Your compass in
the world of immigration law

Get your free consult

GOLDEN VISA IN SPAIN

The Spanish Golden Visa program represents a unique and advantageous opportunity for non-European Union citizens seeking residency in Spain. Launched as part of the country’s efforts to attract foreign investment, the program offers a straightforward path to residency for those who make significant financial contributions in specific areas, predominantly in real estate, but also through other types of investments.

 

At its core, the Golden Visa is designed for individuals who are willing to invest a substantial amount in the Spanish economy. This investment can be made through various channels, including purchasing real estate, investing in Spanish public debt, or engaging in significant business ventures that positively impact the Spanish economy. In return, investors and their families gain the right to live, work, and study in Spain.

 

 

 

 

Who Can Apply for the Spanish Golden Visa?

The Spanish Golden Visa is an exclusive program tailored for non-European Union nationals, but not everyone automatically qualifies. Understanding who is eligible is crucial before embarking on the application process. The program is specifically designed for investors, entrepreneurs, and high-net-worth individuals who can make substantial financial contributions to the Spanish economy. 

Below are the key eligibility criteria for applicants considering the Spanish Golden Visa:

1. Minimum Age Requirement: Applicants must be at least 18 years old. This ensures that only legally adult individuals can undertake the financial transactions required for the Golden Visa.
2. Financial Investment Thresholds: A significant financial investment is the cornerstone of eligibility for the Golden Visa. The investment can take various forms:
   1. A minimum of €500,000 in real estate property.
   2. An investment of €1 million in shares of Spanish companies or bank deposits in Spanish financial institutions.
   3. An investment of €2 million in Spanish public debt.
3. Clean Criminal Record: Applicants must have a clean criminal record in Spain and in any other countries where they have resided during the past five years. This requirement is in place to ensure the safety and security of the Spanish community.
4. Health Insurance: Applicants must have comprehensive health insurance coverage in Spain. This can be through a public or a private health insurance provider, but it must be valid in Spain to ensure that the applicant will not be a burden on the Spanish healthcare system.
5. Sufficient Financial Means: Applicants must demonstrate that they have enough financial resources to support themselves and any family members who might be accompanying them. This is to ensure that Golden Visa holders will not require social assistance while in Spain.
6. Investment Proof: Applicants must provide documented proof of their investment. This could include property deeds, investment certificates, or other official documents that clearly demonstrate that the applicant has met the investment thresholds required for the Golden Visa.
7. No Entry or Stay Refusals in Schengen Countries: Applicants should not have been refused entry or stay in any of the Schengen countries. This maintains the integrity of the Schengen Area’s security protocols.
8. Non-EU Citizenship: The program is exclusively for non-EU nationals. EU citizens are not eligible for the Spanish Golden Visa as they already have the right to reside in Spain.

Financial Requirements for the Spanish Golden Visa

One of the most critical aspects of the Spanish Golden Visa program is the financial commitment required from applicants. This program is specifically designed for significant investors, and as such, it has clear financial thresholds that need to be met to qualify. Here’s a breakdown of the various investment options and the minimum amounts required:

Real Estate Investment:

• • The most common route to the Golden Visa is through real estate investment.
  • Applicants must invest a minimum of €500,000 in Spanish real estate.
  • This investment can be in one or multiple properties, and the total value must meet or exceed the €500,000 threshold.
  • It’s important to note that this amount must be free of any liens or encumbrances. The first €500,000 must be investment equity, and any amount beyond that can be financed.

Investment in Public Debt:

• • An alternative option is to invest in Spanish public debt.
  • The minimum investment required for this pathway is €2 million.
  • This option appeals to those who prefer a more traditional investment route, offering a different type of economic contribution to Spain.

Investment in Shares or Bank Deposits:

• • Applicants can choose to invest €1 million in shares of Spanish companies or in bank deposits in Spanish financial institutions.
  • This option provides a way to contribute to the Spanish business sector or the banking system, respectively.

