Spain Golden Visa 2024: Your Expert Guide to Residency and Investment
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Experience the Best of Spain with the 2024 Golden Visa Program
Spain’s renowned beaches, delectable cuisine, vibrant culture, and excellent quality of life make it an enticing choice for relocation. To encourage foreign investment, Spain offers the Golden Visa program, allowing non-EU, non-EEA, and non-Swiss citizens to gain Spanish residency through a qualifying investment.
The Spain Golden Visa presents a unique opportunity to secure a Spanish residence permit by making a significant economic contribution. In this guide, we’ll cover everything you need to know about the Golden Visa requirements, benefits, application steps, and recent updates to the program.
Spain Golden Visa: A Brief Overview
Introduced in 2013, the Spain Golden Visa program aims to attract foreign investment and boost the national economy. Also known as the Investor Visa, it offers a renewable temporary residence permit in exchange for a substantial investment. Eligible investment options include real estate purchases, business ventures, financial assets, or government bonds.
After holding a Golden Visa for five years, investors can apply for permanent residency. With ten years of residence, they may become eligible for Spanish citizenship. However, the Golden Visa itself is not a direct path to citizenship, as it requires living in Spain for a significant period.
Important Update: Changes to the Program in April 2024
As of April 8th, 2024, Spain announced plans to phase out the Golden Visa for those investing in real estate due to concerns over rising property prices and market speculation. The move, aimed at making housing more affordable, will restrict real estate-based applications. Other investment routes, such as business or financial assets, may still be available.
Why Consider the Spanish Golden Visa?
The Golden Visa program has gained popularity among investors from countries like China, Russia, Brazil, and India, with over 13,000 visas issued by 2021. The main benefits include:
- Flexible Residency Requirements: Unlike other residency programs, the Spanish Golden Visa does not require applicants to stay in Spain for a minimum period to maintain their residency status.
- Variety of Investment Options: Investors can choose from several qualifying investments, including:
- A minimum of €500,000 in Spanish real estate.
- At least €1 million in shares of Spanish companies or a bank deposit.
- €2 million in Spanish treasury bonds.
- Investment in a business project with significant economic impact.
- Path to Permanent Residency and Citizenship: After five years, residents can apply for permanent residency. Citizenship is possible after ten years, with continuous residence required.
Application Process and Requirements
The Golden Visa application process includes submitting investment proof, a criminal record check, and private health insurance. Here’s a breakdown:
- Initial Residence Permit: Granted for one year (extendable to two years if you visit Spain during this time).
- Renewal: Every five years.
- Permanent Residency: Available after five years.
- Citizenship: Eligible after ten years of continuous residence, or two years for nationals from former Spanish colonies.
Spain’s Decision to Limit Real Estate Investments
Spanish authorities are reviewing the Golden Visa program, aiming to limit its impact on housing affordability. Real estate-based visas make up 94% of all Golden Visas, primarily in cities with tight housing markets. The government seeks to redirect investment to sectors that provide greater socio-economic benefits.
Why Work with World of Citizen for Your Golden Visa Application?
Choosing World of Citizen ensures a seamless experience with a high approval rate and transparent service. Our expert advisors will guide you through every step, ensuring compliance with all requirements. With a global network and deep local expertise, we’re here to make your transition to Spain as smooth as possible.
10 Benefits of the Spain Golden Visa Program
1. Visa-free travel throughout the Schengen Area
As a Spanish Golden Visa holder, you can travel visa-free to all 26 Schengen Area countries.
2. Create a "safe haven" in Spain
Having a plan B provides peace of mind during economic or political uncertainties.
3. The right to work and do business
The visa grants you the ability to live, work, and conduct business in Spain.
4. Family residency plans
Your spouse and children under 18 can be included, with options for other dependent family members.
5. Access to quality education and healthcare
Benefit from Spain’s high-quality education system and healthcare facilities.
6. Easy visa renewal
The Spanish Golden Visa can be renewed every two years with minimal requirements.
7. Fast processing time
Receive a decision on your visa application within 10 days. The residence permit takes about 30 days.
8. Eligibility for EU citizenship after ten years
After maintaining residency for ten years, you may apply for Spanish citizenship.
9. No language requirements
There are no Spanish language proficiency requirements for the Golden Visa.
10. Tax benefits
You can avoid becoming a tax resident unless you stay in Spain for more than 183 days per year.
