The Spanish Golden Visa program is a residency-by-investment initiative. The scheme allows non-EU citizens to acquire a temporary residence permit in Spain by investing in the country.
This law was passed in 2013 by the Spanish government and aimed primarily at attracting non-EU foreign investors to the business sector.
Characteristics of the Golden Visa
The visa for non-EU foreigners has the following specifications:
- It is valid to work and reside throughout Spain.
- It includes the following family members: spouse or common-law partner, minor or economically dependent children, and dependent relatives.
- It can be requested by the investor or an accredited representative. The investment can be made through a legal entity but must meet specific requirements.
- It allows movement within the 26 European countries of the Schengen area.
After five years, the investor and their family members can apply for permanent residency, and after ten years, they can apply for Spanish citizenship.
How to Qualify for the Golden Visa
To be eligible to apply for the program, the applicant must make one of the following investments:
- Purchase a property in Spain with a minimum value of €500,000.
- Invest at least €1 million in Spanish stocks, bonds or deposits in Spanish financial institutions.
- Invest at least €2 million in Spanish business projects or in an investment fund that invests in Spain.
- Make a substantial contribution to scientific and technological innovation in Spain.
The investor must meet specific requirements, such as passing a background check and proving that they have sufficient financial resources to support themselves and their family during their stay in Spain.
While the Golden Visa Spain lasts one year, extending its duration is possible if certain conditions are met. For example, investors who receive the Golden Visa through real estate investment have 6 months of visa/residence permit until their real estate assets are formalized.
What the Golden Visa Does Not Include
- Permanent residence: to obtain, it is necessary to complete a separate procedure.
- Assistance in the Spanish health system: The Golden Visa does not entitle access to health care; it is the responsibility of compulsory health insurance. However, health emergencies in Spain are offered free of charge.
Do I Pay Tax in Spain with a Golden Visa?
The Golden Visa in Spain does not require the payment of any tax. However, it depends on the total time of residence in the country. The total income must be declared if it is more than 183 days per year.
6 Reasons to Invest in Spain
- One of the most advantageous Golden Visa in the EU.
- Good quality of life.
- High profitability and return on investment.
- Extensive infrastructure and communications network.
- International gateway.
- The second country in the world to receive international tourists.
Conclusion
Spain's Golden Visa allows foreign investors who meet specific requirements to reside legally in Spain for an initial period of six months to two years, depending on the type of investment, with no maximum limit.
Overall, Spain's Golden Visa program is a popular option for non-EU citizens who want to obtain residency in a European country by investing in real estate or businesses.