Spain Golden Visa – Eligibility, Benefits and How to Apply

Suppose you need to migrate to Spain, with your family or for business purposes. You will need a faster route to a resident permit like Spain Golden Visa. it grants you this opportunity without hassle

Spain Golden Visa allows non-EU citizens to travel, work and make significant investments in Spain for an extended period with no restrictions. Learn about its eligibility requirements, required documents, benefits, and investment options. For other related information, you will need to fasten your application now!

What is a Spain Golden Visa?

The Spanish Golden Visa is a type of visa that grants foreigners of non-EU citizens a Residency Permit when they invest significantly in the Spanish economy or properties such as real estate, companies, government bonds, create employment in Spain without having to obtain a regular Spain visa.

Why Should You Apply for Spain Golden Visa?

• First, Spain’s golden visa is a great option non –EU citizens to obtain a permanent residency.
• Secondly, non-EU citizens as well as be entrepreneurs in Spain when they make eligible investments in Spain’s economy.
• Thirdly, interested foreigners willing to immigrate to Spain with their families many immigrations enjoy benefits such as
•  Residency permits
• Tax exemption
• Free access to public education and health care in Spain and around the Schengen area.
• Live, work, and travel freely in Spain.

Best Investment Options for a Spain Golden Visa

To obtain a Spain Golden Visa, you must make significant investments in any of the following eligible investment options:

Real Estate investments: Option for a Spain Golden Visa (real investment funds)

In other to invest in Spain property and real estate, you must fulfill the following conditions:

• The property in real estate must be purchased in your name, with investments must amount to a minimum of 500,000 euros to be eligible for a Spanish Golden Visa.
• Provide Residency Visas for Acquisition of Real Estate (RIV) (The Certificate of Proprietorship from the Land Registry that contains data relating to property and taxes sold through that property.

At the same time, there are restrictions on the type of property that can be acquired, which can be residential or commercial.

The good news is:

• When you invest in real estate, you can buy more than one property; when necessary,
• There are chances for joint investment in situations where the investor can not solely fund the investment on his own.
• Spain’s golden visa permits mortgage only when making investments that exceed the eligible investment amount (€500,000), as mentioned earlier. This means that if you use a mortgage to pay for a property that is of minimum requirements in Spain, you will not qualify for a golden visa.

 Capital investments: Option for a Spain Golden Visa

Spain Golden Visa helps you obtain a residency permit when you make the following:

•  One-million-euro investment committed to Spanish stocks, investment funds, venture capital funds, or savings accounts from Spanish financial entities.

Business investment or Entrepreneur investments: Option for a Spain Golden Visa

To qualify, you must fulfill the following criteria.

• You must invest in a new or existing business that is registered in Spain and meets certain criteria, such as generating employment or contributing to the economy.
• The investment must be of a certain such as buying shares in a company, loaning money to a business, or contributing physical assets such as property or equipment.

The goal of any business investment is to generate a financial return on the initial investment, either through dividends, capital gains, or interest payments.

Spain Golden Visa – Before you Invest

Do your research. It is important to know what you are getting into before you invest in any property. Spend time learning about the Spanish real estate market, and be sure to consult with experts who can help you make decisions.

Do a complete analysis of all the regions you are considering making an offer on to ensure you get the best deal possible.

Location, location, location! Locations like Spanish beaches will forever be a tourist attraction for international and domestic tourists, so purchasing a property there can be a wise investment.

You should consider cities like Madrid, Valencia, Seville, A Cour a, Santander, Bilbao, and Zaragoza are all large and are enticing places to live or invest.

Cost considerations. When you do perform thorough economic evaluations of each location you are considering buying, you do not overpay.

In Spain, IVA (the Spanish version of VAT) must be paid when buying a new property. This alone will result in a 6% to 11% extra cost of the buying price, which is not easy to recover.

Who Can Apply for a Spain Golden Visa?

 you qualify for a Spain golden visa when you fulfill all the following conditions:

• You can demonstrate that you chose one of the investment options.
• You have a valid passport or travel documents.
• If you are over Eighteen (18) years of age.
•  Must be a citizen or legal resident of a country outside the European Union.
• If your purpose for acquiring the visa is to invest in Spanish property or businesses
• You have a clean criminal record.
• You have no rejected Schengen Visas.
• You fulfill the financial requirements, such as having an annual income of at least €100,000 or having assets worth at least €500,000.
• You must fulfill medical assurance and safety requirements.