Investment in Business Projects:

1. • Investment in a business project in Spain that is considered to be of public interest can also qualify an applicant for the Golden Visa.
   • While there is no specified minimum investment amount for this option, the project must create jobs, have a socio-economic impact in the area of investment, or contribute to scientific and/or technological innovation.

Additional Costs and Considerations:

1. • Apart from the primary investment, applicants should be aware of additional costs such as taxes, legal fees, and other expenses related to the purchase or investment process.
   • In the case of real estate purchases, additional costs may include VAT, stamp duty, and property transfer tax, depending on whether the property is new or second-hand.

Proof of Investment:

1. • Applicants must provide verifiable documentation that proves the investment has been made according to the program’s requirements.
   • This documentation is crucial for the application process and must be prepared meticulously to ensure compliance with the Golden Visa regulations.

Benefits of Obtaining a Spanish Golden Visa

The Spanish Golden Visa program is more than just a residency permit; it is a gateway to a plethora of opportunities and advantages for non-EU nationals. This program is designed to offer significant benefits that go beyond the basic right to reside in Spain. Here are some of the key advantages of obtaining a Spanish Golden Visa:

1-Residence and Work Rights in Spain:

1. 1. • The Golden Visa grants the right not only to live in Spain but also to work. This is a significant advantage over many other types of visas, which may have more restrictive work conditions.
      • Holders of the Golden Visa can engage in professional activities, start a business, or even work as employees, providing a great degree of flexibility and opportunity.

2-Freedom of Movement in the Schengen Area:

1. 1. • One of the most attractive benefits of the Spanish Golden Visa is the ability to travel freely within the Schengen Area.
      • This includes 26 European countries that have abolished passports and other types of border control at their mutual borders.
      • For business professionals and tourists alike, this offers unparalleled access to much of Europe without the need for additional visas or permits.

3-Family Reunification:

1. 1. • The Golden Visa extends to family members, enabling the main applicant to bring their spouse, minor children, and dependent adult children to Spain.
      • This feature is particularly advantageous for families looking to relocate together and enjoy the Spanish lifestyle.

4-Access to Spanish Education and Healthcare:

1. • Golden Visa holders and their families have access to Spain’s high-quality education system, including public and private schools, universities, and other educational institutions.
   • They are also entitled to use the Spanish healthcare system, known for its high standards and comprehensive services.

5-Long-Term Residency and Path to Citizenship:

1. 1. • The Golden Visa can be a stepping stone to permanent residency and eventually Spanish citizenship.
      • After ten years of legal residency (as a general rule), investors may apply for citizenship, subject to certain conditions like sufficient periods of physical presence in Spain and integration into Spanish society.

6-Stable and Attractive Investment Environment:

1. 1. • Spain offers a robust real estate market and a stable investment environment, which can be advantageous for Golden Visa investors.
      • Investing in Spanish property or other assets not only secures residency rights but can also be a sound financial investment.

7-Minimal Stay Requirements:

1. • Unlike many residency programs, the Golden Visa does not require holders to spend a significant amount of time in Spain.
   • This flexibility allows investors to maintain business or personal ties in other countries while enjoying the benefits of Spanish residency.

The Spanish Golden Visa program offers a unique combination of lifestyle, mobility, and investment opportunities, making it an attractive option for non-EU investors looking to expand their horizons into Spain and beyond. In the next section, we will delve into the visa requirements for Spain in 2024, providing up-to-date information for prospective applicants.

Initial Validity Period:

1. 1. • Upon approval, the Golden Visa grants an initial residency permit for a period of three years.
      • This is significantly longer than most other types of Spanish visas and residency permits, which typically start with a one-year validity.

Renewal Process:

1. 1. • After the initial three-year period, the Golden Visa can be renewed for successive periods of two years.
      • To be eligible for renewal, the investor must maintain the investment and comply with the program’s requirements.
      • It is important to note that there is no minimum stay requirement to renew the Golden Visa. This flexibility is one of the program’s most attractive features, allowing investors to live outside Spain and still maintain their residency status.

