Introduction to Spain and the Spanish Golden Visa
Spain offers many attractions: spectacular beaches, tasty food, good climate and the very dynamic cities, as well as a great landscape and cultural diversity. But, since 2013, an even better possibility has been offered, which it allows you to enjoy the country as a citizen and access the freedom of movement around all of the other countries in the Schengen area: the Spanish Golden Visa.
Thanks to this type of Visa, those citizens who are not part of the European Economic Area (EEA) or Switzerland, can access Spanish residence by making a significant investment in the country.
According to data from the Ministry of Foreign Affairs, over 13,000 Golden Visas have been approved since the program’s launch in 2013 with the purpose of attracting foreign investors to Spain.
But how do you obtain it and what are its real benefits?
SPANISH GOLDEN VISA
What is the Spanish Golden Visa?
Spain, immersed in the global real estate and financial crisis since 2008, also suffered the consequences of the 2010 debt crisis. In 2013, the government decided, with the aim of increasing foreign investment and improving the economy and public accounts, to offer a Spanish Golden Visa that would allow you to have a residence permit when making important investments in the country.
It is important to note that the Spanish Golden Visa (or Spanish Investor Visa) guarantees a temporary and renewable residence permit, which can result in a permanent permit. Of course, the process is streamlined and much easier.
What are the Benefits of the golden visa?
There are several Golden Visas in Europe, such as the Portuguese Golden Visa that we explained in this article. Compared to others, the Spanish Golden Visa has one of the most agile, easy and clear processes.
The main benefits of the Spanish Golden Visa are:
- Travel across Europe. As Spain is a member of the European Union, once you have obtained the Golden Visa, you will be able to travel to the rest of the 26 countries that compose the Schengen zone.
- European rights. Having a residence permit means that you can live, work and study in Spain.
- Family plan. Your husband or wife and children under the age of 18 have a guaranteed residence permit.
- Access to other countries. Obtaining the Spanish passport allows visa-free or visa on arrival access to 173 countries, according to the Global Passport Index.
It is important to consider that the process is agile, since it usually takes approximately 60 days from the application has been submitted.
The renewal of the visa is easy, you will only have to visit Spain twice a year to maintain it.
Who is it for?
The Spanish Golden Visa is for those who want to benefit from the advantages of section 3 of these article “The Benefits”. Being able to reside in a country like Spain, considering rights and freedoms, its landscapes, beaches, climate and cuisine, make this type of visa very attractive. In general, there are many high-net-worth individuals and foreign investors outside the European Union such as citizens of USA, China, India, Venezuela or Brazil who have opted for this option.
However, it must be taken into account that a series of personal requirements must be met to be eligible for this visa. The applicant:
- Has to be over 18 years old,
- Have made a significant investment in the country and be able to provide proof,
- Possess a clean criminal record,
- Not be on the nation’s list of undesirable people,
- Have valid medical insurance coverage and an official health certificate,
- Not have previously been refused visas or entry into the Schengen zone, and
Have sufficient funds to sustain themselves while they reside in Spain.
What is the application process?
Although there are quite a few steps to obtaining this Visa, the process itself is relatively straightforward.
You can complete most of it remotely and Holborn Assets will gladly do the work for you.
Once the investment is made, you will receive a Golden visa that allows multiple entries into the country valid for one year. During this year, you must travel to Spain to apply for the two-year initial residence permit, as long as the investment is maintained.
Therefore, the residence permit is obtained for one year. After that, you will have to renew it for 2 years. Once this period passes, it must be renewed, valid for 5 years. You can continue renewing the permits every five years as long as the investment is maintained. It is important to consider that it is not necessary to reside in Spain to renew the permits.
If you want to have a permanent residence permit or citizenship, you will need to live in Spain for at least 10 years.
It must be taken into account that applicants from former Spanish colonies can opt for a faster process.
What are the Spanish Golden Visa investment options
The investment options in Spain to obtain the Spanish Golden Visa are multiple:
- 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 or bank deposit: Invest at least €1 million in stocks 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.
However, most of the applicants decide to make an investment in real estate, since this will be very useful for the stays required by law to obtain the visa and you can enjoy the country. If the objective is to obtain the visa, starting by having the house where you will reside is an option, and it serves as an investment to obtain the visa itself. If the residence was already available or the intention is to open a business, those possibilities also exist. But logically, the most popular option since the approval of the Spanish Golden Visa has been the investment in real estate, due to the ease it provides when residing and for being able to move around the rest of the European Union.
In conclusion, the Spanish Golden Visa can make you a resident in a country as beautiful as Spain and give you access to rights and freedoms (including freedom of movement) throughout the rest of the European Union by carrying out the necessary administrative procedures and making a significant investment in the country.
Holborn Assets is an established firm with multiple international offices spanning the globe, we provide a professional advisory and implementation services to a select group of private clients. Our specialists work with some of the world’s most established and popular visa programs, law firms, developers, and financial institutions. This allows us to provide clients with a complete end-to-end service.
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