If you’re considering a move to Spain then it’s likely that, after finding your dream Spanish home, obtaining the right visa is one of your primary concerns. Obtaining a Spanish residency permit will be essential if you want to live in Spain in the long term, and the visa that most often appeals to real estate owners is the Golden visa. But what is it? And how do you obtain one? Here’s everything you need to know:
What is a Golden Visa?
The ‘Golden Visa’ is the Spanish residence permit programme which was initially introduced to stimulate foreign investment in the country. The Golden visa is offered to any foreign investor who invests at least 500,000 euros in property, amongst other requirements. It is one of the easiest ways to obtain a residency permit in the country, and it also a relatively quick way to obtain a Spanish residency permit if you don’t want to wait for more inexpensive channels, however it does require that you have a significant sum of money available to invest in property.
One of the main appeals of the Golden Visa is that it will ultimately become a permanent residency visa. Obtaining permanent residency in Spain is a step by step process that can be time consuming, but the introduction of the Golden Visa policy massively simplifies this process.
How Does the Golden Visa Work?
If you plan on entering Spain under the Golden Visa programme, the first step you need to take is to apply for a residence visa: this is valid for up to one year. You can then apply to convert your one year residence visa into a two year residence permit. This permit can then be renewed every two years, and you can be assured it will be approved provided that your investment purchase is still in place. It is essential that you don’t sell your property during this time if you want to ultimately convert your visa to a Golden Visa.
To be considered a Spanish resident, you must spend at least 6 months in the country every year. If you fulfil this criteria, in conjunction with the criteria detailed above then after five years you will be eligible to apply for a permanent residence visa and after 10 years you can apply for Spanish citizenship.
Who Can Use the Golden Visa Programme?
The Golden Visa programme is largely aimed at non EU state members who cannot otherwise apply for another kind of residence visa. If you are a citizen of an EU member state then this is not the easiest way to enter the country as, at this point, you have the right to live in another EU country without obtaining a visa of any kind.
Note: This is true until Britain leaves the EU in October. It is not known at this point how the UK leaving the EU will affect the rights of British citizens to live and remain in Spain, or any other EU country.
What Do You Have to Do to Obtain A Golden Visa?
It isn’t enough simply to invest in property if you wish to obtain a Golden Visa to receive permanent residency in Spain. As well as making a 500,000 Euro investment in property of any kind, you must also fulfil the following criteria:
- A one million Euro investment in bank deposits in Spanish Financial Entities.
- A one million Euro investment in shares of Spanish companies.
- A two million Euro investment in Spanish Public Debts.
- Starting a business project in Spain of general interest, which creates employment, contributes to technological and/or scientific innovation or has a socio-economic impact on the local area.
What Are the Benefits of Obtaining a Golden Visa?
Wondering whether the benefits of obtaining a Golden Visa will be right for you? It’s main benefit is that it clears a lot of red tape and makes it simple and straightforward to live in Spain, no matter where you come from. Other benefits include:
- Only having to visit the country once a year to maintain your residency permit.
- The permit being easy to renew on a two-yearly basis
- Once you have obtained a two year permit you can work in the country as both an entrepreneur or as an employee.
- The permit can also be extended to include your spouse and any children under the age of 18.
A Time Efficient Solution
The Spanish investors residence permit (the official name for the Golden Visa) has been created to make accessing the country easier than ever for non-EU investors. As a result of this, obtaining a golden visa in Spain is a relatively fast process. You will receive your initial visa in just ten working days, giving you the time you need to complete the rest of the process.
Interested in purchasing property in Spain, or hoping to make a real estate investment to help secure your residency in Spain? We’re here to help! Whether you’re hoping to invest in commercial or residential property, our property experts can assist you in finding the property that’s right for you.