Conditions for Renewal:

1. 1. • The primary condition for renewal is the maintenance of the investment. For real estate investments, this means the property (or properties) must remain under the investor’s ownership.
      • Applicants must also continue to meet all the general requirements of the Golden Visa, such as having a clean criminal record and holding valid health insurance.

Residency Leading to Citizenship:

1. 1. • While the Golden Visa is a residency program, it can eventually lead to permanent residency and citizenship.
      • After five years of continuous residency in Spain, investors may apply for permanent residency.
      • Following ten years of legal residency (as a general rule) investors may be eligible to apply for Spanish citizenship, provided they have lived in Spain for the required periods and meet all other citizenship requirements.

Family Reunification:

1. • The Golden Visa extends to the investor’s family members, including the spouse and dependent children.
   • Family members receive the same duration of stay as the main applicant and can also renew their permits under the same conditions.

Duration of Stay: The Validity and Renewal of the Spanish Golden Visa

The Spanish Golden Visa offers more than just an entry into Spain; it provides a pathway to long-term residency with the possibility of renewal, subject to certain conditions. Understanding the duration of stay and the renewal process is vital for applicants planning their future in Spain.

2024 Updates: What’s New with the Spanish Golden Visa and Entry Requirements

developments and requirements related to the Spanish Golden Visa program and general entry into Spain. Keeping abreast of these updates ensures that applicants are well-prepared and their plans align with the current regulations and conditions.

Latest Changes to the Spanish Golden Visa Program:

• • The Spanish government continually assesses and updates the Golden Visa program to ensure it aligns with the country’s economic goals and the needs of international investors.
  • Prospective applicants should stay informed about any changes in investment thresholds, application processes, or eligibility criteria that might come into effect in 2024.
  • It’s also advisable to check for any modifications in the benefits associated with the visa, such as changes in residency duration, family reunification policies, or travel privileges within the Schengen Area.

 

General Entry Requirements for Spain in 2024:

• • As of now, non-EU nationals typically require a visa to enter Spain, and this is expected to continue in 2024. However, it’s important to confirm the latest visa requirements based on one’s nationality and purpose of visit.
  • The introduction of the European Travel Information and Authorization System (ETIAS) is expected, which will impact non-EU nationals traveling to the Schengen Area. This system, similar to the U.S. ESTA, will require travelers to obtain pre-travel authorization.
  • Applicants for the Spanish Golden Visa, or any other type of Spanish visa, should check for any new regulations or processes that might be introduced in 2024, especially concerning application submissions, document requirements, and processing times.

 

Visa Requirements for Golden Visa Applicants in 2024:

• • Those applying for the Spanish Golden Visa should be aware of any specific changes to visa requirements that might affect their application or entry into Spain in 2024.
  • This includes potential updates to the list of countries whose nationals are eligible for the Golden Visa, any changes in the documentation required for application, and adjustments in processing times or application fees.
  • Staying updated on these aspects is crucial for a smooth and successful application process.

Real Estate Investment: A Pathway to the Spanish Golden Visa

Investing in real estate is one of the most popular and straightforward pathways to obtaining the Spanish Golden Visa. This section delves into the specifics of how real estate investment can lead to successful Golden Visa applications, outlining the key considerations and steps involved.

Understanding the Investment Threshold:

• • To qualify for the Golden Visa through real estate investment, applicants must invest a minimum of €500,000 in Spanish property.
  • It’s important to note that this investment must be free of any liens or mortgages for the first €500,000. Any amount above this can be financed.

Selecting the Right Property:

• • The choice of property is crucial and can range from residential to commercial real estate, or a combination of both.
  • Applicants should consider the location, value appreciation potential, rental yield (if they plan to rent out the property), and personal preferences if they plan to use the property themselves.

