Any non-EU nationals purchasing a property for at least €500,000 can apply for a Golden Visa, which will allow free movement in and out of Spain.
This new law enables non-EU nationals to attain qualified residency permits in return for investing in Spanish real estate, leading to permanent residency in Spain if certain conditions are fulfilled
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.
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?
Here are the Spain Golden Visa program benefits:
- Fast processing times: The Spanish resident permit can be obtained within 60 days of the Golden Visa application being submitted.
- 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.
- European Union rights You can live, work and study in Spain if you obtain a Spanish resident permit.
- 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.
- Assurance of family safety: In times of economic or political uncertainty, having a backup plan puts your mind at ease.
- 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.
- 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.
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
Though property is a popular choice, there are several possible investment paths to obtain a Golden Visa and Spanish residency. In all cases, you must be able to meet the minimum investment thresholds using your own money
These are the investment options available:
- Purchasing at least 500,000 € of Spanish real estate (can be a singular property or multiple smaller properties with an overall worth of 500,000 €)
- Buying shares in a Spanish company or investment funds worth at least 1,000,000 € or depositing this amount in a Spanish bank
- Acquiring Spanish Treasury Bonds of at least 2,000,000 € (investing in Spanish public debt)
- Investing in a major new business project in Spain that will probably create jobs, have a positive social and economic impact, or contribute to scientific innovation
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.
We will introduce you to one of our International Law Firms, they will explain all details of the property purchase and process to obtain your Golden Visa. Once you have chosen your property, your lawyer will undertake all necessary legal work in relation to your property purchase as well as the efficient processing of your Golden Visa application.
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