2024 Guide to Spain Golden Visa: The Ultimate Residency Program Overview

Spain is one of the countries that first stepped into the EU, way back in 1985. The country is in the Schengen area and has a high standard of living and a stable growing economy, which makes Spain one of the most favorable countries for living and investments. If you’re not an EU citizen and you want to invest in Spain, you’re in the right place.

In this article, you will find everything about the Spain Golden Visa and detailed info about the Spain Residency program. It can be an excellent opportunity for all who want to reside and work in Spain. Meet the complete path to Spain permanent residency, and eventually Spanish citizenship.

What is Spain Golden Visa

The Spain Golden Visa is an investment-based program that leads non-EU citizens to guaranteed residency in Spain. The Spanish government has granted a considerable number of visas for those willing to make a substantial and qualified investment to enhance the economy through foreign direct investment. With Spain's residence by investment program, individuals and their immediate family members can obtain temporary residence permits in Spain in under a month.

What are The Investment Types & Options for the Spain Golden Visa

To obtain the Spain Golden Visa, you can choose from several investment options. Each route requires a specific type of investment. Below are the eligible investment types and their required amounts:

• Real Estate Investment: €500,000

• Business Development: €1 million

• Capital Transfer: €1 million

Spain Golden Visa Real Estate Investment Option

Spain Golden Visa Real Estate investment option represents a significant investment in Spanish real estate, with a minimum amount of €500,000. You can invest in residential or commercial properties or a combination of both. The property can be rented out, and multiple buyers can pool their resources to invest in a single property, with any amount above the minimum being eligible for getting a mortgage in Spain as a foreigner.

Spain Golden Visa Business Investment Option

Spain Golden Visa business investment signifies an investment in Spanish Government Bonds. That means that the applicant for the Spain Golden Visa needs to invest a minimum of €1 million directly into the Spanish economy. If you choose this option you must keep in mind that you need to follow the next steps:

1. Must create an employment

2. Investment should have a socio-economic impact on the country of Spain

3. Investment needs to contribute to scientific or technological innovations

Spain Golden Visa Capital Transfer Investment Option

Spain Golden Visa capital transfer investment option represents an option to invest in Spanish Treasury Bonds. This investment option offers competitive returns. The minimum investment requirement is €1 million, which can be invested in Spanish company shares or bank deposits with a Spanish financial institution.

Benefits of Obtaining a Spain Golden Visa

The Spain Golden Visa offers numerous benefits for investors seeking residency in this country. It provides a pathway to live, work, and study in Spain, and additionally, it grants access to Spain's high-quality healthcare and education systems, enhancing the overall lifestyle of the investor and their family. When it comes to key benefits, here they are:  

1. Permanent Spanish Residency: Investors, along with their families, can live and work in Spain.

2. Schengen Access: The Golden Visa allows visa-free travel within the Schengen Area.

3. Spanish Citizenship: It potentially leads to permanent residency and citizenship.

Permanent Spanish Residency through Spain's Golden Visa Program

The Golden Visa Spain allows investors and their families to quickly obtain permanent residency. It provides a clear path to permanent residency in the country. After fulfilling the program's requirements over time, investors may also become eligible for Spanish citizenship.

Schengen Access with Spain Golden Visa

Spain, as part of the EU and the Schengen area, allows visa-free travel to numerous countries. The Schengen countries include Spain, along with others like Austria, France, Germany, and Italy. This arrangement also extends to nations such as Norway, Switzerland, and the Netherlands, among others.

Obtaining Spanish Citizenship by Investment

The Golden Visa Spain allows investors and their families to quickly obtain residency. It provides a clear path to permanent residency in the country. After fulfilling the program's requirements over time, investors may also become eligible for Spanish citizenship.

Spain Golden Visa Requirements & Eligibility Criteria

As previously mentioned, the primary requirement for obtaining a Spain Golden Visa is a minimum investment of €500,000 in real estate, €1 million in Spanish government bonds, or €1 million in shares of Spanish companies. In addition to the financial requirement, the investor must be at least 18 years old, have a clean criminal record, and hold private or public health insurance. For better understanding, we’ll show detailed criteria for the investor and family members.

Investor Eligibility Criteria for Obtaining the Spain Golden Visa

To qualify, you must not be an illegal resident of Spain and should have no criminal record in the past five years. You need to have private health insurance, prove you have sufficient funds to support yourself without working and ensure you are not listed as undesirable. Additionally, you should not have been denied residency by Spain or other specific countries and must be free of any illnesses listed under the 2005 regulations.

