Spain’s Golden Visa is a residence visa available to Non-EU citizens (including British citizens now) who make a significant investment in Spain. The most common way is to invest €500,000 in property but there are other options if you have more to invest. What are the requirements and benefits of this visa?
What do you have to do to qualify for Spain’s Golden Visa?
To be eligible for a Golden Visa in Spain, you must make one of the following investments:
- Purchase a property or properties in Spain worth at least €500,000. The real estate can be one single unit or several, with an overall worth no less than €500,000. It can be residential, commercial property, or land. You have to use your own funds to finance the investment. You may, however, borrow to finance any excess over €500,000. Once purchased you are free to do whatever you want with the property, so you can live in it or rent it out.
- Buy shares in a Spanish company or make a deposit in a Spanish bank of at least €1,000,000.
- Invest €2,000,000 or more in Spanish public debt
- Invest in a new business that will generate employment opportunities, contribute to scientific and/or technological innovation or have a socio-economic impact in the area.
Requirements to qualify for a Golden Visa?
To apply for a Golden Visa you must meet the following requirements:
- You must be a Non-EU citizen.
- You must be at least 18 years old.
- You must have no criminal record in Spain or elsewhere (past 5 years).
- You must not have entered or stayed illegally in Spain
- You must not have been refused a Schengen Visa in the past.
- You must have health insurance in Spain from an insurance company authorised to provide services in Spain
- You must provide proof that you have sufficient financial resources to support yourself (the investment itself will not be considered in the evaluation).
How to apply
Once you have made your investment you can submit a visa application at your nearest Spanish Embassy or Consulate. Applications can be made personally or through an authorised representative. It is not necessary for the applicant to physically be in Spain. A designated representative can collect the relevant documentation for him or her.
Family members have to apply for their own visas as dependents. Eligible family members include your spouse, children under 18 (plus children who are not minors but are dependent due to health or mental conditions) and dependent elderly parents.
You will need to provide the following:
- Documents providing proof of the investment. This will depend on the type of investment made:
- Public debt: certificate from the financial institution or the Bank of Spain.
- Unlisted shares and equity: statement of investment filed with the Investments Register of the Directorate-General for International Trade and – Investments (DGCOMINVER)
- Listed shares: document from a financial broker registered with the National Securities Market Commission (CNMV) or the Bank of Spain
- Investment funds: certificate from the fund manager. – Bank deposits: certificate from the financial institution.
- Property: certificate of property registration and real estate purchase deeds. – If the purchase is not formalized: engagement contract formalized in public deed.
- Business project: a favourable report from the DGCOMINVER.
- A passport valid for at least one more year
- Two passport-size photographs (complying with Spanish photograph guidelines for visas)
- Proof of financial solvency. – The income requirement is for twice the IPREM (a salary index used for various grants and allowances). For 2021 this is €564.90 a month giving a requirement of €1,129.80 or €13,557.60 a year going through your bank account. Each additional family adds €564.90 a month to the requirement.
- A marriage certificate if your spouse is accompanying you and birth certificates for any children
- Proof of valid medical insurance in Spain
- Police records proving you have no criminal record in the last five years. They must be issued within three months of the application.
- Visa application form
- Proof of payment of the visa fee.
All documents must be legalised and translated into Spanish.
Once the application has been submitted the Spanish authorities have 20 days to accept or reject the application. Once approved the applicant has one month to collect the visa from the Spanish consulate.
You will then need to visit Spain to obtain your residence permit.
Benefits of the Spanish Golden Visa
The main advantages of the investor visa in Spain:
- It allows you to work and live legally in Spain and gives you access to public services such as state healthcare and schooling.
- It grants you an initial authorization to live and work in the country for 2 years. This can be renewed for periods of five years at a time indefinitely provided you still maintain the investment and comply with all of the requirements.
- You are not required to be resident in Spain and thus do not have to become a tax resident in Spain. You only have traveled to the country once a year.
- It provides freedom of movement throughout the Schengen zone.
- You can include your family in the application.
- After 5 years you can apply for permanent residence.
- After 10 years you can apply for Spanish citizenship if you want to, provided you have spent at least six months a year in Spain for 10 years.