Spain Golden Visa is, without any doubts, the visa that Spanish law offers that has the most benefits.
Who can get a Spain Golden Visa?
These are the Investments that will qualify for it:
- Purchase of real estate for a total value of 500.000 Euros: can be one or more in real estate, and must be free of debt or loans. So you may not buy with a mortgage.
- Having a bank deposit of 1 million euros.
- Being in possession of shares or holdings for a total value of 1 million euros.
- Buy Spanish state bonds or public debt worth 2 million euros.
Just complying with only one of the above will be sufficient to obtain the Spain Golden Visa
Advantages of the Spain Golden Visa
Request Spain Golden Visa from within or outside Spain
The first advantage that this residency offers is that it can be requested from within Spain, within the 90 days that you have as a tourist. Or, it can be requested from the Spanish Consulate in the country where you reside.
For example, the non-lucrative visa may only be requested from the Spanish consulate in the country where you reside.
Requesting the Spain Golden visa from within Spain is very comfortable because, if you appoint immigration experts, they will be able to represent you at all times without having to attend an appointment and they will be able to get you a favorable response in about 20 business days.
Bring your family with you
The second advantage is that both the investor and his or her spouse as well as economically dependent minors or adult children, as well as financially dependent parents, will obtain a residency and work permit.
In other visa types, dependents of the applicant do not obtain work permits. Such is the case of the Student visa and the Non-lucrative visa. With the non-lucrative visa, neither the applicant nor the dependents may work within Spain. Although there is a gray area around remote work under a Non-lucrative visa.
Stay in Spain only if you wish
The third advantage is that you do not have to reside a minimum amount of time to be able to renew the residency, which will also allow you more tax strategies, since if you stay in Spain more than 183 days, you would become a Spanish tax resident. With the mere fact of maintaining the investment or the level of investment, that is, you can sell a property and buy another for example you will maintain residency.
How long does the Spain Golden Visa last?
The first residency will be granted for two years and after that period you can renew it for a period of five years.
How Long Must I Remain in Spain to Renew the Residency Permit?
When the renewal time comes, the “Unidad de Grandes Empresas” (UGE) will verify that you have maintained the initial investment plan, that you still have the financial means to live in Spain, and that you have kept our medical insurance. At that time, you will have to provide that documentation, and once the UGE has evaluated and sees that all of those requirements are being met, they will give us an authorization renewal for 5 years.
How long should I hold the initial investment?
As long as you want to maintain this type of residency. But as we have said before you can modify the investment, sell some property and buy another or you can change the type of residency for example to Non-lucrative visa if you sell our property and you have not yet decided on our next investment.
Does the Spain Golden Visa qualify me for permanent residency or a Spanish passport/ Spanish nationality?
That’s right, but if you want to apply for permanent residency or for Spanish citizenship, you must meet their requirements which are very strict regarding departures from Spain.
For instance, we clarified that the Spain Golden Visa does not require us to reside in Spain for a set period of time in order to renew, but the authorities will check that you have been in Spain for at least nine months per year if you wish to apply for Spanish nationality. Otherwise, the citizenship application can be rejected. We published an article on the several categories of grounds for denial of a Spanish nationality application.
Do individuals from former Spanish colonies obtain Spanish citizenship faster?
Yes, if you are a national from a former Spanish colony or under historical Spanish influence, including countries such as Argentina, Chile, Colombia, Puerto Rico, Mexico, Brazil and the Philippines just to mention a few, you can obtain Spanish citizenship in just two years of residence, compared to the standard ten years.
Tax Implications of the Spain Golden Visa
If you don’t reside in Spain full-time, you’re exempt from paying income tax. You’re deemed a resident only if you stay for over 183 days in a year.
However, owning a property in Spain mandates the payment of certain taxes, like municipal and rental income taxes, regardless of your residency status. Non-residents are subject to tax on rental earnings or any other income generated within Spain.
Can you use a mortgage or engage in joint investments for the Spain Golden Visa?
Unfortunately you can’t either way. A mortgage can’t cover the minimum €500,000 required for the Golden Visa in Spain. This amount must come from your own funds, though financing can be used for any amount beyond that.
For a joint purchase or investment, each participant must contribute the full €500,000 to qualify for the Golden Visa. Splitting the amount below this threshold won’t grant eligibility for the visa residency.
You can invest in several properties as long as the total investment is minimum €500.000.
Further Spain Golden Visa requirements for eligibility
In case you are interested in Spain Golden Visa, here are further requirements you must comply with in order to be eligible.
- The investor, in addition to being of legal age, cannot belong to the EU (European Union).
- The investor must be free of having a criminal record in the last five years, either in Spain or in any other country.
- The investor has always been able to freely enter all the countries belonging to the Schengen treaty and the other countries with a valid agreement with Spain.
- The investor has never had to stay or enter the country illegally.
- The investor must have access to private or public health insurance to cover his stay. Spainguru can offer you the best health insurances complying with the Spain Golden Visa requirements here.
- The investor must have sufficient financial means to be able to support himself and the whole family without having to work in the country. The money quantity is the same as the one required for the Non Lucrative Visa renewal.
- The investor must not have any of the infectious diseases such as smallpox, poliomyelitis, Ebola, among others.
Necessary Documentation for Applying for the Spain Golden Visa
For a Spanish Golden Visa application, you’ll require the following:
- Spain Golden Visa Application Form.
- Two passport-sized photos adhering to the Spanish visa image specifications.
- A passport that’s valid for your intended initial duration in Spain with at least two blank pages. A photocopy of its personal details page might also be necessary.
- Your residence permit if you’re living in a country of which you’re not a citizen.
- Proof of adequate financial means to sustain yourself and family in Spain.
- Recent (within three months) police clearance, confirming no criminal record.
- Health insurance certificate from a compliant provider operating in Spain (e.g., SegurCaixa, Adeslas, which meets the requirements for the Spanish Investment Visa, NIE card, and its renewals).
- Visa fee payment confirmation.
- Pertinent documents related to your investment or property acquisition.
All submitted documents must be translated to Spanish by an official sworn translator and apostilled.
Spain Golden Visa official sources and laws
Want to check an official source? Here is the Spanish London consulate’s official page about Spain Golden Visa requirements.
The Spain Golden Visa or residency permit for investors is governed by the Entrepreneurs Law 14/2013 (Ley de Emprendedores 14/2013).
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