A Complete Guide to Golden Visa Spain 2021
It is one of Europe’s most popular residency-by-investment programs. Spain’s world-class beaches, delectable food, rich history and high standard of living make it a desirable place to relocate. Investors and their families from outside the European Union (EU), European Economic Area (EEA), or Switzerland can make a qualified investment in Spain and be given a Spanish residency permit via the Spain Golden Visa program. Why not make this lovely Mediterranean country your home away from home?
We hope to provide you with useful and up-to-date information on the Spanish Golden Visa program, including its benefits, conditions and application process, in this comprehensive guide. We hope it is useful to you.
We at Global RCG have a 100% success rate in Golden Visa applications after almost a decade of experience.
Table Of Contents
What is the Spain Golden Visa?
The Spain Golden visa, also known as the Spanish residency-by-investment program or the Spain investor visa, was created by the Spanish government in 2013 to attract foreign investors from outside the European Union to invest in the country’s economic growth.
Investors and their families who meet the program’s criteria and invest at least €500,000 in real estate, a business enterprise, government bonds, or make a bank deposit will be given a simple and convenient way to receive a Spanish resident permit.
The fact that the government law does not require a minimum period of residency is a major benefit of the Spain Golden Visa program. An initial resident card is issued for one year (or two years if visiting Spain), after which it can be extended every five years for another five years. Permanent residency may be applied for after five years of continuous residency in the country. Please keep in mind that applicants will be asked to collect their biometric data in Spain.
Although it is not mandatory to live in Spain to obtain and renew a residency visa permit, the investor or eligible family members must spend at least six months per year in Spain for 10 years to qualify for citizenship. In addition, investors must visit Spain twice a year, with a gap of no more than five and a half to six months between visits. Eligible investors and/or their families will then be able to apply for Spanish citizenship. Some nationalities, such as people from former Spanish colonies, can qualify for a shorter period of full-time residency to apply for citizenship. Over 70 million people from the Americas can potentially claim Spanish citizenship in only a one or two years.
Why Should You Apply for the Spain Golden Visa?
Spain’s Golden Visa program, similar to Portugal’s, has proven especially successful with applicants from China, Russia, Venezuela, Ecuador, Brazil and India. Between January and June of this year, 848 applications for residency were accepted. What’s the secret to the program’s success?
It’s because it’s easy. The visa application process is well-known for its pace and transparency, and applicants can take advantage of many main Golden Visa benefits.
Here are the Spain Golden Visa program benefits:
1) Fast processing times: The Spanish resident permit can be obtained within 60 days of the Golden Visa application being submitted.
2) No need for a visa: Since Spain is a member of the European Union, you can receive a Golden Visa and fly visa-free to any of the Schengen Area’s 26 countries.
3) European Union rights: You can live, work and study in Spain if you obtain a Spanish resident permit.
4) Residency arrangements for the family: Resident permits are guaranteed for the spouse and children under the age of 18. Other members of your family can even apply for citizenship if you have documentation proving they are your legitimate dependents.
5) Assurance of family safety: In times of economic or political uncertainty, having a backup plan puts your mind at ease.
6) Renewal is easy: The temporary residency permit is easy to renew, and you only need to visit Spain once a year to keep it valid.
7) It is not a donation-based program: It is an investment-only program with several different investment choices, so no donation is needed.
Many people dream of getting a Spanish passport because it helps them to fly visa-free to 187 destinations and gives them the freedom to study, work and reside in an EU member-state.
Investors may apply for permanent residency after five years of living in Spain. Citizenship in Spain can be acquired after 10 years, but applicants must have lived in Spain for at least six months per year during that period.
Applicants are free to recoup their investment once they have either permanent residency or citizenship, as Golden Visa renewals are no longer needed.
Who is Eligible for the Spain Golden Visa Program?
Any non-EU, non-EEA, or non-Swiss resident who makes a qualifying financial investment in Spain, as well as their dependent family members, is eligible for a Golden Visa and citizenship in Spain.
The Spanish Golden Visa program has established itself as one of Europe’s most successful residency-by-investment options. In comparison to other EU investment immigration programs, obtaining a Golden Visa in Spain is easy, straightforward, fast and inexpensive.