Schengen Area Map Centered on Spain
Eligibility Criteria for the Spanish Golden Visa
To qualify for the Spanish Golden Visa, you must:
- Be a non-EU, non-EEA, or non-Swiss citizen.
- Have a clean criminal record.
- Make a qualifying financial investment in Spain.
- Include dependent family members in the application if desired.
If you and your family choose to reside in Spain, you may gain permanent residency after five years, provided you spend more than 183 days annually in the country.
Family Members Eligible for the Golden Visa
You can include the following family members in your application:
- Spouse or domestic partner (relationship of over two years).
- Children under the age of 18.
- Adult children or parents who are financially dependent on the main applicant.
Spanish Golden Visa Requirements
The following requirements must be met to qualify:
- The main applicant must be over 18 years old.
- A significant financial investment as specified by the government is required.
- The applicant must provide proof of a clean criminal record.
- Applicants should not appear on any list of undesirable individuals in Spain.
- Medical insurance coverage and an official health certificate are mandatory.
- There should be no prior visa denials or entry refusals for the Schengen zone.
- The applicant must demonstrate sufficient funds to support themselves and any family members during their stay.
Spain Golden Visa Program Investment Options
The Spain Golden Visa scheme offers flexible investment opportunities for qualifying investors, from real estate to business investments. Each option grants you and your family easy access to live in Spain and travel within the European Union. Below are the available investment options for the program, requiring a minimum five-year investment period to maintain your residency.
Real Estate
Invest at least €500,000 in commercial or residential real estate in Spain to qualify for the Golden Visa. This is the most popular option for investors seeking a home in the Mediterranean.
Spanish Public Debt Securities
Make a minimum investment of €2 million in Spanish public debt securities, ensuring a strong and stable contribution to the national economy.
Stocks, Shares, or Bank Deposits
Invest at least €1 million in stocks, shares of Spanish companies, investment funds, or bank deposits held in Spanish financial institutions.
Business Investment
Invest a minimum of €1 million in a business that generates employment and supports technological or scientific innovation in Spain.
Required Documents for the Golden Visa in Spain
Completed Application Form
Fill out the official application form for the Golden Visa program accurately and ensure it is signed.
Passport (Original and Copy)
Your passport must be valid with at least two blank pages for visa stamping. Note that passports issued over ten years ago are not accepted.
Passport-Sized Photograph
Submit a recent color photo with a white background, taken from the front. Make sure there are no reflections or items obstructing the face.
Medical Insurance
Provide both the original and a copy of valid health insurance coverage, either public or private insurance from a licensed provider in Spain.
Medical Certificate
A medical certificate issued no older than 90 days, including the doctor's letterhead, signature, and stamp. Translations may be needed.
*Must be issued by an M.D. or D.O.
Criminal Record Certificate
The certificate must be legalized, apostilled, and translated into Spanish. If you have resided in other countries for over six months in the last two years, additional checks are required.
Proof of Visa Fee Payment
Submit evidence of payment in Euros. Be aware that fees may change due to exchange rate fluctuations.
Proof of Legal Residency
Provide documents showing lawful residence in the consular district where you currently live.
Legal Representative Documentation (if applicable)
Include identification and proof of power of attorney for the representative if the application is submitted through one.
Financial Guarantee for 2024
Show proof of financial resources equivalent to 400% of the IPREM (€2,400/month for the applicant, plus €600/month per dependent).
*Provide a certificate of bank account balance showing funds for at least two years in Spain.
Documents Required for the Spanish Golden Visa
General Documents for Family Members
The standard documents required for the primary applicant also apply to family members joining the application. Make sure to prepare them accordingly.
Marriage Certificate
If your spouse is applying with you, submit a legalized marriage certificate. If issued outside of Spain, it must be certified by the Spanish Consulate in the country of origin. For non-English or non-Spanish documents, a certified translation into Spanish or English is needed.
*Valid for six months from the date of issue.
Children's Birth Certificates
Provide birth certificates for any children applying with you. These must meet the same certification standards as other documents. Additional documents proving dependency might be required in certain cases.
Real Estate Buyers' Documents
Submit proof that the property was purchased at least 90 days before the visa application. Include the Property Registry Filing Certificate or notarized deeds confirming submission to the Property Registry.
Capital Investors' Documents
For investments in bonds, shares, or bank deposits, present proof of an investment worth at least €2 million in Spanish bonds, or at least €1 million in company shares or bank deposits. Documentation must show the investment was made within 60 days of the application date.
