What is the Golden Visa?
The Golden Visa is a residency by investment, a type of visa that is granted to non-European individuals who make a significant investment in the country. In the case of Spain, the investment can be in real estate, businesses, investment funds, among others.
This program was implemented with the aim of attracting foreign investors to Spain and thus dynamize the country’s economy. The program has been particularly successful among investors from countries like China and Russia, though it has expanded to a wider range of countries in recent years.
Requirements for the Golden Visa
Applicants for the Golden Visa must meet a series of requirements. First and foremost, the investor must make a minimum investment in Spain. The investment options are as follows:
- Investment of at least 2 million euros in bonds or Spanish public debt securities.
- Investment of at least 1 million euros in shares of Spanish companies or bank deposits in Spanish financial entities.
- Acquisition of real estate in Spain with an investment of at least 500,000 euros per applicant.
- Investment of at least 1 million euros in investment funds, venture capital funds, or closed-type investment entities that are regulated in the Law of Collective Investment Institutions.
- Development of a business project to be carried out in Spain that is considered and accredited as of general interest.
In addition to the investment, applicants must also have health insurance that covers them and their dependents in Spain, must not have a criminal record, must have the capacity to support themselves and their families financially, and must not have entered or resided illegally in Spanish territory.
Benefits of the Golden Visa
The Golden Visa provides investors and their families with numerous benefits. Firstly, it grants the right to live and work in Spain. The holder is not required to live in Spain, so they can maintain their tax residence outside of Spain as long as they do not stay in the country for more than 183 days a year.
In addition, the visa allows its holders to travel freely within the Schengen area, a group of 26 European countries that have abolished mutual border controls. It also provides a path to Spanish citizenship, although this requires residing in Spain for at least ten years.
Golden Visa Application Process
The application process for the Golden Visa begins with the investment in Spain. Once the investment is made, applicants can submit the required documentation through a legal representative or in person at the nearest Spanish Consulate.
The necessary documents for the application include, among others, a valid passport, proof of the investment made, a certificate of criminal records, proof of health insurance, and documents demonstrating financial capacity.
Once the application is submitted, the Spanish authorities usually take about 20 business days to process it and issue the visa. Once approved, the applicant and their family can move to Spain.
The Golden Visa is initially granted for a period of one year, but can be renewed for periods of two years if the investment is maintained. After five years of continuous residence, Golden Visa holders can apply for long-term residence status. And after ten years, they can opt for citizenship.
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