Requirements of Spain Golden Visa Program
If you or your family decide to remain in Spain for five years, you will be considered for permanent residency. You must, however, show that you have not spent more than 11 months outside of Spain in the previous five years.
Here are the Spain Golden Visa program requirements:
- The applicant must be over the age of 18.
- A clean criminal record is required of the applicant.
- The applicant cannot be on the government’s list of undesirables.
- A valid medical insurance policy and an official health certificate are required of the applicant.
- The applicant must not have been denied visas or admission into the Schengen Area in the past.
- The applicant must be able to afford to live in Spain.
- The applicant must make a qualifying financial investment (as specified in this guide) and provide evidence of the investment.
Who Qualifies as a Dependent in this Program?
You can submit an application for Golden Visa Spain family members at the same time as your application. The following people are considered dependents:
- Your spouse
- Minor children under the age of 18.
- Family members who are financially dependent on you (upon financial proof that they are dependent or have a health condition that makes them unable to provide for themselves).
Possible Investment Options for the Spain Golden Visa Program
The Spain Golden Visa program allows for flexible real estate or capital investment.
1) Real estate: Invest in real estate worth at least €500,000. You have the option of investing in several properties.
2) Deposit in a bank: Make a deposit of at least €1,000,000.
3) Investment: Invest €1,000,000 in Spanish company stock.
4) Government bonds: Make a €2,000,000 contribution in government bonds.
5) Business investment: Establish a company in Spain that creates jobs, advances technical and/or scientific advancement, or has a significant socioeconomic effect.
Most investors choose to invest in real estate in Spain because it offers convenient access to the EU while also providing a residential home in the country for investors and their families to enjoy. You must continue your investment for a minimum of five years to keep your resident permit.
Tax Benefits of Spain Golden Visa Program
Investors will only be taxed on their worldwide earnings if they spend more than 183 days in Spain each year.
Non-residents are taxed at a rate of 24.75% on income earned in the country, such as rental income. Expenses can help to minimize this.
Any benefit gained from the selling of a property is subject to capital gains tax (CGT). CGT is charged at a rate of 24%, increasing to 27% for gains of more than €50,000. There are some allowances and deductions that can be made. The local authority collects annual property taxes, which range from €200 to €400 a year for an apartment.
The Spain Golden Visa Program Application Procedure
You will automatically obtain a one-year multiple-entry Spanish Golden visa after buying property worth at least €500,000.
If the investor’s investment is still in place after a year, he or she must travel to Spain in person to apply for a two-year resident permit.
Although you do not have to live in Spain to keep your resident permit, you must visit the country every year to renew it in person and to keep your investment.
Fast-Track Citizenship Option
Due to recent legislative changes in Spain, nationals from select countries may be eligible for Spain’s fast-track citizenship process. Applicants from former Spanish colonies, in particular, can obtain citizenship in less than two years (730 days) if they meet the minimum stay requirement. Sephardic Jews are also eligible. These conditions include traveling to Spain every two and a half to three months, or eight times in total, for a total of 730 days. A multiple-exit Golden Visa can be used to meet these residency requirements for citizenship, as long as none of the trips last longer than three months.
- List of Eligible Countries for Fast-Track Application for the Spanish Golden Visa:
- Dominican Republic
- El Salvador
- Costa Rica
- Equatorial Guinea
Spain Residency-By-Investment Application Process:
- Decide your investment type
It is up to you whether you want to invest in real estate or make a capital investment. It is your decision.
- Invest according to the requirements
Translate all documents into Spanish or English and legalize them according to Spanish government guidelines.
- Prepare your documents
- Property registry filing (certificate) or notarized deeds with evidence of filing with the property registry
- All other documents are listed further down in this guide
- Notarize and translate documents
- Submit the application
You must pay the government application fee and submit all necessary paperwork.
- Schedule an interview
- Biometric collections session in Spain
Keep an eye out for final approval.
Pay the government permit issue fee once your Golden Visa has been approved.
- Open a bank account and get NIE (Foreigner’s Identification Number/Tax Identification Number)
It is easier to conduct business and personal affairs in Spain if you have a bank account and an NIE.
