What is Spain’s Golden Visa and How Can Brits Get One?

For many years Spain was one of the top locations for British citizens to move to however, that was before Brexit. Since the UK has left the EU, it has become increasingly more difficult for Brits to relocate to EU countries and that includes Spain. There are of course, ways around this and one of those options is the Golden Visa. In this post we’ll be looking at what is Spain’s Golden Visa and how can Brits get one.

What is Spain’s Golden Visa Program?

Spain’s Golden Visa program is an enticing initiative designed to attract non-European Union citizens by offering a pathway to residency through strategic investments. Launched to stimulate economic growth and encourage foreign capital influx, the program provides eligible individuals with the opportunity to obtain a residence permit in Spain by engaging in specific investment activities. Applicants can choose from various investment options, such as real estate acquisition, investment in public debt, buying shares in companies, or contributing to innovative business ventures. In return, successful participants gain not only the right to live and work in Spain but also enjoy visa-free travel within the Schengen Area. This program not only serves as a gateway to residency but also opens doors to the potential for permanent residency and even Spanish citizenship, provided certain conditions are met.

Who Can Apply for the Golden Visa?

Understanding the Golden Visa in Spain and Eligibility Criteria:

1. Acquire real estate in Spain valued at a minimum of €500,000. This can consist of a single property or multiple units with a cumulative value exceeding €500,000.
2. Invest a minimum of €2,000,000 in the Spanish public debt.
3. Purchase shares in a company or deposit at least €1,000,000 in a Spanish bank.
4. Invest in a new business that fosters employment opportunities, contributes to scientific or technological innovation, and has a significant socio-economic impact in the designated area.

In addition to the investment criteria, applicants must meet the following prerequisites:

• Attain legal adulthood (18 years or older).
• Possess a clean criminal record.
• Have no history of Schengen Visa rejection.
• Obtain health insurance coverage in Spain.

 

What are the Benefits of the Golden Visa Program?

The Golden Visa initiative provides several benefits for non-EU citizens, including the right to reside and work in Spain, visa-free travel within the Schengen Area, and access to public services and healthcare. Key advantages include:

1. No mandatory residency in Spain for permit renewal, though living in Spain is an option.
2. Legal authorisation to work and live in Spain.
3. Permission to bring family members (spouse, children, and dependent parents).
4. Access to public services and education for family members.
5. Eligibility for permanent residency or Spanish citizenship after five years of residence.

It is crucial to note that the Golden Visa program has specific criteria, and consultation with a qualified professional is advisable to ensure proper adherence to the process.

 

What are the Benefits of the Golden Visa Program?

The initial visa is valid for one year, confirming residence in Spain during this period. To obtain a residence permit, individuals must enter Spain and exchange the visa, which is then valid for two years. Subsequent renewals are indefinite, contingent upon maintaining the investment, with each renewal requiring a visit to Spain.

Can Family Members Be Included on the Golden Visa?

Eligible family members for inclusion in the Spain Golden Visa are spouses, children under 18, and dependent elderly parents. Family members receive residence permits and enjoy freedom of movement in the Schengen Zone.

Can I Become a Spanish Citizen through Investment?

Yes, the Investor Visa in Spain can lead to citizenship. Living in Spain for a minimum of 10 years (or 2 years for nationals of specific countries) is required. While obtaining residency through investment is straightforward, obtaining citizenship necessitates residing in Spain for at least six months annually for a decade. Additional requirements include language proficiency and ties to the country, granting access to the EU job market and visa-free travel to numerous countries.

What Documents Do I Need to Apply for Spain’s Golden Visa?

When applying for a Spanish Golden Visa, the following documents are essential:

• Spain Visa Application Form
• Two passport-size photos adhering to Spanish visa picture guidelines.
• Valid passport with at least two blank pages and, if applicable, residence permit.
• Proof of sufficient income to support oneself and family in Spain.
• Recent police records demonstrating a clean criminal background.
• Health insurance proof with a company operating in Spain.
• Payment proof of the visa fee.
• Translation of documents into Spanish by a certified translator and apostille.

How Can I Obtain a Golden Visa through Real Estate?

To apply for property ownership in Spain, you need to meet the following criteria:

1. Provide a Land Registry certificate confirming ownership within the last three months, indicating a purchase price of at least €500,000.
2. The purchase can involve multiple units totalling €500,000, offering potential income through tourism rentals.
3. If the purchase is not yet registered, submit evidence of registration application along with payment proof.
4. For ongoing purchases, submit the preliminary contract, down payment, and a letter from a Spanish financial institution confirming fund availability.

For more information, please get in touch so that we can put you in touch with our Spanish legal representatives dealing with immigration.