 Required Documents to Submit with Application Form

To apply, you will need to submit the following documents:

• A filled and signed application form.
• Two (2) -recent-sized passports photograph (Issued within the last ten years. and must reside in Spain
• A valid passport (Issued within the last ten years. and must reside in Spain)
• Proof of your financial situation/ resources (bank statements, proof of income, proof of assets) proof of sufficient funds to support yourself and your family while living in Spain.
• A medical certificate.: (Original and photocopy, original translation, photocopy of translation if required). If you have an illness that poses a health risk to public health, it needs to be confirmed. For your health medical requirements to enter Spain
• Proof of your medical insurance cover. : Submit this document in its original form, photocopy, as translated into Spanish by an authorized translator. It must be no older than Ninety days (about three months) at the time of application.
• Proof of country of residence (rental agreement or title deed).
• Spain long-stay visa
• Residency Visas for Acquisition of Real Estate: The Certificate of Proprietorship from the Land Registry holds data relating to property and taxes sold through that property
• Residency Visa for Capital Investors: a copy of the financial intermediary’s certificate, adequately registered with the Banco de Espaa, or the National Commission of the Stock Market, in the case of an investment in listed shares.
• An Authorized public or private medical insurance: Your health insurance company must work and be authorized in Spanish.
• Marriage certificates or birth certificates: This certificate must be an original or certified copy issued by the government authority in your country of residence.

If you are not married, you must supply a birth certificate or any document proving your economic independence.

A certified copy of the divorce decree must be officially translated into Spanish.

When Can I Apply for a Spain Golden Visa?

The visa application process typically takes at least three months to be processed. This is the minimum duration that is permitted. Be sure to initiate your application well in advance of your trip.

Where Can I Apply for a Spain Golden Visa?

Applications can be made at:

• The Consulate General of Spain in your city
• The Embassy of Spain in your city
• The Spanish Institute of Cultural Exchange (ICEX)
• Spanish consulates or embassies outside of the United States

However, a Spain Golden visa is only available for a certain number of months each year, so make sure you apply early.

Your application is processed when you fulfill all the necessary conditions and submit the required document with your application form requirements.

Find out the necessary documents to submit to fasten your application.

Benefits of Obtaining a Spanish Golden Visa

These are the benefits of having a Spanish Golden.

Travel throughout Europe with ease:

You have access to twenty -six countries within the Schengen Area. This includes popular destinations like France, Italy, and Germany.

Increased mobility and Investment opportunities:

• No need for a separate work permit,
• You can easily take up employment in Spain or any other Schengen country.
• You will also be able to move more freely between countries to search for work or study opportunities.
• You can bring along your family members (spouse, children, and dependent parents)
• You and your family members will gain access to public services such as health, youth, and education.
•  Overall, the Golden Visa is a terrific way to gain residency in Spain and enjoy all the benefits that come with it.

Resident Permit/ Citizenship made Easier:

• You will be given residence permits so that you and your family can live in Spain.
• if you maintain your investments, you will become eligible to renew your resident permit every two year
• After five years of residing in Spain, you are qualified for permanent residency.
•  You do not need to live in Spain to renew your Spain Golden Visa.
• If you live in Spain, apply for Spanish citizenship after ten years. Spanish after five years

How to Apply for Spanish Golden Visa

To apply for Spain Golden Visa, you will need to fulfill the following conditions:

• Invest in one of the eligible investment options:
• Residency Visas for Capital Investors:
• Residency Visa for Acquisition of Real Estate:

Apply for a Spain Golden Visa: Go to the nearest Spanish Embassy in your city to collect an application form. Complete it, and send it in with the necessary document file.

• Make sure to forward your application to the nearest Spanish Embassy within three months of investing.
• Engage the services of a lawyer to act as your legal representative and complete the bureaucratic and technical aspects of your Golden Visa. This includes supervising the property’s completion and processing the visa application for you and your family.
• The investor or his/her legal representative must apply for the visa or residence permit via the application form.
• You need a Spain visa or a Spain Business Visa to finalize your investment.
• Get your Spain residence permit. You must travel to Spain after receiving your Spain Golden Visa to exchange it for a Residence Permit and submit your biometric information.

