Because of its great location, strong economy, and friendly business climate, Spain has become one of the most popular places for foreign investors to put their money. In the past few years, the Spanish government has put in place a number of policies that are meant to bring in rich people from around the world. The Golden Visa Spain stands out as one of these programmes because it is a very popular residency pass that gives non-EU citizens who want to invest in the country many benefits.
This piece will go into detail about the Golden Visa Spain programme, looking at its features, requirements, pros and cons. Its goal is to give people who might be interested in applying a full picture of this scheme, so they can weigh the pros and cons and decide if it fits with their financial goals and lifestyle preferences.
Why should I get a Golden Visa for Spain?
The Golden Visa Spain programme, which began in 2013, lets foreign investors get temporary residence permits in Spain by meeting certain requirements linked to investing money, buying property, starting a business, or being an entrepreneur. The visa makes it easier for families to get back together. It also lets people freely travel within the Schengen Area of Europe. After five and ten years, the visa leads to permanent residency and citizenship, respectively.
There is no minimum income needed to get a Golden Visa Spain, but applicants must show that they have enough money to support themselves and their children without using public funds. Non-EU citizens must also spend at least 90 days a year in Spain during the first two years of the programme and then every two years until they get permanent residency.
As long as the investor continues to follow the rules, their Golden Visa can be renewed forever. While this permit does allow access to healthcare through Spain’s National Health System (NHS), only in emergencies can its users use these services. As a result, recipients should get private health insurance before they come to the country.
For Whom Is the Golden Visa Spain Scheme Open?
To get a Golden Visa for Spain, applicants must fit into one of four groups based on how they want to enter the country. Each category has its own set of standards for eligibility, paperwork needs, and processing fees. Let’s take a closer look at each of these choices.
Type One: Transfer of Capital
If an investor from outside of Spain puts at least €1 million ($1.2 million) into a Spanish bank account, they can apply for the Golden Visa Spain. They could also put €2 million ($2.4 million) into a financial fund that is registered with the Securities Market Commission (CNMV) of Spain. If they can successfully complete either deal, it proves that they are a “high net worth individual” who can get the Golden Visa Spain.
Those who want to apply must show proof of where their money comes from, proof that they have paid taxes abroad, and pictures of their IDs. Processing times rely on how complicated the case is, but they usually take three months. Spouses and children under eighteen who depend on them are automatically included in the application process. Adult children over the age of eighteen can do the same thing on their own.
The second category is buying property.
People who live outside of the EU and have debts on homes worth €500,00 ($600,00) or more can apply for the Golden Visa Spain. People who want to apply should show proof of ownership, mortgage papers, and payment receipts. If you buy more than one thing, the total amount should be at least the given threshold.
Couples and children under 18 who are travelling with the principal holder don’t have to go through different steps because they are automatically given permission. Adult brothers and parents, on the other hand, need more paperwork and may have to wait longer because of stricter screening processes.
Category Three: Business ventures run by entrepreneurs
People who want to start a business in Spain might want to apply for the Golden Visa Spain if their business creates jobs for at least five Spanish citizens. Candidates should have good management experience, be able to show a business plan that will work, and be able to find enough funding sources. The government could ask for bank statements, audited accounts, records of wages, and contracts.
Partners, spouses, and minor children can go with the main petitioner for free, but adult sons and daughters must make their own petitions unless they already have enough money. If they need to, business owners can add more people later.
Four: Real estate that is leased
The fourth way to get a Golden Visa Spain is for leaseholders who rent out homes or businesses for more than €500.00 ($600.00) a year. Rental agreements, lease contracts, and bank records are enough proof. When landlords rent out more than one item, they may be able to reach the required amount.
Relatives after the main applicant don’t need to fill out separate forms, but adult children who want to move in with their parents would have to go through more formalities.
Pros of Getting a Golden Visa for Spain
The Golden Visa Spain is an appealing offer for wealthy people who want to live in Spain for a short time or forever. Here are some of the reasons why so many people around the world choose this programme over other ways to immigrate.
