchase commercial and/or residential real estate in Spain with a minimum value of 500.000€
- Spanish public debt securities: Invest at least €2 million in public debt securities
- Stocks, shares, or bank deposits: Invest at least €1 million in stocks or shares of companies operating in Spain, in Spanish investment funds, venture capital funds, or in bank deposits in Spanish financial institutions
- Business investment: Invest at least €1 million in starting a business in Spain that generates employment, contributes to technological and/or scientific innovation, and has a strong socio-economic impact
The Golden Visa application procedure can be divided into two stages:
- The acquisition of the property can take approximately 6 weeks (40-50 business days). Ultimately, it will depend on external factors such as real estate agencies (if any), the seller of the property and the cooperation of the client.
- The application process for the residence permit takes a maximum of 20 days.
What documents are needed to submit the application?
- A valid Passport issued from a non-EU country
- Private Medical insurance issued by a company operating in Spain
- Background checks proving you do not have criminal records in Spain
- Proof of sufficient financial resources to support you and your family during the residency in Spain
- Documents demonstrating evidence of your investment, depending on the type of investments you made.
- For Real Estate investment, you must present the property registration certificate and the purchase notarial deed.
Furthermore, it is important to note that one other requirement is that you should not have entered illegally or remained illegally in Spain, and not have been denied entry in any of the EU countries before requesting the Golden Visa.
How long does the Golden Visa last?
The visa’s initial duration is 1 year.
- The visa can be renewed for 2 years if the investment is maintained.
- The maximum duration of the residency permit is 5 years. After this period, investors can apply for permanent residency in Spain.
Can the property be acquired by a company and invest in various properties?
The acquisition of the property can be made by an individual (natural person) or through a legal entity (company). In case it is done through a company, it has to comply with the following:
– Not be domiciled in a tax heaven country.
– You must have a majority shareholding in the company, and the power to appoint or dismiss its management.
You can invest in as many properties as you want. As we mentioned, the main requirement to apply for the Golden Visa or residence by investment is that you invest €500.000 in one or several properties.
Currently there is no limit to making the investment. That is to say, you can buy several properties over the years. However, you will not be able to apply for the Golden Visa until the amount invested does not reach €500.000.
It is also very important to note that financiation of the investment (e.g trough banks etc) can only be made for the part of the investment that exceeds the initial €500.000.
For example, if the property you are interested in costs €700.000 you can finance €200.000 (since the initial €500.000 are the minimum amount of investment in this type of visa).
Right to obtain the Spanish citizenship
The Golden Visa scheme does not automatically grant you a Spanish passport, but it allows you to reside legally in Spain. After a period of 10 years and fulfilling other requirements, you will be able to apply for nationality, which allows the issuance of a Spanish passport.
On the other hand, in the case of nationals of Latin American countries that are considered as former Spanish colonies, Andorra, Philippines, Equatorial Guinea, or Portugal, the right to apply for nationality is 2 years after proving legal residence in Spain.