Golden Visa Spain 2024: The Ultimate Guide by Experts

Spain’s world-class beaches, mouth-watering cuisine, rich culture, and high living standards are attractive enough prospects for relocation. Much like other nations have adopted the Golden Visa, Spain also offers foreign investors and their families an opportunity to secure Spanish residency in exchange for a qualifying economic contribution.

Thanks to the Spain Golden Visa program, global citizens who are not part of the European Union (EU), European Economic Area (EEA), or Switzerland can financially invest in the country and be granted a Spanish residence permit.

In this ultimate guide, we aim to provide you with practical and up-to-date information on the procedure of the Spain Golden Visa. Read on to discover the top benefits of the Golden Visa in Spain, the requirements, the application process, and more.

Spain Golden Visa Overview

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The Spanish Golden Visa was launched in 2013 as part of the national strategy to boost the Spanish economy and increase foreign investment. Also known as the Investor Visa, the Spain Golden Visa program is that offers prospective investors the opportunity to obtain residency in Spain in exchange for a significant capital investment.

Please note that the Spanish Golden Visa is not a direct route to obtain Spanish citizenship. However, after acquiring a Spain Golden Visa and spending ten years as a Spanish resident, you could be eligible for citizenship after ten years.

The Spanish Investor Visa program grants qualifying individuals a renewable, temporary residence permit in exchange for an investment in the country. You can renew the Spanish Investor Visa every two years. After five years of renewing the Spanish Golden Visa, you can apply for permanent residency and once you spend ten years in the country, you can apply for citizenship. Individuals can either purchase real estate, invest in Spanish companies, invest in funds or deposits, create employment opportunities, or make a government bonds investment of at least €2 million.

Spain Golden Visa Ending: April 2024 Update

On April 8th, 2024, Spain announced that it plans to end the Golden Visa program for foreigners who invest in real estate in the country. The decision to investigate the feasibility of the Golden Visa was made due to concerns that the program contributes to rising real estate prices and money laundering in the country.

Prime Minister Pedro Sánchez said the decision was made to make affordable housing "a right instead of a speculative business.” He added, "Today, 94 out of every 100 such visas are linked to real estate investment. in major cities facing a highly stressed market and where it's almost impossible to find decent housing for those who already live, work, and pay their taxes there.”

Reasons to Apply for the Spanish Golden Visa

Similar to Portugal’s Golden Visa and to other Europe Golden Visas, the Spain Investor Visa program has proven particularly popular among applicants from China, Russia, Venezuela, Ecuador, Brazil, and India. As of 2021, 13,000 Spain Golden Visas have been approved, according to the Ministry of Inclusion, Social Security and Migration (Ministerio de Inclusión, Seguridad Social y Migraciones).

What’s behind the popularity of the Spanish Golden Visa? Well, a key advantage of the Spanish Golden Visa is that the government legislation does not impose a minimum period of residence. To qualify for the Golden Visa for Spain and get a residence permit, applicants must invest at least €500,000 in Spanish real estate, at least €1 million in shares of Spanish companies, invest €1 million on a bank deposit or investment fund, or € 2 million in Spanish treasury bonds.

Upon the Golden Visa approval, an initial Spanish residence permit is granted for one year or two years if you visit Spain. This permit can then be renewed every five years. You can obtain permanent residency after you’ve been domiciled in the country for five years. Please note that applicants will be required to visit Spain to submit their biometric data.

In order to apply for Spanish citizenship by investment, Golden Visa holders with a temporary residence permit must live in Spain for ten years (minimum 183 days per year). The person can’t be absent from the country for more than six months continuously in these ten years. For nationals of former Spanish colonies, the stay requirement is that they have to live in Spain for two years and can’t be absent from the country for more than three months per year.

10 Benefits of the Spain Golden Visa Program

While there are plenty of Golden Visa Programs across Europe, the application process for the Spanish Golden Visa is one of the easiest, known for its speed and clarity. Applicants who successfully acquire the Golden Visa in Spain can enjoy key Golden Visa benefits, among other advantages.

