What is the Golden Visa?
The Golden Visa is a residence by investment, a type of visa granted to non-European individuals who make a significant investment in the country. In the case of Spain, the investment can be in real estate, companies, investment funds, among others.
This program was implemented with the aim of attracting foreign investors to Spain and thus boosting the country's economy. The program has been particularly successful among investors from countries such as China and Russia, although it has expanded to a wider range of countries in recent years.
Requirements for the Golden Visa
Applicants for the Golden Visa must meet a number of requirements. First and foremost, the investor must make a minimum investment in Spain. The investment options are as follows:
- Investment of at least 2 million euros in Spanish public debt bonds or securities.
- Investment of at least 1 million euros in shares of Spanish companies or bank deposits in Spanish financial institutions.
- Acquisition of real estate in Spain with an investment of at least 500,000 euros for each applicant.
- Investment of at least 1 million euros in investment funds, venture capital funds or closed-end investment entities that are regulated in the Collective Investment Institutions Act.
- Development of a business project to be carried out in Spain that is considered and accredited as being of general interest.
In addition to the investment, applicants must also have health insurance covering themselves and their dependents in Spain, must not have a criminal record, must have the ability to support themselves and their families financially, and must not have entered or resided illegally in Spanish territory.
Benefits of the Golden Visa
The Golden Visa provides investors and their families with numerous benefits. Firstly, it grants the right to reside and work in Spain. The holder is not required to live in Spain, so they can maintain their tax residency outside Spain as long as they do not stay in the country for more than 183 days a year.
In addition, the visa allows its holders to travel freely within the Schengen area, a group of 26 European countries that have eliminated mutual border controls. It also provides a path to Spanish citizenship, although this requires residing in Spain for at least ten years.
Golden Visa Application Process
The Golden Visa application process begins with the investment in Spain. Once the investment has been made, applicants can submit the required documentation through a legal representative or in person at the nearest Spanish Consulate.
Documents required for application include, but are not limited to, a valid passport, proof of investment, a criminal record certificate, proof of health insurance, and documents demonstrating financial capacity.
Once the application has been submitted, the Spanish authorities usually take about 20 working days to process it and issue the visa. Once approved, the applicant and his/her family can move to Spain.
The Golden Visa is initially granted for a period of one year, but can be renewed for two-year periods if the investment is maintained. After five years of continuous residence, Golden Visa holders can apply for long-term residence status. And after ten years, they can opt for citizenship.
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