Spanish Golden Visas
On September 30th, 2013, Spain passed a law (Law 14/2013) to encourage international business initiatives. This law offers a way to get a residence permit in Spain by making investments in the country, mainly through buying property.
There are different ways to invest to qualify for this residency permit. The most common option is investing at least €500,000 in Spanish real estate, either in one property or several smaller ones totalling €500,000. Other options include investing in Spanish companies or funds, buying Spanish Treasury Bonds, or contributing to new business projects in Spain.
For families, the main investor must show they can support their spouse and children under 18 financially through a Sponsorship letter.
The Spanish Golden Visa offers a pathway for non-European citizens to secure family residency in Spain. This coveted permit can be renewed biannually, and after five years, it opens the door to permanent residency. After a decade of residency, individuals are eligible to apply for full citizenship, relinquishing the need to remain in Spain to retain their visa status.
Initially valid for one year, the visa can be extended and renewed for Spanish residency every two years. Renewal requirements mirror those of the initial application, including a mandatory visit to Spain within the first year of residency.
Applicants must satisfy additional criteria to attain Spanish residency, including holding valid health insurance, demonstrating financial means to support themselves and their dependents, and presenting a clean criminal record.
The application process entails paying requisite fees and compiling necessary documentation for all family members seeking legal residence. Additional expenses may arise for translating and apostilling documents.
Recently it has been announced that Spain may revoke the Golden Visa scheme through the purchasing of real estate giving an extra push to investors who want to take advantage of it while it is still available.
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