Eligibility Criteria for The Family Members

The purchase of real estate in Spain for at least €500,000 qualifies for the Spain Golden Visa. If the investment is made by a couple married under community property, a spouse may obtain the investor visa while the other can receive a visa as a family member of the investor. The following family members of the investor can also obtain the visa:

• The spouse or unmarried partner

• Children and adult children who are financially dependent on the investor and have not established their family unit

• Dependent relatives in the investor’s direct ancestry

How to Apply for the Spain Golden Visa Program

In this section, we’re gonna explain to you how to apply for the Spain Golden Visa. First, we’re gonna give you detailed info regarding the documents for the investor, and family members, and then we’ll explain to you the whole procedure for applying for the Spain Golden Visa. This is not a complicated process, with our help, you’ll be ready for it.

What are The Required Documents for Investors?

Image 1: National Visa application form

First thing - the investor must download the National Visa application form fill it out with the correct personal data and sign. It’s in Spanish, and if you’re not a Spanish speaker, you’ll need the assistance of a legal translator. In the next lines we’ll list the other necessary documents:

1. Photograph: Provide a recent, passport-sized color photo, taken against a light background. The photo should be facing forward, with no dark or reflective glasses or clothing covering the face.

2. Valid Passport: Submit the original and a photocopy of the passport page(s) with biometric data. The passport must be valid for at least one year and include two blank pages. Passports issued more than 10 years ago will not be accepted.

3. Documents regarding the investment:

   • Unquoted Stocks and Shares: Declaration of investment from the Foreign Investments Registry of the Ministry of Economic Affairs and Digital Transformation.

   • Quoted Stocks: Certificate from a financial intermediary registered with the National Securities Market Commission (CNMV) or Banco de España confirming the investment.

   • Public Debt: Certificate from a financial entity or Banco de España verifying sole ownership of the investment for at least 5 years.

   • Bank Deposit: Bank certificate indicating sole ownership of the deposit.

   • Real Estate: Certificate from the Land Register with up-to-date ownership and encumbrances, issued within the last 90 days, plus the deed of sale if the purchase amount is not included in the certificate.

   • Business Project: Favorable report from the Economic and Commercial Office stating the project's general interest.

   • Legal Person Investment: Favorable report from the Economic and Commercial Office confirming the company is not based in a tax haven and that the investor has majority voting rights and control over the board of directors.

   
   

4. Financial Means: Submit the original and a copy of documents proving sufficient financial means or regular income for the investor and any accompanying family members. The minimum required amount is 400% of Spain's Public Multiple Effects Income Indicator (IPREM), plus 100% of the IPREM for each family member. 

5. Criminal Record Check: Provide the original and a copy of criminal record certificates from all countries of residence in the past 2 years, along with a declaration of no criminal record for the past five years. The certificate must be no older than 6 months unless otherwise stated. For the UK, submit an ACRO Certificate. Certificates must be legalized or apostilled and translated into Spanish.

6. Health Insurance: Provide the original and a copy of the certificate for public or private health insurance from an authorized entity in Spain.

7. Proof of Residence: Show proof of legal residence or attendance at classes in the consular district. Check the relevant section of the Consulate’s website to verify your consular district.

8. Proof of Representative’s Identity and Capacity: If applying through a representative, submit a copy of the representative's ID or passport and the power of attorney or document proving their authority. Originals must be presented with the application. 

9. Visa Fee Payment: Payment is required at the time of application submission. The fee must be paid in local currency and is subject to fluctuations. 

Note: Foreign documents must be legalized or apostilled and, if necessary, accompanied by an official Spanish translation. Sworn translation into Spanish is also required.

What are Required Documents for Family Members?

For each family member accompanying the investor, you must submit the same required documents as those provided for the investor. If applicable, include those from section 9 as well. For minors, their visa applications must be signed by a parent or an authorized representative.

Additionally, you need to submit documents proving the family relationship with the investor, such as birth or marriage certificates, or registration as an unmarried couple. These documents must be legalized or apostilled and, if necessary, accompanied by an official translation into Spanish. For adult children, provide evidence of their financial dependence and civil status, and for ascending line relatives, documents proving they are under the investor's care. 

Procedure 

Before we start explaining the steps of the procedure, it’s good to know the facts regarding the place of submission for Golden Visa Spain, the Visa application period, and by whom it can be submitted. Visa applications must be submitted in person by the applicant, or by a parent if the applicant is a minor, alternatively, they may be submitted through a properly authorized representative. The applicant can apply at BLS. Spain Visa Application Centre (address: 20 St Andrew Street, London EC4A 3AG​), and it’s valid for 1 year as of the capital investment (investments made before 29 September 2013 will not be eligible).

