The Golden Visa in Spain – Invest and obtain residency

The Golden Visa in Spain provides non-EU citizens with an opportunity to obtain residency through investment.

Spain introduced the Golden Visa scheme in 2012 in order to encourage entrepreneurship, investment, and internationalism. However, the principal aim of the Golden Visa initiative is to stimulate the Spanish economy.

By attracting entrepreneurs and investors to the country, the Spanish government hopes to create jobs, attract new talent, and promote innovation.

This visa program makes it easier for wealthy individuals to gain residency, especially if they purchase a property.

In this article, we run through some of the details of the Golden Visa and the impact it’s had so far.

What is the Golden Visa?

The Spanish government introduced the Golden Visa, or Investment Residency Visa, as part of the Law of Entrepreneurs and Internationalisation in 2012.

This new legislation gave non-EU nationals the right to reside in Spain.

How to obtain the Golden Visa in Spain?

There are various means through which foreign nationals can obtain their Golden Visa in Spain, including:

• Invest at least €500,000 mortgage-free in Spanish property. 
• Invest €2 million in Spanish public debts.
• Buy €1 million worth of shares in a Spanish company.
• Deposit €1 million in a Spanish bank account.
• Start a business project in Spain that creates jobs, contributes to technological or scientific innovation or has a socio-economic impact on the locality.

Obtaining the Golden Visa though the purchase of a spanish property

As is clear from the large sums of money, this visa program is out of reach for many people.

However, property investment is relatively flexible. It does not have to be a home; for instance, it could also be a commercial building or any other type of real estate.

This is actually one of the most usual ways to obtain the Golden Visa in Spain. The only condition is that it has to be an accredited property with a legitimate certificate of ownership from the property registry.

This document contains an electronic code that allows the authorities to check the authenticity of the purchase online.

Investor Residency Permits: The next step

After spending one year in Spain, Golden Visa holders can apply for an Investor Residency Permit if they wish to stay longer.

This permit is valid for two years, with the possibility of a further two-year extension. To qualify, existing Golden Visa holders in Spain must:

• Be 18 years old or over.
• Have no criminal record in Spain or their country of residence for the previous five years.
• Not be residing in Spain illegally.
• Have healthcare insurance cover with a company that operates in Spain.
• Be able to support their family financially whilst living in Spain.
• Show proof of ownership of the property for the minimum amount of time.
• Fulfill all tax and social security obligations.

The impact of the Golden Visa in Spain

According to an article in El País, Spain has enjoyed the highest uptake of any European country offering a similar scheme.

Also, the largest group of Golden Visa holders in Spain are Chinese, followed by Russians and Americans.

However, the program has its difficulties. For example, Transparency International has criticized the practice, suggesting that some applicants have been linked to corruption cases abroad.

However, Spanish lawyers have said that anti-money laundering laws make it very difficult to bring problematic investments into the country. Either way, many multi-millionaires globally bringing investment to Spain through this attractive scheme.