Spanish Golden Visa in 2023
Since 2003, Healy Consultants Group assists Clients and their families obtain residence and citizenship in countries around the world. Securing a Spain Golden Visa through investment is an excellent route to EU residence and eventually citizenship for non-EU nationals.
What is the Spanish Golden Visa?
- It is a five-year residence visa for non-EU citizens who invest in i) real estate, ii) a business or iii) company shares, bank deposits or government bonds.
- The visa is renewable every five years provided the investment is retained. After five years, the investor can apply for Spanish permanent residence.
- The investor must stay at least for six months every year for five years.
What are the advantages of a Spanish Golden Visa?
- With a Spanish residence permit, investors can obtain a Schengen visa, allowing visa-free travel throughout the EU for up to 90 days in a six-month period.
- Non-EU permanent residents can apply for Spanish citizenship after living in Spain for 10 years. As an EU citizen, the investor can live, work, travel, receive healthcare and/or pursue education anywhere within the EU. A Spanish passport is considered one of the world’s most powerful, with visa-free travel to 190 countries.
- Minimum investment threshold of €500,000 (US$585,727) is one of the lowest among ‘golden visa’ programs in Europe.
- Both individuals and foreign entities can invest in Spanish property. However, for an entity, the golden visa applicant must own 100% of the company shares.
- Visa holder and his/her family can access public healthcare and education in Spain.
- No minimum stay requirement in Spain. The country offers a good work-life balance, is affordable and has a great Mediterranean climate.
- The visa is issued around four weeks after the application is submitted. Children up to 21 years of age can be included in the application.
What are the disadvantages of the Spanish golden visa?
- Golden visa schemes have come under criticism and scrutiny within the European Commission amid concerns they offer a route for criminals to launder money and evade tax. Consequently, the EU may, in future, introduce new security protocols or increased thresholds to clamp down on ‘investment for visas’ schemes.
- If the investment is sold, the visa is automatically cancelled.
- All non-Spanish documents must be officially translated into Spanish and apostilled.
What are the eligibility criteria for the Spanish golden visa?
- Invest a minimum €500,000 in property in Spain.
- Invest at least €1 million in either company shares or as a deposit in a Spanish financial institution.
- Invest a minimum €2 million in a government bond.
- Invest a minimum €1 million in investment funds.
- Invest at least €1 million in a business which i) creates jobs in Spain and ii) has an outstanding socio-economic, technological or scientific impact in the area where the investment takes place.
Is Spanish real estate a good investment?
- Spanish real estate is some of the best value in the EU. Residential property prices plunged 36.3% between Q3 2007 to Q1 2015 during the country’s economic crisis. Consequently, there is currently significant upside potential to Spanish property investment.
- Spanish real estate prices are surging again as the national economy rebounds with growth rates not seen since 1970s. Spanish real estate prices rose by 1.6% in 2020, after declining in 2019.
- The formalities of buying Spanish real estate are straightforward.
How can Healy Consultants Group assist our Client to obtain a Spanish Golden Visa?
Healy Consultants Group can handle all formalities to secure a Spanish Golden Visa for our Client and his/her family, without our Client needing to visit Spain. This includes:
- Assisting our Client to locate a suitable investment property in Spain.
- Assisting our Client with property purchase, including disbursing payments to lawyers and notaries in Spain and registering title deeds.
- Submitting to the relevant government department, on behalf of our Client, details (in Spanish) of the property investment including i) sales agreement and ii) property deeds, for approval.
- Lodging the initial two-year residence permit application, along with application fees, to the Spanish immigration authorities on behalf of our Client.
Healy Consultants Group looks forward to project managing your Spanish Golden Visa application.