1. Submitting the Application 

The Consular Office may request the submission of any missing or additional documents needed to make a decision on the application. The applicant might also be asked to attend a personal interview.

2. Decision Period 

The standard decision period is 10 days from the day after the application is submitted. However, this period may be extended if an interview or additional documents are required.

3. Getting the Visa 

The visa must be collected in person by the applicant or their representative within 1 month from the day after the favorable decision is notified. The Consular Office will provide instructions on how to retrieve the passport and other original documents.

4. Visa Refusal

If the visa is refused, the applicant will receive a written notification detailing the reasons for the decision.

5. Appeals

If refused, the applicant can file an appeal for reconsideration with the Consular Office within 1 month of receiving the refusal notice. This appeal should be sent via Royal Mail or another courier service. Additionally, a judicial review can be requested from the High Court of Justice in Madrid within 2 months of receiving the refusal notice or the dismissal of the reconsideration appeal.

6. Spain Golden Visa Renewal Process

The initial Golden Visa is issued for one year, with the option to extend it for up to 5 years. After five years, you can apply for a permanent visa. To extend your Residence Visa, you must:

• Hold a valid Investor Residence Visa or one that expired within the last 90 days,

• Have spent at least one month in Spain during the past year,

• Maintain the original investment,

• Continue to meet the eligibility criteria that qualify you for the initial residence visa.

How Much Are the Taxes for a Spain Golden Visa?

If you become a tax resident in Spain, you'll be required to pay Spanish income tax on your global income. In certain regions of Spain, there is an annual wealth tax applied to the total value of an individual’s assets and economic interests. Here’s a comprehensive list of all costs and taxes regarding the documents and administration services associated with obtaining a Spain Golden Visa.

For detailed information, please visit the official Spanish Consulate website.

How to Open a Bank Account and Obtain Nie Number for Spain

To open a bank account as a non-EU citizen you need a NIE Number. A Nie number (Número de Identificación de Extranjero) is a tax identification number. The NIE number is essential for various activities related to the Spanish tax system and real estate transactions. 

It is required for paying taxes, making official purchases, and handling other legal matters. All foreigners involved in financial, professional, or social activities in Spain must have an NIE number, and obtaining one early is recommended, even without permanent residency. The Spanish NIE number is required for various actions such as: 

• Legal Employment

• Paying taxes in Spain

• Buying or selling property or vehicles

• Becoming self-employed

• Registering a business

• Managing inheritance

• Studying

• Obtaining a Spanish driver’s license

• Setting up utilities

FAQ About Golden Visa Spain

Looking to learn more about Spain's Golden Visa? If we didn’t cover something you’re curious about, feel free to reach out, and we’ll be happy to help you on your journey to sunny Spain!

Who qualifies for a golden visa in Spain?

Non-EU citizens who invest in Spanish property, business, or government bonds can qualify.

Is Spain's golden visa ending?

No, Spain’s Golden Visa program is still available.

Can I get residency in Spain if I buy a house?

Yes, purchasing property worth at least €500,000 qualifies you for a Golden Visa.

What are the disadvantages of the golden visa in Spain?

The disadvantages of the visa can be high investment costs and potential tax residency are common concerns.

Is the €500,000 per applicant or per application?

It’s per application, but family members can be included.

How long can I stay in Spain with the Golden Visa?

You can live in Spain indefinitely as long as you maintain your investment.

Can I keep the tax residence outside Spain?

Yes, you can maintain tax residency elsewhere if you don’t stay over 183 days in Spain per year.

Is Spain the only country that gives a Golden Visa?

No, several other countries offer similar programs, including Italy and Greece, Panama, Portugal, France, Germany, the UK, Ireland, Florida, Texas, etc…

Are the requirements for Spain and Portugal's Golden Visa Programs similar?

Yes, both require substantial investment in property or other sectors, but details may vary slightly.

How Kredium Helps You with a Pathway to Spain Golden Visa

Kredium is one of the leading international mortgage and real estate companies. With the company’s assistance, you can find and finance a real estate purchase anywhere in the world. We offer you a large portfolio of Spanish properties to buy and invest.

That’s why consulting an expert is crucial—and Kredium is here to help! At Kredium, we provide tailored advice and guide you through everything related to mortgages. Whether you're looking to pay off your mortgage early or weighing potential downsides, Kredium offers expert guidance and personalized support, just a form fill away.

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