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Obtaining a Golden Visa for Spain
05.07.2024
The program for obtaining a residence permit in Spain by investment has existed since 2013 and is aimed at attracting foreign investors to invest in local real estate, create jobs and purchase securities.
Investors can choose one of six options for participating in the program: purchasing real estate, purchasing government bonds or shares of Spanish companies, opening a deposit in a Spanish bank, investing in a business or investment funds.
The minimum investment amount is € 500 000.
Investors are not required to take Spanish language and culture exams. They are also not required to reside permanently in Spain, and the purchased property can be rented out.
However, the law requires the investor to maintain the investment throughout the duration of the residence permit. The status will be canceled if the investor returns the investment ahead of time, for example, by selling real estate.
After five years of residence in Spain, you can obtain a permanent residence permit, and after another five years you can apply for citizenship, subject to renunciation of your current citizenship.
Who can obtain a residence permit in Spain?
- Investor with legal income
The main applicant for a residence permit can be an investor who has legal income and makes relevant investments in the Spanish economy.
- Spouse
The right to a residence permit also extends to the legal spouse of the main applicant.
- Children under 18 years of age and older
All minor children of the investor, that is, children under 18 years of age, can obtain a residence permit together with their parent. An investor's adult children who are financially dependent on their parents may also apply for a residence permit.
- Parents of spouses
A residence permit can also be obtained by the parents of both the main applicant and his spouse, if they are dependent on them.
Financial expenses
Property selection
An investor can purchase residential or commercial property in Spain. If family members are included in the application, the investment amount remains the same.
Property owner
Real estate can be registered in the name of the investor himself or in a company where he is the controlling shareholder (owns the majority of the shares). Purchasing commercial real estate through a company entitles you to a tax deduction and refund of VAT paid in the amount of 21%.
Amount of investment
For the amount of €500,000 you can buy one or more real estate properties. The law does not require that the entire amount be invested in one object. The purchased property can be rented out. To maintain and extend your residence permit, you must remain the owner of this property.
Taxes and fees
Buyers of property in Spain must pay transfer tax and special fees.
Associated costs include:
- New buildings: 10% of the transaction amount in the form of VAT and 1.5% stamp duty.
- Secondary housing: from 6% to 10% of the cadastral value.
- Commercial real estate: up to 25% of the transaction amount.
List of documents for obtaining a residence permit in Spain
When applying for any type of residence permit in Spain, you are required to provide a certain set of documents. Regardless of the basis for a residence permit, the general list includes:
International passport
Original passport.
Copies of all pages, including pages with visas and border crossing marks.
Certificate of good conduct
An official document confirming the absence of a criminal record in the country of residence.
Confirmation of solvency
Documents confirming the availability of sufficient financial resources to live in Spain (for example, bank statements, income certificates).
A completed application form
Standard application form filled out by the applicant. The questionnaire contains personal data, information about the current place of residence and plans for the period of stay in Spain.
Medical insurance
A health insurance policy valid in Spain and covering all necessary medical expenses.
Confirmation of the existence of grounds for a residence permit
Documents confirming the basis for obtaining a residence permit (for example, a real estate purchase and sale agreement, employment contract, investment documents).
Medical certificate
A certificate confirming the absence of diseases dangerous to public health (usually a test for tuberculosis, HIV, hepatitis and other infections is required).
Receipt for payment of state duty
A document confirming payment of the state fee for processing an application for a residence permit.
Benefits of a residence permit in Spain
1. Visa-free travel within the Schengen area
Holders of a residence permit in Spain can visit other Schengen countries without a visa and spend up to 90 days there every six months.
2. Moving to Spain and creating a “reserve airfield”
A residence permit allows you to come to Spain at any time, even if the borders are closed to tourists. There is no obligation to permanently reside in the country; it is enough to visit Spain to renew your residence permit.
3. Access to European education and healthcare
Children have the right to study in Spanish schools and universities, both private and public. The whole family can benefit from high-quality medical services in clinics in the Schengen area.
4. Opportunity to work and do business in Spain
The investor and his family can obtain a work permit in Spain. Entrepreneurs can also transfer their business to Spain or open a new company.
5. EU citizenship after 10 years
After five years of residence in Spain, an investor can obtain permanent resident status, and after another five years, apply for Spanish citizenship.
6. Citizenship for children within 1 year
If a child was born in Spain to parents with a residence permit and has lived in the country for at least a year, he can obtain Spanish citizenship. Thus, the naturalization period is reduced to one year instead of ten.
Residence in Spain by investment is a profitable and flexible opportunity for foreign investors, offering many benefits for both the investor and his family.
This is a great way to not only improve your quality of life, but also gain access to the European market and EU citizenship.