Spain Golden Visa Cost

Cost of application visa fees:

You must invest at least €500,000 in one of the eligible investment types, such as buying real estate, investing in capital, or starting a business.

Taxes and other transaction costs:

Aside from the property price itself (€500,000), it would help if you considered the taxes and other transaction costs.

You might occasionally be required to pay legal fees, stamp duty, and notary costs. It is crucial to account for these in your budget because they can add up to thousands of pounds.

Investments and tax costs:

You are paying the eligible investment cost of at least €500,000 from your existing funds (collecting mortgages to pay for the investments is not permitted, at least not for the minimum requirements); this is considered expensive for some people. For example, some applicants may need a lawyer to help with the application process. Lawyers typically charge around €3,500 plus 21% VAT for their services.

You don’t need to pay taxes if you don’t have a full resident permit.

However, suppose you buy a property in Spain. In that case, regardless of your residency status, you still have to pay the necessary taxes, like the municipal and rental income taxes.

You must pay 24.75 percent of your rental or other income earned in Spain if you are not a full-time resident.

Application Processing Time

Spain Golden visa

• Application processing time is fast and efficient
• Application takes about twenty (20) business days for the visa to be approval

Portugal Spain golden visa

• Application processing time is slow
• Application takes about three – Six months

Citizenship/ PR Application

Spain golden visa

• Unless you are a national from one of Spain’s former colonies. Spain cannot grant automatic citizenship for
• Citizenship is only after five years while you are still living in Spain.

Portugal golden visa

• Acquiring a permanent residency is less complicated.
• without the need to leave Portugal, you can only apply for permanent residency after five years

Note that Portugal has a policy of offering automatic citizenship to individuals of Sephardic jew decadency.

Frequently Asked Questions

Can you use a mortgage for a Golden visa?

By collecting a mortgage for their investment, they can spread out the cost of the property over a few years. This makes it easier for them to afford the investment, and it also reduces their monthly payments.

However, you will not qualify for this visa if you use a mortgage to pay for a property which is of minimum requirements in Spain.

This means You will have to make a payment of your investments of at least €500,000 in total from your funds. Unless for any investments that exceed this eligible amount

How long can One stay in Spain with a Golden Visa?

A golden visa in Spain is valid for one year from the date of issuance (if your investment is fully funded and maintained) before converting the visa to a resident permit for investors.

How Long Can I Stay in Spain Before Resident Permit is Granted?

You will have to stay in Spain at least for two years before you get a Spain resident permit.

You are to renew your resident permit every two years when you have Maintained the investment (in other words, if you still own the property you have purchased).

However, if you no longer live in Spain, your resident permit cannot be renewed.

What happens if you stay over three months (90 days) in Spain?

You will not be able to renew your visa if you exceed the 90-day limit. You can be able to apply for different types of visas, such as work or student visas. Or you may have to leave Spain and reapply for the Golden Visa from outside of Spain.

That said, it is always best to be aware of the rules and to comply with them as much as possible.

Can I Lose the Residence Permit?

Yes, you will lose your residence permit if you violate the terms (not meeting the minimum investment requirements), which is the main purpose of the visa anyway.

Is Spain’s Golden visa worth it?

Spain Golden Visa Pros

• It is true that this type of visa allows you to live in Spain indefinitely.
• You also have the right to work in Spain and travel throughout the Schengen Area without a visa.
• you can pass on your Spanish residency rights to your spouse and children

However, there are notable limitations to Spain’s golden visa application, which may not fit well with some individuals or investors.

Spain Golden Visa Cons

The Cost.

The cost of €500,000 for the eligible investment required can be high.

Which Golden Visa is better, Spain or Portugal?

Spain and Portugal both offer exceptional quality of life with low costs of living, making them two excellent options for those looking for a visa that will be affordable and allow them to live comfortably. Additionally, each country has unique attractions that can make it an ideal place to live.

Spain offers a variety of visas, including tourist visas, business visas, student visas, family reunion visas, and more. Portugal offers a similar selection of visas except for a working holiday visa. Other comparison includes

Conclusion

With profiting investment options to choose from, residency permits, as well as potential tax benefits. Spain’s golden visa remains the fast, easy, and low-risk way for investors like you to gain citizenship or residency in Spain without immigration hurdles.

Read also: Portugal Golden Visa