What is a Golden Visa?
Definition and Benefits
The Spain Golden Visa is a residency by investment program that offers a fast-track to residency in Spain for non-EU individuals who make a significant investment in the country.
The program provides a range of benefits, including visa-free travel within the Schengen Area, the potential for permanent residency and citizenship, and access to Spain’s high standard of living.
The Spanish Golden Visa is also known as the investor visa, and it is designed to attract foreign investment and boost the Spanish economy.
It can lead to Citizenship after 2 years of residency if you are from one of the ex-colonies, such as Mexico, Philippines, Dominica, Cuba etc
You can apply for Citizenship after 10 years or residency from other countries.
Eligibility and Application Process
Eligibility Criteria
To be eligible for the Spain Golden Visa, applicants must meet certain criteria, including being at least 18 years old, having a clean criminal record, and having sufficient funds to make the required investment.
Applicants must also demonstrate that they have a valid health insurance policy and that they have not been refused a visa by any other Schengen country.
The Spanish government has established specific requirements for the Golden Visa program, including a minimum investment amount and specific documentation requirements.
They must prove they have sufficient liquid cash funds to sustain themselves, approximately €34,000 per adult.
Application Process
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The application process for the Spain Golden Visa involves submitting a range of documents, including a valid passport, proof of identity, and proof of address.
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Applicants must also provide documentation related to their investment, such as a property deed or a certificate of investment.
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The application process typically takes around 20 days, although this can vary depending on individual circumstances.
Investment Options and Requirements
Real Estate Investments( Note this is expected to change in September 2024)
One of the most popular investment options for the Spain Golden Visa is real estate, with a minimum investment amount of €500,000.
The investment amount of €500,000 does not include fees/taxes or legal costs which should be budgeted for.
Applicants can invest in a range of properties, including apartments, houses, and commercial buildings.
The property must be located in Spain, and applicants must provide documentation related to the property, such as a property deed.
Capital Investments
Another investment option for the Spain Golden Visa is capital investments, with a minimum investment amount of €1 million.
Applicants can invest in a range of assets, including Spanish companies, venture capital funds, and bank deposits.
The investment must be made in a Spanish financial institution, and applicants must provide documentation related to the investment.
Financial Considerations
Spanish Financial Institutions
Applicants for the Spain Golden Visa must make their investment through a Spanish financial institution, such as a bank or a venture capital fund.
The Spanish government has established specific requirements for financial institutions that participate in the Golden Visa program.
Applicants must also provide documentation related to their financial situation, such as proof of income and proof of assets.
Costs and Taxes
The Spain Golden Visa program involves a range of costs and taxes, including a minimum investment amount, application fees, and taxes on the investment.
Applicants must also consider the costs of living in Spain, including housing, food, and transportation.
As a tax resident ie is Spain becomes your home for more than 183 days per year, you will be subject to tax on your income and wealth tax on your assets globally after 5 years.
This can be substantial but can be mitigated with good financial planning & thought.
Living in Spain and Residency
Living in Spain
The Spain Golden Visa program offers a range of benefits for individuals who want to live in Spain, including access to the country’s high standard of living and its rich culture.
Applicants can choose to live in a range of locations, including Madrid, Barcelona, and the Costa del Sol.
The Spanish government has established specific requirements for Golden Visa holders who want to live in Spain, including a minimum stay requirement of 183 days per year.
Residency and Citizenship
The Spain Golden Visa program offers a fast-track to residency in Spain, with the potential for permanent residency after 5 years.
Applicants must meet specific requirements to be eligible for residency and citizenship, including a minimum stay requirement and a language proficiency test, currently set at B2 level.
The Spanish government has established specific requirements for Golden Visa holders who want to apply for citizenship, including a minimum stay requirement of 10 years or 2 years if from an ex-colony.
Trends and Opportunities
Changes to the Spanish Golden Visa Program
The Spanish government has announced it intends to change the Golden Visa program in September 2024 including a new minimum investment amount and specific requirements for financial institutions.
The changes are designed to attract more foreign investment and boost the Spanish economy.
Applicants must stay up-to-date with the latest changes to the program to ensure that they meet the requirements.
Growing Demand for Spanish Residency
The demand for Spanish residency is growing, driven by the country’s high standard of living and its rich culture.
The cost of living is generally cheaper than other EU countries such as Portugal, France and ex EU UK
The Spain Golden Visa program is a popular option for individuals who want to live in Spain, with a range of benefits and a fast-track to residency.
It can help with retirees or people wishing to avoid the 90 day rule, where 3rd Country status allies, such as the UK.
Applicants must act quickly to take advantage of the program, as the demand for Spanish residency is expected to continue to grow.
Expert Advice and Conclusion
Navigating the Application Process
The application process for the Spain Golden Visa program can be complex, with a range of requirements and documentation needed.
Applicants must seek expert advice to ensure that they meet the requirements and navigate the application process successfully.
The Spanish government has established specific requirements for Golden Visa holders, including a minimum stay requirement and a language proficiency test.
To book a free no obligation meeting with an expert, who lives in Spain simply CLICK HERE
Conclusion
The Spain Golden Visa program is a popular option for individuals who want to live in Spain, with a range of benefits and a fast-track to residency.
Applicants must meet specific requirements to be eligible for the program, including a minimum investment amount and specific documentation requirements.
The program offers a range of opportunities for individuals who want to invest in Spain, including real estate, capital investments, and venture capital funds.
To watch a brief video when Robin answers questions on living in Spain CLICK HERE