Here are some of the key benefits of the Spanish Golden Visa:

1. Visa-free travel throughout the Schengen Area: Since Spain is an EU member state and part of the Schengen Area, obtaining the Spain Golden Visa means you can travel visa-free to all 26 countries constituting the Schengen zone.
2. Create a “safe haven” by moving to Spain: Having a ‘plan B’ puts your mind at ease in times of economic or political instability or global crisis.
3. The right to work and do business in Spain: Obtaining a Spanish residence visa means you can live, work, and do business in Spain.
4. Family residency plans: Your spouse and children under the age of 18 are guaranteed residence permits through the Spanish Golden Visa. Other family members can also obtain residency, provided paperwork is presented showing they are your legal dependents.
5. Access to an EU standard of education and healthcare: As a Spanish Golden Visa holder, you and your family members gain the right to high-quality education and healthcare in Spain.
6. Easy renewal: The Spanish Golden Visa residence permit is easily renewable if the conditions for the granting of the right are still met.
7. Fast processing time: After submitting the Spain Golden Visa application, the legal period for reaching a decision is ten days. This period may be extended when an interview or additional documents are requested (this is applicable to the one-year visa). The residence permit takes about 30 days to be approved.
8. EU citizenship eligibility after ten years of permanent residency: The Spain Golden Visa is renewable, and provided that the minimum investment is maintained, EU citizenship is possible after ten years of permanent residency.
9. No Spanish language requirements: Spanish Golden Visa holders don’t have to showcase their Spanish language proficiency through various diplomas or certificates.
10. Tax benefits: If you’ve obtained a Spanish Golden Visa, that doesn’t necessarily mean you’ll become a tax resident. In fact, you’ll only become a tax resident upon living over 183 days in Spain. This means you have to pay taxes on your worldwide income.

Eligibility Criteria for the Spanish Golden Visa

Any non-EU, non-EEA, or non-Swiss citizen with a clean criminal record and who makes a qualifying financial investment in the Spanish economy is eligible for a residence permit under the investment immigration program, along with their immediate and dependent family members.

If you and your family decide to live in Spain, you become eligible for permanent residency after five years. However, you have to provide documents proving that you spent more than 183 days per year in the country.

Which family members qualify for the Golden Visa in Spain?

An investment of €500,000 in real estate will gain family residency. The Spanish investor visa can be renewed every two years. After five years, it is possible to gain permanent residency and after ten years, citizenship.

This means, you are able to include your immediate family members in your application for the Golden Visa in Spain, including certain dependents. Those who can qualify are:

• Your spouse or domestic partner if together for over two years
• Your children under the age of 18
• Adult children (over 18 years old) or parents who are economically dependent – on the condition that you present financial proof that they are dependent or have a health condition that makes them unable to provide for themselves

Golden Visa Spain Requirements

The basic requirements for the Spanish Golden Visa are:

• The primary applicant must be over 18 years of age
• The primary applicant must make a significant investment as stipulated by the government and provide proof of the respective financial investment.
• Applicants must possess a clean criminal record
• Applicants must not be on the nation’s list of undesirable people
• Applicants must have valid medical insurance coverage and an official health certificate
• Applicants must not have previously been refused visas or entry into the Schengen zone
• Applicants must have sufficient funds to sustain themselves and their family members while they reside in Spain

Spain Golden Visa Program Investment Options

The Spain investment visa scheme provides flexible investment opportunities to qualifying investors, such as in real estate or capital shares. Most applicants choose the Spanish real estate investment option under the Spanish Golden Visa since it provides easy access to the European Union and gives investors and their families a residential home in the Mediterranean to enjoy.

Below are the investment options under the Spanish Golden Visa Scheme. Regardless of your preferred route, do note that you must maintain your investment for a minimum period of five years in order to keep your residence permit.