With the Golden Visa programs in Ireland and Portugal closing, the Spanish golden visa program has attracted more attention from investors. Having begun in 2013, the Spanish golden visa has been known for being relatively accessible for many non-EU nationals compared to many other EU visa programs. The Spanish Golden Visa program grants investors without EU nationality the legal right to live in Spain, the right to work and study in Spain without having to secure a work or a study permit, and visa free travel across the Schengen area. The visa is initially granted for two years if applying from within Spain and one year if applying from outside of Spain and is renewable for another five years. After holding this visa for five years, an investor can apply for Spanish permanent residence and then apply for Spanish citizenship after five years of permanent residence in Spain.
Benefits
Investors can include their spouse, children under 18 and adult children that are dependent on them in their application and potentially secure permanent residency and eventually citizenship for them. Holders of the visa are not obliged to pay any taxes in Spain so long as they do not reside in Spain for more than 183 days per year, which would otherwise be a tax of 24% on their income.
Since the program does not impose any language, test, or educational requirements, it is open to most of the people capable of making the required investment. It is also noteworthy to mention that in comparison to other Golden Visa programs across Europe, there are also fewer restrictions on which property investors can buy to be eligible for the visa, meaning that investors have a wider variety of investment options to choose from.
The path to obtaining a Spanish Golden Visa is relatively simple, even compared to other Golden Visas offered across Europe. The Spanish Golden Visa does not impose any requirement to reside in Spain for any duration of time neither to apply or to maintain and renew one's status in Spain, investors will only need to visit Spain once a year in order to maintain their status. Whereas the Portugal Golden Visa requires 7 days per year of residence in Portugal for the first year and 14 days in the following two years after the first. Additionally, the visa can be applied for entirely remotely.
Eligibility
The Spanish Golden Visa program offers applicants a variety of investment options:
1) An investment of at least EUR 500,000 in a real estate property that comes from the investor's own funds. This investment can be:
- A purchase of one or more properties;
- A mix of residential or commercial properties;
- A combined investment with a joint buyer with a minimum investment of EUR 500,000 each; and
- Made through a majority owned company.
2) A minimum deposit of EUR 1,000,000 in (i) bank deposits, (ii) the actions or share of Spanish capital companies with a real activity or business, or (iii) investment funds or a minimum deposit; or
3) A minimum deposit of EUR 2,000,000 in Spanish public debt securities.
Additionally, due to the enactment of the Startup Law at the beginning of 2023, a new option to invest in a business project has opened for prospective golden visa applicants that allows even greater flexibility in the investment options available to prospective investors.
This business project must be in the general interest, meaning it: (i) involves the creation of jobs (no minimum requirement), (ii) has a significant socio-economic impact on the geographic area of which the business activities are to be carried out and (iii) must make a significant contribution to scientific or technological innovation.
The other main eligibility criteria include:
- Holding the investment for a minimum of 5 years;
- Opening a bank account in Spain and obtaining a Spanish tax identification number;
- Being without debt to the Spanish authorities, having a clean criminal record; and
- Not having entered or stayed illegally in Spain.
The Spanish golden visa offers an opportunity for many non-EU nationals to obtain Spanish permanent residency and eventually citizenship for themselves and their family through a relatively simple process. As such, the popularity of this visa comes as no surprise. Given the closing of other golden visa programs across the EU, and the recent opening of a new option to invest in a business project, the Spanish golden visa is only expected to become even more popular in the near future.
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