The Golden Visa in Spain, also known as the Investor Visa, is designed to attract non-EU/EEA nationals who make a significant investment in Spain. It offers residency to those who invest in real estate, businesses, public debt, or create employment opportunities in the country. This visa is particularly popular among high-net-worth individuals seeking residency in Spain with the possibility of eventually applying for permanent residency and citizenship.
Eligibility and Investment Options
- Real Estate Investment: Purchase property or properties in Spain worth at least €500,000 (per applicant). This can be a single property or multiple properties.
- Business Investment: Invest at least €1 million in a Spanish company. The investment can be in the form of shares or creating a new business that generates employment.
- Bank Deposit: Deposit at least €1 million in a Spanish bank account.
- Public Debt Investment: Invest at least €2 million in Spanish government bonds.
- Entrepreneurial Projects: Invest in a project that is deemed to be of general interest. The project should create jobs, have a significant socioeconomic impact, or contribute to scientific or technological innovation.
Benefits of the Golden Visa
- Residence for Family Members: The visa extends to your spouse, children under 18, and dependent children or parents.
- No Minimum Stay Requirement: Unlike other visas, there’s no minimum stay requirement, meaning you can retain your residency status even if you spend most of your time outside Spain.
- Access to Schengen Area: The Golden Visa allows you to travel freely within the 26 countries of the Schengen Zone for up to 90 days within a 180-day period.
- Work Authorization: The visa grants the right to live and work in Spain for both the investor and their family members.
- Path to Permanent Residency and Citizenship: After five years of continuous legal residence, you can apply for permanent residency, and after ten years, you may be eligible for Spanish citizenship.
Application Process
- Make the Investment: You must complete the investment before applying for the visa. The investment can be in real estate, a business, or other approved forms.
- Gather Required Documents:
- Visa Application Form: Complete the visa application form available at the Spanish consulate or embassy.
- Passport: A valid passport with at least one blank page for the visa sticker.
- Passport Photos: Two recent passport-sized photos (3.5 x 4.5 cm) that meet Spanish visa photo requirements.
- Proof of Investment:
- For real estate: Property deeds and Land Registry certificates.
- For other investments: Bank statements, certificates of deposit, or documentation of business investments.
- Proof of Funds: Documentation showing that the investment funds originated from legitimate sources.
- Health Insurance: Proof of private health insurance from a provider authorized to operate in Spain. The insurance should cover the entire duration of your stay.
- Medical Certificate: A certificate from a licensed doctor stating that you do not suffer from any diseases that could pose a threat to public health, in accordance with international health regulations.
- Criminal Record Certificate: A certificate from your home country (and any other countries where you’ve lived in the past 5 years) showing that you do not have a criminal record. This document must be legalized and translated into Spanish.
- Proof of Payment of Visa Fee: The fee, which varies depending on nationality and other factors.
- Submit Application: The application must be submitted at the Spanish consulate or embassy in your home country. You may also apply in Spain if you are legally in the country at the time of application.
- Processing Time: The processing time for the Golden Visa is typically around 20 business days.
After Visa Approval
- Initial Visa: The initial Golden Visa is issued for one year if the investment is in progress and for two years if the investment has been fully completed.
- Renewal: The visa can be renewed every two years, provided that the investment is maintained and you continue to meet the requirements. There’s no limit to the number of renewals.
- Permanent Residency and Citizenship:
- After five years of continuous legal residence, you can apply for permanent residency.
- After ten years, you may be eligible to apply for Spanish citizenship, provided you meet all the legal requirements, including passing the language and cultural knowledge tests.
Important Considerations
- Investment Maintenance: You must maintain your investment for the duration of your residency in Spain.
- Tax Implications: Becoming a resident of Spain may have tax implications, including liability for worldwide income. It is advisable to consult with a tax advisor.
- Family Members: Your spouse and dependent children or parents can apply for residency under the same Golden Visa. They will need to provide proof of relationship and other standard documents.