*Specific certificates from relevant authorities may be required depending on the investment type.
Legalizing Documents
Documents from foreign authorities need to be legalized with an Apostille (under the Hague Convention) to be valid for the Golden Visa application. This applies to criminal records, marriage, and birth certificates.
Document Translation
Documents not in Spanish must be translated by a Sworn Spanish translator certified by the Government of Spain. Translations are not required for documents in English or Spanish.
NIE Number and Spanish Bank Account
The NIE (Número de Identificación de Extranjero) is a mandatory identification number for foreigners in Spain, necessary for tasks such as opening bank accounts, signing contracts, or buying real estate.
*Apply for an NIE as early as possible to facilitate transactions.
Spain Golden Visa Application Process
Decide on an Investment
Select a qualifying investment option to start the process, such as real estate or capital investment.
Make the Investment
Complete your investment in Spain, ensuring it meets the program's requirements.
Open Bank Account/NIE
Set up a Spanish bank account and obtain your NIE (Foreigner's Identification Number).
Prepare Documents
Collect all required documents, including proof of investment and personal identification.
Book an Interview
Schedule an appointment at the Spanish Consulate for your application submission.
Fill Out the Application
Submit your completed application form along with all supporting documents.
Issuance of Golden Visa
Receive your Golden Visa, valid for one year. You can travel freely within the Schengen Area.
Attend Biometric Collection
Visit Spain to provide biometric data as part of the residence card issuance process.
Issuance of the Residence Card
Receive your three-year initial residence permit, renewable every five years.
Citizenship Application
After ten years, you can apply for Spanish citizenship and obtain an EU passport.
Spain Golden Visa Application Steps
Decide on Your Golden Visa Investment Route
- Choose whether you want to invest in real estate or make a capital investment.
Make the Qualifying Financial Investment
- Complete the investment process, ensuring all legal requirements are met, such as obtaining an NIE (Foreigner’s Identification Number) and opening a Spanish bank account.
Open a Spanish Bank Account and NIE
- These are essential for managing personal and business affairs in Spain.
Prepare Your Documents
- Property Registry Filing certificate or notarized deeds.
- Translate and legalize all required documents according to Spanish standards.
Book Your Interview
- Schedule an appointment at the Spanish Consulate or Embassy to submit your application and pay the government fee.
Submit the Initial Application with the Spanish Consulate
- Provide all the required documents and pay the applicable fees.
Issuance of the Spanish Golden Visa
- The 1-year visa will be stamped on your passport, allowing you to live, work, and travel in the Schengen Area.
- If you are already in Spain with a Schengen Visa, apply directly for the residence permit.
Attend a Biometric Collection Session in Spain
- Submit your biometric data for the issuance of your residence card.
Issuance of the Residence Card
- The initial permit is valid for three years and can be renewed every five years.
- Permanent residency can be applied for after five years.
Apply for Citizenship
- After ten years of continuous residence in Spain, you are eligible to apply for Spanish citizenship.
Spanish Golden Visa Processing Time
Months 1-4
Preparation Time
The Client chooses the best investment option suited to their needs, completes the investment, prepares and submits an application for the Spanish Golden Visa, and travels to Spain for the biometrics appointment (fingerprints and photos).
Months 5-7
Residence Card Issuance
The client applies online for the temporary residence permit (TIE). The UGE has 30 days to respond. Then, book a biometrics appointment when in Spain. Once issued, the TIE is ready for pick-up and must be collected by the client.
Year 2
Renewal Application
Before the three-year residency permit expires, the client should travel to Spain and renew their application.
Year 10
Apply for Citizenship
After ten years of continuous residency, the client may apply for Spanish citizenship, potentially obtaining a Spanish passport.
Spanish Golden Visa: Government Fees Overview
Applicants for the Spanish Golden Visa are required to pay various government fees, which must be submitted at the time of the visa application. These fees are paid in local currency (Euros) and are periodically updated to account for changes in currency exchange rates.
2024 Spanish Golden Visa Fees
Consulate Application Fee (One-Year Visa)
- The standard fee for the initial one-year visa is €80.
- Different rates apply for citizens of Australia, Bangladesh, Canada, the USA, and the UK due to reciprocal agreements. Applicants from these countries should confirm the specific fee with their local Consular Office.
