Among the European Golden Visas, Spain’s program stands out. The program offers non-EU investors a fast-track to residency through real estate or other qualifying investments. It has become a popular option for high-net-worth individuals due to its flexible requirements and wide range of benefits.
Let’s explore seven key advantages of the Spain Golden Visa, focusing on the program’s details and practical benefits.
1. Multiple investment options
The Spain Golden Visa offers several investment routes to suit different financial capabilities:
- Real estate: minimum investment of €500,000 in Spanish property, which can be a residential dwelling, a commercial one, or a plot of land.
- Capital investment: transfer of at least €1,000,000 into a Spanish financial institution or investment fund.
- Company shares: investment of at least €1,000,000 in shares of Spanish companies.
- Public debt: investment of at least €2,000,000 in Spanish government bonds.
- Business creation: establishing a business that creates jobs or contributes to innovation or socio-economic development.
The real estate option is the most sought-after. This is thanks to its potential for rental income and the flexibility to live elsewhere while maintaining residency.
2. Visa-free travel within the Schengen Area
One of the most sought-after benefits of the Spain Golden Visa is the ability to travel freely across the Schengen Area. Visa-free travel is available for up to 90 days within any 180-day period to all Schengen Agreement countries, including France, Malta, Italy, and Germany.
This benefit applies to both the investor and their family members, facilitating easy access to Europe for business or leisure.
3. No residency requirement
The Spain Golden Visa has no mandatory residency requirement for maintaining the visa. Investors are not required to live in Spain full-time and can retain their residency permit while living in another country. The initial visa is valid for one year. Holders can renew it and get a two-year residency permit. That two-year visa, in turn, can be renewed every five years as long as the investment is maintained.
This flexibility is appealing to those who want the benefits of Spanish residency without the commitment to live there full-time.
4. Family reunification
The program allows for family reunification, extending benefits to the applicant’s immediate family members. Eligible family members include:
- spouses;
- children under 18;
- financially dependent children over 18;
- dependent parents.
Family members enjoy the same rights as the main applicant, including living, working, and traveling visa-free in the Schengen Area.
5. Access to public services
Golden Visa holders and their families are provided access to public services of Spain. This includes the high-quality public healthcare system at low or no cost. Free public education is available for children, with a range of private and international schools also available.
These services provide additional security and convenience for families living in Spain.
6. Path to permanent residency and citizenship
One of the biggest advantages of Spain Golden Visa is that it potentially leads to permanent residency and eventual citizenship:
- Permanent residency. After five years of temporary residency, investors can apply for a permanent residency status. If gained one, they can live and work in Spain indefinitely.
- Citizenship. After ten years of continuous residency, investors can apply for Spanish citizenship. To be eligible, they must spend at least six months per year in Spain and pass a language and culture knowledge test.
While not automatic, this pathway allows investors to gain EU citizenship, with full rights to live, work, and study across Europe.
7. Strong real estate market and investment potential
For those investing in real estate, Spain’s property market offers excellent growth potential. For real estate investors, Spain’s property market presents strong growth potential.
From 2022 to 2023, prices in key cities like Madrid and Barcelona rose by approximately 5—6%, while coastal regions such as Costa del Sol saw increases of up to 8%. Over the last decade, the market has steadily recovered from the 2008 financial downturn, with overall prices increasing by almost 30% since 2013.
As of 2023, the average price per square meter in Spain was around €1,900, with Madrid at €3,400 and Barcelona at €4,000.
Properties under the Golden Visa program, requiring a minimum €500,000 investment, can generate immediate rental income, providing long-term financial returns.
How to get a Spain Golden Visa: step-by-step
The best course of action is to hire a consulting firm that will handle the process on your behalf.
1. Choose the investment option — real estate, shares of Spanish companies, government bonds, or a business project.
2. Gather necessary documents including:
- valid passport;
- proof of health insurance (public or private);
- proof of sufficient financial means;
- clean criminal record from your home country;
- documents proving the real estate investment (e.g., title deeds).
3. Submit visa application. Apply for the visa at a Spanish consulate or embassy in your home country. You’ll need to provide the documents mentioned, along with an application form and proof of your real estate investment.
4. Receive your visa. After approval, you’ll be issued a residency visa that allows you to live in Spain for one year. This visa also provides the freedom to travel within the Schengen Zone for up to 90 days within a 180-day period.
5. Apply for a residence permit. Once in Spain, you must apply for a residence permit at the immigration office. This can be done within your first year of stay. The initial permit is valid for two years and can be renewed for five years, provided you maintain your investment.
6. Maintain the investment and renew the permit. To renew your residence permit, you must continue to hold the investment property. You do not need to live in Spain full-time, but you must visit at least once per year.
7. Apply for permanent residency or citizenship. After five years of continuous residency (visiting at least once per year), you can apply for permanent residency. After ten years, you may be eligible to apply for Spanish citizenship.
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In conclusion
The Spain Golden Visa program has a full pack of benefits, including multiple investment options, visa-free travel in the Schengen Area, and no residency requirement. Investors and their families can access public services and, in time, get permanent residency and citizenship. With the added potential for strong real estate returns, the Spain Golden Visa remains one of the most flexible and appealing options for global investors seeking European residency.