- Get your residency certificate (one year)
You can renew your residency certificate at the end of the second year.
You will become a permanent citizen in the fifth year.
- Apply for citizenship
You will be able to get citizenship after 10 years in Spain.
Required Documents for the Spain Golden Visa Program
Golden Visa applicants must request the following documents for both the initial application and each renewal. It’s possible that additional documentation would be needed. For more details, contact the Spanish Consulate or Embassy in your region.
- Original passport of at least one year’s validity and two blank visa pages.
- Two passport-size photos with a white background are needed.
- Proof of valid medical care: public health insurance and private insurance via a Spanish-licensed insurance provider.
- Medical certificate: Original and photocopy, original translation, and photocopy of translation if required. This form must be released no later than 90 days before the appointment date, and it must contain letterhead as well as the original signature and/or stamp of a doctor (only M.D. or D.O.s will be accepted).
- Certified copy of your country of origin’s criminal record certificate for the previous five years. The certificate must have been given within the last 90 days before submitting your application and must be valid for three months from the date of issue. The certificate must be legalized by the Spanish Consulate/Embassy in the country if it is not Singapore.
For the next two years, the applicant must show a monthly income of €2.130 for the main applicant, plus an additional €532 for each dependent individual under his or her charge (each applicant’s family member applying for a residency visa).
To have a financial assurance or guarantee, the applicant must present the original and photocopy of the following documents: savings accounts/current account bank statements (up to 12 months) / bank deposits/ Your name as the account holder must appear on each document.
Documents Needed For Family Members:
This visa is for the applicant’s spouse, children under the age of 18, and children over the age of 18 who are objectively unable to care for themselves due to their health.
A marriage certificate is also required if your spouse applies. If the certificate is not issued in the United Arab Emirates, it must be legalized by the Spanish Consulate in the country of origin. If the certificate is written in a language other than English or Spanish, it must be translated into Spanish or English and approved by the Spanish Consulate in the country of origin.
If you are applying on behalf of your dependent children, birth certificates are required, along with the same credential requirements.
In addition, all the documents mentioned above also apply to family members.
Spain Golden Visa For Real Estate Buyers and Capital Investors
For Real Estate Investment:
- A maximum of 90 days needs to have been passed after the property was acquired before the visa application was submitted.
- A property registry filing (certificate) or notarized deeds with evidence that they were filed with the property registry.
For Capital Investors:
These visas entail a minimum investment of 2 million euros in Spanish bonds, a minimum investment of 1 million euros in the purchase of Spanish company shares, or a minimum deposit of 1 million euros in Spanish banks.
Before the application is submitted, the investment must be carried out for 60 days.
1) A certificate granted by the Registro de Inversiones Exteriores del Ministerio de Economia y Competitividad in the case of acquisition of shares in non-publicly traded firms
2) A certificate from a registered broker in the case of acquisitions of publicly traded companies
3) In the case of Spanish bonds, a certificate from a bank or the Bank of Spain confirming the investment for a minimum of five years
4) A bank certificate in the case of a bank deposit
Any document issued by a government authority must be legalized with the Hague Apostille.
- Criminal record background checks
- Marriage certificates
- Birth certificates
The nation or state where your document was released must apostille it. Each state’s secretary of state may issue an apostille in the United States.
You should have a two-page document until the background check is apostilled. The apostille will be on the first page, and the official letter from your background check will be on the second. For any cause, do not detach the papers.
All non-Spanish documents and certificates must be translated by a sworn Spanish translator accredited by the Spanish government. If the document is available in English or Spanish, no translation is needed.
Bank Account and NIE
Non-EU people normally obtain their NIE application along with their Spanish residency permit after submitting their Golden Visa application.
The Foreigner’s Identification Number, or tax identification number, is referred to in English as NIE, or Nombre de Identificación de Extranjero. When paying taxes, making official transactions, and engaging in other legal or official activities, the NIE number is most commonly used. It is used in all fiscal transactions with the Spanish tax authorities.
All foreigners with financial, technical or social affairs in Spain must have an NIE number. Even if you are not seeking permanent residency, it is a good idea to get an NIE number as soon as possible.