Process of Real Estate Acquisition:

• • Begin by researching the market or working with reputable real estate agents who understand the Golden Visa requirements.
  • Once a suitable property is identified, the usual steps involve signing a reservation agreement, conducting due diligence, and executing a sale-purchase agreement.
  • Ensure the property is registered under the applicant’s name and that the investment meets the €500,000 threshold without financing.

Legal and Financial Considerations:

• • Engage legal experts to assist with the transaction, ensuring compliance with Spanish property laws and Golden Visa regulations.
  • Be aware of additional costs such as taxes (VAT, stamp duty, property transfer tax), notary fees, and legal expenses, which are not included in the investment threshold.

Documenting the Investment:

• • Obtain the necessary documentation to prove the investment, including property deeds and a certificate from the Property Registry confirming the absence of liens and encumbrances.
  • These documents are crucial for the Golden Visa application and must accurately reflect the investment made.

Applying for the Golden Visa:

• • With the property investment completed and documented, proceed to apply for the Golden Visa as outlined in the application process section.
  • The real estate investment route often simplifies and accelerates the Golden Visa application, given the clear evidence of investment.

Maintaining the Investment for Visa Renewal:

• • To renew the Golden Visa, maintain the property investment and adhere to the renewal criteria as previously discussed.
  • The property must remain under the investor’s ownership and free of liens for the initial €500,000 during the Golden Visa validity period.

FAQ

Frequently asked questions about the opening a bank account in Spain

Your Queries, Our Answers

The Spanish Golden Visa program, while straightforward, often raises numerous questions from prospective applicants. This section aims to address some of the most common inquiries, providing clear and concise answers to help applicants better understand the process and requirements.

We recive:

1Can I apply for the Golden Visa with any type of real estate investment?

Yes, you can invest in any type of real estate (residential, commercial, or land). The key requirement is that the total investment must be at least €500,000. This can be a single property or multiple properties cumulatively reaching the minimum investment amount.

2. Are family members included in the Golden Visa application?

Yes, the Golden Visa extends to family members, including the spouse or legal partner, dependent children, and dependent parents. They can all obtain residency permits through the main applicant’s investment.

3. How long does the Golden Visa application process take?

The processing time can vary, but typically, the Golden Visa application is processed within a few months after submitting all required documents.

4.. Do I need to live in Spain to maintain my Golden Visa?

No, there is no minimum stay requirement to maintain or renew the Golden Visa. This flexibility allows investors to manage their residency without needing to commit to living in Spain full-time.

5. Can the Golden Visa lead to permanent residency or citizenship?

Yes, after legally residing in Spain for five years, you can apply for permanent residency. After ten years, you may be eligible for Spanish citizenship, subject to certain conditions like sufficient periods of physical presence and integration into Spanish society.

6. Is it possible to rent out the property I invest in for the Golden Visa?

Yes, you are free to rent out your investment property. This can be a way to generate income from your investment while maintaining your Golden Visa status.

7. Are there any tax implications I should be aware of?

• Yes, owning property in Spain and obtaining residency can have tax implications. It’s advisable to consult with a tax advisor to understand your tax obligations in Spain, especially if you plan to spend significant time in the country or rent out your property.

8.Can I finance part of my real estate investment for the Golden Visa?

You can finance the property purchase, but the first €500,000 must be free of any loans or mortgages. Any amount beyond €500,000 can be financed.

9. What happens if the value of my property falls below €500,000?

You can sell your property, but you must maintain an investment of at least €500,000 in Spanish real estate to renew your Golden Visa.

10. Can I sell my property after obtaining the Golden Visa?

Some banks offer the option to start the process online, but you may need to visit a branch in person to complete the
process. Online banks may allow you to complete the entire process remotely.

Still Have Questions?

Your situation is unique, and you might have more specific questions. TN Lawyers is here to provide personalized
answers