The Spanish Golden Visa program is one of Europe's most popular investment-based residency programs. Spain’s Ministry of Economy and Finance launched the scheme several years ago to attract foreign investors. Since then, countless foreigners have taken advantage of this opportunity to obtain a residence permit in Spain by investing in real estate or other assets.
If you're an investor with a net worth of at least 1 million Euros and want to move your wealth to Spain, then the Golden Visa program may be for you. In this article, I will explain how it works in the hope that it will help those interested in becoming Spanish residents.
Here, we’ll talk about how you can use your Spanish golden visa to acquire permanent residency, Spanish citizenship, and better investment options.
What is a Golden Visa?
A visa is a travel document issued by a country's government to allow its bearer to enter, leave, or transit through it. The issuing authority usually imposes conditions on the visa, such as the duration of stay and any restrictions on employment.
The application process for most residence visas can take anywhere from a couple of weeks to one year, and taking residency steps beyond that can involve several years of processing time and stay requirements.
Due to that, many non-EU citizens have been looking for easier ways to become a part of the European Union. This is primarily so they can work in the EU without dealing with the stipulations of being a non-resident. This enables them to work on foreign investments and business projects that have a massive economic impact on the surrounding communities.
The golden visa is a non-EU residence permit. It entitles foreigners to stay in Spain for up to two years and allows them to work there legally. The Spanish Government implemented the golden visa program in 2013, making it one of Europe's most recent programs.
The purpose of this initiative is to attract investors into Spain while at the same time providing them with better opportunities.
It is one of the most popular investor visas in the world and helps a lot when rich people want to fill out specific visa requirements.
It’s important to mention three different types of visas: temporary residence permit, permanent residence permit, and citizenship through investment.
What Makes You Eligible for a Golden Visa?
According to Spain’s Ministry of Economy and Finance, you must be a non-EU citizen who is at least 18 years of age and has no criminal record.
You will also need health insurance for you and your family members to access healthcare while in Spain.
In addition to meeting these requirements, one must also have a minimum investment (either property or government bonds) of €500,000 or more.
On top of that, the application process has an extensive application form that will check your financial eligibility with various financial institutions and Spanish banks.
You will need to submit various required documents and prove that your bank account has sufficient funds, often done by showing them bank deposits and statements.
Turning in your golden visa application is almost always done through a Spanish consulate or embassy. In some cases, this will make you need to visit Spain and have actual interaction with the Spanish officials. This can also help answer any questions about residency requirements, property investment, and working with Spanish companies.
Another important thing to be aware of is that applying for the Golden Visa in Spain will require allowing them to take your biometric data.
This can include fingerprints, photos of your face, and other necessary information. This is typically done to ensure that everyone maintains all the safety they need and can’t pull off any crimes.
As the main applicant of this process, it’s important to know how you feel about this personally.
What Are Some Benefits of Spain’s Golden Visa?
Countless benefits can help you and your family for decades in many different areas of your life. Here are some of the prominent benefits of Spain’s Golden Visa Program:
Gaining Spanish Residency
The golden visa program is an excellent way to gain permanent residency in Spain. With this program, you can obtain a Spanish residency permit if you invest at least €500,000 and create ten jobs within two years after obtaining your investment. This makes the golden visa program one of the most straightforward ways foreigners can gain permanent residency in Europe.
Great for Starting a Business
The Spanish government has incentivized foreigners who want to start a business by offering residence permits on investment conditions under certain conditions (such as having at least €300K invested).
This option allows entrepreneurs worldwide to set up their businesses with legal access. It also gives them time before starting their companies or opening branches.
Increase Your Ability to Travel
If you’re there long enough, you may even become an EU citizen and get a Spanish passport, allowing visa-free travel throughout the Schengen zone. This allows you to expand your Spanish real estate investments to other countries like Portugal, Switzerland, and Malta in the Schengen area.
This is one of the main reasons people try to get the Golden Visa and become a tax resident in Spain — it makes maneuvering from country to country easy.
Investment Options in Spain
The investment options for the golden visa program in Spain are quite diverse and can include real estate, government bonds, or capital invested in businesses. Depending on the amount of money you invest in the country, you will receive a one-year or two-year residency card.
The minimum investment required for this program is €500,000 if you purchase a property with five years remaining on its mortgage (you must also have lived outside of Spain for at least six months).
At the end of the day, the best options for investing in Spain can be decided by you and how you want to use your funds. As long as you have a clean criminal record, you should be able to invest in just about anything you want to.
Other Golden Visa Programs
Spain is one of the newest Golden Visa programs in the world. There are similar programs, like the Philippines and Portugal's Golden Visa programs. However, applying for the Golden Visa in Spain is one of the most popular programs for good reasons.
In Spain, advancing through the levels of citizenship and residency is easy and won’t require extra steps compared to other countries. Spain’s Golden Visa is one of the best ways to access the rest of the EU.
Conclusion
The golden visa program benefits investors who want to move to Spain. We would argue that this is one of the best ways to obtain European citizenship. We hope you found this article helpful and informative as you consider your options for future travel or residency in Spain.
If you are interested in traveling to the EU for a short, medium, or even long period, you’ve come to the right place. ETIAS has countless resources and tips for ensuring safe and efficient travel.