Spain Golden Visa Program Fees
The following fees are charged by the Spanish government for the Golden Visa program:
Fee for a Visa:
- €249.65 for citizens of the United States (tax inclusive)
- €179.79 for Canadian citizens (tax inclusive)
- €133.92 for all nationalities
- Legal fees for a family of four are usually around €9,000 for the initial application and €2,500 for each renewal
Frequently Asked Questions
What is Spain’s Golden Visa program?
The Spanish government introduced a residency-by-investment visa program in 2013. The program is aimed at non-EU foreigners who choose to spend at least €500,000 in either capital or real estate. A resident visa is granted to qualified applicants and immediate family members, with the possibility of permanent residency and Spanish citizenship.
How long does the Golden Visa in Spain last?
It’s a two-part procedure. To obtain a visa, you must first fulfill the Spain investor visa conditions, which are provided by a Spanish consulate or embassy. It allows you to fly to Spain for a year with several entries and exits. You must fly to Spain and apply for your resident permit in person during this year.
What is the duration of the resident permits?
The first resident permit you receive has a two-year validity period. You will renew it after the two-year cycle has passed. This extension is for five years. As long as you own property in Spain, you will extend the permit every five years. You are not required to live in Spain to renew your resident permit. However, if you want permanent residency or citizenship, you must remain in Spain for at least five years to gain permanent residency, or 10 years to obtain a Spanish passport.
Can I apply for citizenship after obtaining Golden Visa?
The Golden Visa is viewed as a window of opportunity to obtain Spanish citizenship if all of the necessary measures are followed. The government grants you a one-year multiple-entry visa to Spain, also known as the Golden Visa/Residence Visa, if you make a qualifying investment in Spain and submit your application successfully.
Is it possible for me to obtain Spanish citizenship quickly?
Yes, those nationalities who were once part of Spanish colonies can qualify for the fast-track citizenship option. A Spanish passport can be obtained in two years. The minimum stay requirement, which is to fly to Spain every two and half months to three months, or eight times in total during the two years, is one of the requirements. In addition, you must pass a language test.
Is it possible to work in Spain while on a Golden Visa?
Yes, the Golden Visa entitles the holder to work and reside in Spain.
When does the Golden Visa begin to count points?
Your resident permit begins counting on the same day you receive a Golden Visa. Every stay counts until the Golden Visa is released.
What does the term “financial assurance” mean in the context of the Golden Visa?
Each applicant must demonstrate sufficient income or savings to allow them to remain in Spain. Rather than revealing your monthly income statements, you will prove you have savings with a significant balance in your account.
What is the expense of obtaining a Golden Visa in Spain to obtain citizenship?
It all depends on the investment strategy you choose. You must purchase real estate in Spain with a minimum valuation of €500,000 to qualify for the Spain real estate visa option. You have the option of investing in several properties. Another choice is to deposit at least €1,000,000 in a bank account or to invest €1,000,000 in shares of Spanish companies. You could also contribute €2,000,000 in government bonds.
What are my options for obtaining permanent residency in Spain?
The applicant must have resided lawfully and successfully in Spain for five years to be granted permanent residency. This means that the person cannot be absent from Spain for more than six months in a row or more than 10 months in total during the respective years.
If you buy a home in Spain, do you get residency?
Yes, you are automatically given the right to apply for Spanish citizenship if you buy a property with a minimum purchase value of €500,000.
What are my property choices in Spain if I have a Golden Visa?
You are not restricted to buying just one form of property. You are eligible for citizenship if your property/properties are worth at least €500,000. You can choose between residential and commercial properties or a mix of the two. It’s possible that the property in question would be rented. Different investors can pool their money into a single house, and any amount above the minimum investment can be financed.
Is it possible for me to purchase a variety of properties both individually and through bank loans?
You will finance the rest of your project with a bank of your choice if you spend $500,000. For example, if you purchase a house for $1 million, you can put down $500,000 of your own money and get a $500,000 mortgage.
Is it possible for me to obtain a Spanish passport?
Yes, as long as you meet the government’s 10-year residency requirement and take all of the legal steps to citizenship.