Having access to a booming economy
The economy of Spain is doing very well, with strong consumer spending, steady GDP growth, low inflation rates, and a big market. The fourth-largest economy in the European Union has a wide range of business opportunities, such as real estate, tech startups, infrastructure projects, the energy transition, and research and development. Through bilateral deals, foreign companies can get tax breaks, grants, subsidies, and trade networks that are very helpful.
High Level Of Living
Spain is one of the thirty best places in the world to live based on a number of different indicators, including education, health care, housing, safety, transportation, culture, and social benefits. People who live there love the Mediterranean climate, lively cities, beautiful coastlines, historical sites, world-famous food, fun events, and friendly locals. For kids, the cost of school is lower, and they can get good education. For seniors, they can get cheap but good medical care.
Family reunification and the right to move around
People with a Golden Visa Spain can bring along family members, such as parents, children who are not married, and married partners, as long as they follow certain rules. When there is a family reunion, marriage certificates, birth certificates, and parental permission forms need to be turned in. The main applicant can also move freely within the Schengen Zone, which is a large area that includes 22 EU member states, as well as Switzerland, Norway, Iceland, and Liechtenstein. You can use this freedom in third countries too, which do not require Schengen cards.
Ways to Get Permanent Residency and Citizenship
If an investor has a Golden Visa Spain permit and keeps it good for five years in a row, they can enter Spain freely and can ask for permanent residency. After another similar amount of time, they might be given Spanish citizenship if they meet certain requirements, such as showing that they can speak Spanish well, integrate into Spanish culture, do their civic job, and record good behaviour.
Cons of Trying to Get a Golden Visa for Spain
There are some problems with the Golden Visa Spain, but they are not as bad as the pros. Here are some things that people who want to apply should really think about.
Barrier of high cost
Getting a Golden Visa Spain requires a lot of money, more than what is usually needed for other types of resident permits. Rich business owners or experienced workers who want to move their families to Spain should be ready to spend a lot of money on things like buying a house, starting a new business, transferring money, and paying for health insurance. Investors with less money might have a hard time paying these costs, which might stop them from going this way.
Not Enough People Can Use Public Services
People who live in Spain and have a Golden Visa do not have all the rights and benefits that Spanish citizens do. They don’t get free or cheap access to important public services like water, garbage collection, street lights, police protection, firefighter aid, search and rescue missions, schooling, college enrollment, or job training programmes. In addition, they may have problems with their ability to vote, be represented in politics, get pensions, and follow inheritance rules. Because of this, the lack of equal opportunities may make it hard for people to fully join Spanish culture.
Recent Events and Possible Future Changes
In April 2018, the Spanish government made changes to the application process that were meant to make it easier and faster, without making the requirements for qualifying much different. The wait time has been cut down from nine months to six months, you can submit your application online, communication methods have been digitalized, more supporting papers can be used, and security has been improved. These changes are meant to make the whole process better for applicants, make things easier for officials, and lower the risk of fraud.
However, some stakeholders are still calling for more changes to be made to the Golden Visa Spain plan to make it more competitive and effective. Some businesses say that the minimum investment level for startups should be lowered, while others say that family reunification should be available to more people than just adults who are dependent. Others say that the idea should be expanded outside of Spain to bring in talented people from nearby countries like Portugal, France, Italy, Morocco, Algeria, and Tunisia. With these kinds of efforts, the programme is meant to adapt to shifting populations, economies, and trends so that it appeals to a wider range of candidates and stays profitable and long-lasting for everyone.
Many people, families, and businesses have found the Golden Visa Spain programme helpful when they want to move to Spain, either temporarily or forever, to take advantage of the country’s strong economy, high standard of living, welcoming policies for expats, and easy visa requirements. There are big investments needed for this plan to work, but it’s a good option for wealthy people, creative business owners, and smart home buyers who want to look at places other than London, Paris, Frankfurt, Zurich, Geneva, Vienna, Berlin, and Stockholm. Applicants can make smart choices about their choices and goals by keeping up with new trends and suggested changes. This will increase their chances of success and reduce the chances of problems.