The Ultimate Guide to the Spanish Golden Visa in 2023
Investing for Your Spanish Residence Permit
The Spanish Golden Visa, a coveted residence permit, is granted to non-European Union (EU) citizens aiming to make substantial investments in Spain's thriving economy. This visa extends the privilege of residency in Spain to the recipient and their family, accompanied by the added perk of visa-free travel within the Schengen Zone.
In the majority of instances, Spain's Golden Visas are bestowed upon individuals who invest in real estate within the country. Nevertheless, they are also attainable for entrepreneurs who choose to invest in a Spanish enterprise, thus earning them the designation of Spain Investor Visas.
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Who can qualify for a Golden Visa?
To qualify for the esteemed Spanish Golden Visa, individuals are required to meet specific investment criteria, which include:
Real Estate Investment: Acquire real estate in Spain valued at a minimum of €500,000, either as a single property or as a combination of multiple properties with a cumulative value exceeding €500,000.
Spanish Public Debt Investment: Invest a substantial sum of at least €2,000,000 in the Spanish public debt.
Company Shares or Bank Deposit: Opt for an alternative route by purchasing shares in a company or depositing a minimum of €1,000,000 in a Spanish bank.
Invest in a New Business: Consider investing in a novel business venture that not only generates employment opportunities but also contributes to scientific and technological innovation, while making a meaningful socio-economic impact in the chosen locality.
Moreover, to secure the Spanish Golden Visa, candidates must meet the following prerequisites:
Legal Age Requirement: Applicants must be of legal age, which means being at least 18 years old.
Clean Criminal Record: A crucial stipulation is a clean criminal record, ensuring applicants have no prior history of criminal convictions.
Schengen Visa History: Applicants should not have encountered previous refusals for a Schengen Visa.
Health Insurance Coverage in Spain: Demonstrating the ability to maintain health insurance in Spain is a mandatory condition.
Given the significant investment and the inherent complexities, many potential applicants turn to experienced professionals who specialize in investment immigration. There are several reputable consultancy firms with expertise in immigration law, real estate, and international investments. These professionals are prepared to offer guidance and support throughout the intricate process of obtaining the Spanish Golden Visa.
Whether you require assistance with your application or expert advice, these seasoned consultants are well-equipped to assist you on your Golden Visa journey.
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The Process for Getting a Spanish Golden Visa
Which Family Members Qualify for Spain's Golden Visa Application?
The following family members are eligible for inclusion in the Spain Golden Visa application:
Your spouse
Children below the age of 18. Additionally, children above this age who are dependent due to health or mental conditions also qualify for the visa.
Dependent elderly parents.
These family members will also be granted residence permits and enjoy unrestricted travel within the Schengen Zone.
What is the Duration of Validity for the Spain Golden Visa?
The Golden Visa initially granted at the Embassy holds a validity of one year. Within this period, you are required to enter Spain and exchange your visa for a Spanish residence permit, which will be valid for two years.
Subsequently, the residence permit can be renewed indefinitely, without specific stay requirements, as long as you maintain your investment. Renewals necessitate your presence in Spain each time the residence permit needs to be extended.
If your intention is to establish permanent residency in Spain, you may apply for permanent residence status after completing five years of uninterrupted residency, with at least six months spent in the country each year.
For those who have chosen to pursue any of the investments outlined earlier, you are eligible to initiate the visa application process through the nearest Spanish Embassy or Consulate. During the application phase, your commitment to the investment is essential, even though the investment itself need not be finalized at this stage.
It's important to note that physical presence in Spain is not mandatory when applying for the visa, but a preliminary visit is strongly recommended. This preliminary visit allows you to closely assess your investment options, establish a local bank account, and consult with legal professionals. You have the flexibility to undertake this process independently or seek guidance from experienced professionals. Once you have made a firm decision regarding your investment, you can grant Power of Attorney to your attorney, empowering them to submit your Spanish Golden Visa application and secure your initial deposit.
As for family members wishing to accompany you, they must independently apply for their own Spanish visas as dependents. To substantiate their familial relationships, it is imperative to include relevant documentation, such as birth and marriage certificates, with their visa applications.
Is Spanish Citizenship Achievable Through Investment?
Indeed, Spain’s Investor Visa offers a route to acquiring citizenship, contingent upon a residency requirement of a minimum of 10 years.
