The Golden Visa program in Spain is an attractive residency-by-investment option for non-EU/EEA/Swiss nationals who wish to reside in Spain and enjoy the benefits of visa-free travel within the Schengen Area. In this comprehensive guide, we will cover the requirements, benefits, application process, and other essential details about the Spanish Golden Visa program.
What is the Golden Visa Spain Program?
The Spanish Golden Visa program was introduced in 2013 as a way to attract foreign investment and boost the economy. It grants non-EU/EEA/Swiss nationals the right to reside in Spain and enjoy visa-free travel within the Schengen Area in exchange for a qualifying investment in real estate, business, or other eligible assets. The program has been popular among investors seeking a stable European residency option and access to the wider European market.
Benefits of the Golden Visa Spain
Some of the key benefits of obtaining a Spanish Golden Visa include:
- Residency in Spain: The Golden Visa allows you and your family to live, work, and study in Spain, enjoying a high quality of life, excellent healthcare, and educational opportunities.
- Visa-free travel: With a Spanish Golden Visa, you can travel visa-free within the Schengen Area, making it easier to visit other European countries for business or leisure.
- Flexible residency requirements: Unlike other residency programs, the Golden Visa Spain has minimal physical residency requirements, allowing you to maintain residency while spending time in other countries.
- Path to permanent residency and citizenship: After five years of continuous residency, Golden Visa holders can apply for permanent residency, and after ten years, they may be eligible for Spanish citizenship (subject to meeting additional requirements).
Eligibility Requirements for the Golden Visa Spain
To be eligible for the Spanish Golden Visa, applicants must meet specific investment criteria and general requirements:
Investment Options
Applicants must make a qualifying investment in one of the following categories:
- Real estate: Purchase property in Spain with a minimum value of €500,000. The investment can include multiple properties, as long as the combined value meets or exceeds the minimum requirement.
- Financial assets: Invest at least €1 million in Spanish company shares, investment funds, or venture capital funds, or deposit at least €1 million in a Spanish bank account.
- Public debt: Purchase at least €2 million in Spanish government bonds.
- Business projects: Invest in a business project in Spain that is deemed to be of general interest, such as creating jobs, contributing to economic development, or promoting innovation.
General Requirements
In addition to the investment, applicants must also meet the following general requirements:
- Be a non-EU/EEA/Swiss national.
- Be at least 18 years old.
- Have no criminal record in Spain or any other country where the applicant has resided during the past five years.
- Hold valid health insurance coverage in Spain.
- Have sufficient financial means to support themselves and their dependents while in Spain.
- Not be in an irregular immigration situation in Spain or within the Schengen Area.
The Application Process
The application process for the Spanish Golden Visa involves several steps, including preparing the necessary documents, submitting the application, and receiving approval.
Preparing the Necessary Documents
Before submitting your application, you will need to gather the required documents, which typically include:
- A completed application form.
- A valid passport and, if applicable, any previous or current residency permits.
- Proof of the qualifying investment, such as property deeds, share certificates, or bank statements.
- A certificate of no criminal record from your country of residence for the past five years.
- A medical certificate confirming that you do not suffer from any diseases that pose a threat to public health.
- Proof of health insurance coverage in Spain.
- Documents proving your financial means to support yourself and any dependents.
- Any additional documents required based on your specific investment option or personal circumstances.
Submitting the Application
Once you have gathered the necessary documents, you can submit your application for a Golden Visa to the Spanish Consulate or Embassy in your country of residence. Alternatively, if you are already in Spain on a valid visa, you can apply directly to the Spanish immigration authorities.
It is advisable to work with an experienced immigration lawyer or consultant to ensure your application is complete and meets all requirements. They can also help guide you through the application process and represent you in any communications with the authorities.
Processing Time and Approval
The processing time for a Spanish Golden Visa application can vary, but it typically takes around 20 working days. If your application is approved, you will be granted an initial residency permit valid for one year. After the first year, you can renew your residency permit for two-year periods, provided you maintain your qualifying investment and meet the other requirements.
Family Members and Dependents
Golden Visa applicants can also include their spouse or registered partner, minor children, and dependent adult children or parents in their application. Family members will be granted residency permits with the same duration as the main applicant, allowing them to live, work, and study in Spain.
Renewing and Maintaining Your Golden Visa
To maintain and renew your Spanish Golden Visa, you must continue to meet the eligibility requirements, including maintaining your qualifying investment. Additionally, you must not be absent from Spain for more than six months in a year during the initial one-year residency period or more than ten months in total during each two-year renewal period.
Path to Permanent Residency and Citizenship
After five years of continuous legal residency in Spain, Golden Visa holders can apply for permanent residency. To qualify for permanent residency, you must demonstrate a stronger connection to Spain, including spending at least 183 days per year in the country and meeting the language and integration requirements.
After ten years of continuous legal residency, you may be eligible to apply for Spanish citizenship, provided you meet the additional requirements, such as passing a language and cultural knowledge test and renouncing your previous nationality (if required by your home country).
