Getting a Golden Visa in Spain: The Ultimate Guide 2024
Spain ranks highly in the quality of life index and has one of the highest standards of living worldwide. Some factors that have hugely contributed to its popularity for a long-term residency are the Mediterranean climate, cultural attractions, and relaxed pace of life. Beyond these lifestyle benefits, Spain offers non-EU nationals an opportunity to live in the country through a Golden Visa program.
In this comprehensive article, we’ll guide you through the whole process of obtaining a Golden Visa in Spain. We’ll share all the necessary requirements, from the initial investment options to the documentation needed and from the application process to the pathway to permanent residency and final citizenship.
Key Takeaways
- In order to obtain a Golden Visa in Spain, the applicant should be a non-EU citizen, over 18 years old, and have sufficient financial resources.
- The applicant should make at least €500,000 investment, which can be made by purchasing real estate, opening a bank deposit, or buying company shares.
- A Golden Visa in Spain gives investors an opportunity to travel freely in the Schengen area, get access to public services, and much more.
- Immediate family members of the Main Investor, can be included to the Golden Visa
- Specialized agencies, like Mirabello Consultancy, provide expert guidance to those aiming to obtain a Golden Visa in Spain.
What is a Golden Visa in Spain and How Does it Work?
As a very enchanting country for life and business, many people seek to obtain a Golden Visa in Spain. So, the Spanish government launched the program in 2013 to attract non-EU investors and boost the country’s economy. The rules are generally the same as those for other visas through investment programs. In the case of Spain, a minimum of €500,000 should be invested in the Spanish property market or other means.
It’s worth mentioning that the residence permit is valid for two years, and it can be renewed indefinitely as long as the investment is still in place. After five years, it's possible to gain permanent residency. To apply for Spanish citizenship through the Golden Visa, a 10-year residency is required. Nationals of Latin America, the Philippines, and Equatorial Guinea can become citizens of Spain after only 2-year of effective residence.
5 Benefits of Getting a Spain Golden Visa as an Investor
It’s a no-brainer that European countries have always been the most sought-after locations for people to spend their lives. And Spain is not an exception here. Obtaining a Golden Visa in Spain through investment provides equal opportunities as those enjoyed by citizens. Below are some of the benefits that we find particularly appealing.
- Visa-Free Travel to Schengen Area: One of the biggest advantages is that Spanish Golden Visa holders have the freedom to travel to the Schengen zone without a visa for up to 90 days within a period of 180 days. As of 2024, The Schengen Area comprises 26 European countries. So, there are no limits to visiting those states.
- Path to Citizenship: To obtain Spanish citizenship through the investment program, applicants should determine their eligibility based on criteria such as birth, descent, marriage, or naturalization. At least five years of continuous living is required for permanent residence, with no more than ten months of absence from Spain. The Spanish government pays attention to financial solvency, the presence of health insurance, and the applicant's regular tax payments. If the permanent residence card is granted, it’s valid for life and can be regularly renewed. To obtain Spanish citizenship, the applicant should live in Spain with a permanent residence card for at least ten years. Also, the applicant should pass the Spanish language and Culture tests.
- Right to Family Residency: Eligible family members include the spouse, children under the age of 18, and parents in case of dependency on the applicant. Children above 18 may also be eligible if they are financially dependent on the applicant and are not married.
- Access to Public Services: Spain Golden Visa holders with permanent residency can get education and healthcare services, which are known for their high quality.
- Flexibility in Investment: The Spanish Golden Visa program offers various investment opportunities, including the purchase of real estate, which can be used for residential and commercial purposes, capital transfer, which means an investment in Spanish Treasury Bonds, and shares in Spanish financial institutions. Other investment options are financial contributions to start-ups and other business types. The most important point here is that all these investment opportunities should aim at creating employment and have a tangible socio-economic impact on the country.
4 Investment Opportunities in Spain: How Can You Become an Investor in Spain
Not much has been talked about the investment opportunities through the Spain Golden Visa above, so it’s time to dig in and introduce all the possible options thoroughly. So, let’s begin.
There are three main options one should know about when obtaining a Spanish Golden Visa.
- Investment in Real Estate
This option requires investing a min of €500,000 into real estate, which can be a residential or commercial property or even a combination of both. So, here, the investors are free to choose the purpose of it.
This method guarantees the investors can obtain their residency within two to three months.
- Business Development
Contrary to the first one, the second option for Spain residency by investment has a direct contribution to the country’s economy. The designated investment amount is €1 million. This choice involves the establishment of employment prospects and fostering advancements in the economy, science, and technology.
- Money Transfer
A substantial amount invested in Spanish Treasury Bonds, bank deposits, and company shares is quite popular among investors. The reason for this is that it is considered a relatively safe and secure form of financial investment. The minimum investment requirement for this option is €1 million. Another option is an investment of at least €2 million in Spanish public debt securities.
- Business Plan
The final option is to have a nice business plan and an initial investment of €250,000. If approved, this can lead to obtaining residency.
Eligibility Criteria
In this section, we’ll cover the main financial requirements, documentation, and paperwork one will need to have while obtaining a Golden Visa in Spain.
In order to be a valid applicant, one should be a non-EU citizen and at least 18 years old.
The documents and papers required to apply for the Spanish Golden Visa include:
- A valid passport issued from a non-EU country
- Private medical insurance issued by a local Spanish company
- Background checks proving the absence of any criminal records
- Proof of sufficient funds and financial resources for the investment. This is also needed to support the applicant and the family during the residency in Spain
- Documents proving the investment has been made in one of the given options by the government, such as property registration certificates
- Proof of relationship with family members, such as birth and marriage certificates, evidence of financial dependence for adult children or parents
How to get a Golden Visa in Spain?
Obtaining a Golden Visa in Spain is a detailed process with concrete rules and procedures. We have thoroughly discussed the investment opportunities and required documentation above. So, if the investor has chosen the investment option and gathered all the required documentation, the next steps are followed.
An appointment should be made at the Spanish embassy or consulate, and it may take up to a month to submit the application. If successful, the applicant is granted a one-year visa, which can be extended to a three-year one. The latter will be approved once the investor and the family submit the final application to the Ministry of Migration in Spain. As a reminder, let’s once again mention the fact that at least €500,000 investment should be made in real estate or €1 million in company shares, bank deposits, and Spanish Treasury Bonds.
To save time and, most importantly, ensure everything is completed correctly, it is advisable to work with Mirabello Consultancy.
Conclusion
Obtaining a Golden Visa in Spain offers a gateway not only to Spain but to Europe at large, with its promise of a high-quality lifestyle, vibrant culture, and economic stability. We have given you a comprehensive overview of the process, mentioning investment options, documentation, and eligibility criteria required for application.
Don’t forget to contact your agent, as the process involves intricate financial and legal steps to ensure a smooth application process.