While the procedure for gaining Spanish residency through investment is relatively uncomplicated, obtaining a passport necessitates a residency commitment of at least 6 months annually for a decade.
Moreover, there exist additional prerequisites for attaining Spanish citizenship, including language proficiency and establishing connections with the country. Possessing a Spanish passport opens doors to the European Union job market and grants visa-free entry to more than a hundred nations.
Benefits of the Spain Golden Visa
Spain holds membership in the European Union, affording Spanish residents the privilege of visa-free travel to all Schengen Zone nations for a duration of up to three months within a six-month timeframe. This privilege extends to your family members as well.
Additional advantages encompass:
– Residence permit renewal without the obligation to reside in Spain, although the option is available.
– Legitimate rights to work and reside in Spain.
– The capacity to bring along your family members, including your spouse, children, and dependent parents.
– Access to essential public services such as state healthcare and educational facilities for you and your family members.
Essential Documentation for Applying for the Spain Golden Visa
When preparing your application for a Spanish Golden Visa, you must gather the following essential documents:
Completed Spain Visa Application Form.
Two passport-sized photographs, adhering to the specified guidelines for Spanish visa photos.
Ensure your passport is valid for the intended initial duration of your stay in Spain and contains at least two blank pages. You may also need to provide a photocopy of the passport’s personal information page.
If you are not a citizen of the country where you currently reside, include your residence permit.
Documentation demonstrating sufficient income to support both yourself and your family during your stay in Spain.
Recent police records issued within the three months prior to your application, confirming your lack of any criminal background.
Proof of health insurance, whether private or public, from an insurance company operating in Spain. Opt for SegurCaixa Adeslas, a premier health insurance provider that fulfills the prerequisites for various visa types, including the Spanish Investment Visa, NIE card (the residence permit), and NIE card renewal.
Confirmation of visa fee payment.
Any additional documents specific to your case, which may relate to your investment or real estate purchase, as detailed below.
It’s essential to note that all documents not already in Spanish must be translated by a certified translator and authenticated. For assistance in compiling your document package for the visa application, consider consulting with Golden Visa.
Obtaining a Spain Golden Visa through Real Estate Investment
For individuals who have invested in Spanish real estate for their Golden Visa application, the following requirements apply:
Proof of Property Ownership: You must demonstrate your ownership of the property through a certificate issued by the Land Registry, dated within the three months preceding your visa application.
Certificate Details: The Land Registry certificate should explicitly state the purchase amount, which must meet or exceed €500,000.
Pending Land Registry Entry: If the property’s purchase has not yet been officially entered into the Land Registry, you can provide evidence of the documents submitted for registration, along with proof of payment.
Unfinalized Property Purchase: In cases where the real estate purchase has not been completed, you can submit the preliminary contract, which should include a down payment, in addition to a letter from a financial institution in Spain confirming the availability of the necessary funds.
Other requirements for investor visa
To substantiate your investment when applying for a Spanish Investor Visa, it is imperative to provide the following set of documents:
Investment in Spanish Government Debt: Show a certificate issued by the Bank of Spain or another accredited financial institution, confirming your sole ownership of the investment for a minimum duration of five years.
Investment in Stocks or Shares of a Spanish Company: Include a statement of your investment, validated by the Spanish Registrar of Investments under the purview of the Ministry of Economy and Competitiveness.
Investment in Quoted Shares: Present a certificate issued by your financial intermediary, affirming your registered investment with the Spanish National Stock Market Commission or the Bank of Spain.
Investment in a Bank Deposit: Provide a certificate from the relevant financial institution, explicitly identifying you as the exclusive owner of the bank deposit.
Can a Joint Investment Be Made to Attain a Spain Investment Visa?
When making a collective investment or acquisition, each individual must still meet the minimum investment requirements. For example, in the case of a property purchase, each participant must invest at least €500,000 to qualify for the Golden Visa. If the investment is subdivided into smaller amounts, the individuals will not be eligible for the residency program.
Can You Secure Financing for Your Spain Golden Visa Application?
Unfortunately, it’s not possible to apply for a Spain Golden Visa solely through a loan. To qualify, you are required to make the initial investment using your own funds, and you must be the exclusive owner of the investment.
However, there is a workaround. If you decide to invest in a property valued at more than €500,000, you can utilize loans and financing to cover the portion exceeding the €500,000 threshold.