UGE Application Fees (Three-Year Residence Permit)
- Initial Application: €73.26 per applicant.
- Residence Permit Renewal: €78.67.
TIE (Foreigner’s Identity Card) Fees
- First Card: €16.08.
- Card Renewal: €19.30.
Note: These fees are updated annually, and applicants should check for the latest rates before submission.
How to Gain Spanish Citizenship and Passport
The Spanish Golden Visa program is one of the most popular residency and citizenship by investment programs across Europe. Obtaining Spanish citizenship and a passport is a highly desirable achievement, providing visa-free or visa-on-arrival access to 173 countries. Moreover, Spanish passport holders enjoy the right to live, work, and study in any EU member state.
Citizenship in Spain is granted through naturalization after maintaining a residence permit for ten years. Applicants must demonstrate that they have resided in Spain for at least six months every year throughout the decade. Once citizenship or permanent residency is achieved, further Golden Visa renewals are no longer necessary.
Countries Eligible for Fast-Track Citizenship
| Country | Country | Country |
|---|---|---|
| Mexico | Chile | Guatemala |
| Peru | Colombia | Honduras |
| Argentina | Costa Rica | Venezuela |
| Philippines | Dominican Republic | Panama |
| Cuba | Ecuador | Paraguay |
| Bolivia | El Salvador | Brazil |
| Equatorial Guinea | Nicaragua | Uruguay |
Spain Golden Visa Program: Tax Considerations
Worldwide Income Tax
If you reside in Spain for more than 183 days in a year, you become a tax resident and are required to declare your global income for taxation.
Personal Income Tax (PIT)
Non-residents are taxed at a 24% rate on income earned in Spain, whether from employment, business, or investments.
Capital Gains Tax
Capital gains from asset sales are taxed at progressive rates:
- 19% for the first €6,000
- 21% for €6,001 to €50,000
- 23% for €50,001 to €200,000
- 27% for €200,001 to €300,000
- 28% for over €300,000
Interest and Dividend Income
Interest income is taxed progressively from 19% to 28%, depending on the amount.
Property Tax
Real estate owners pay an annual property tax ranging from 0.4% to 1.3%, depending on location and property type.
Why Choose World of Citizen for Your Golden Visa Application?
Expert Guidance with Local Knowledge
Our seasoned team of immigration experts and legal advisors have deep knowledge of Spain's investment landscape.
Independent and Transparent Services
We provide all eligible investment options, allowing you to choose the best path forward with the help of a top-tier law firm.
High Approval Success Rate
Our track record boasts a 100% approval rate, assisting hundreds of clients from various countries to secure their Golden Visas.
End-to-End Support
Our dedicated team ensures that you have a seamless experience from start to finish, with continuous assistance throughout the process.
Clear and Fair Pricing
All fees are transparently outlined with no hidden costs, ensuring you know exactly what to expect at each step.
Privacy and Data Security
Your personal data is securely managed and stored on GDPR-compliant, encrypted servers.
Frequently Asked Questions about the Spanish Golden Visa
What is Spain’s Golden Visa program?
The Spanish Golden Visa program is a residency-by-investment initiative introduced in 2013, targeting non-EU investors who make a qualifying capital or real estate investment in Spain. Qualified investors and their immediate family members receive an initial residency visa that can be renewed, leading to permanent residency and eventually citizenship.
How long does the Golden Visa last?
The initial visa is valid for one year. Within this period, you must apply for a residency permit in Spain, which is then issued for three years. This permit can be renewed for five-year periods, as long as you continue to meet the investment criteria.
How do I obtain permanent residence or citizenship through the Golden Visa?
Permanent residency can be obtained after five years of legal residence in Spain, provided you meet the requirements. For citizenship, you must reside in Spain for at least ten years, with a minimum stay of six months each year.
Can I fast-track to citizenship?
Yes, nationals from Ibero-American countries or former Spanish colonies can fast-track citizenship, obtaining it in two years, provided they meet specific residency requirements and stay in Spain for at least two years without leaving for more than three consecutive months.
Can I work in Spain with a Golden Visa?
Yes, the Golden Visa grants you the right to live, work, and conduct business activities in Spain.
What investment options are available for the Golden Visa?
You can invest in real estate with a minimum value of €500,000, deposit at least €1 million in a Spanish bank, invest in shares of Spanish businesses worth €1 million, or contribute €2 million in public debt securities.
Does the Golden Visa give me access to other EU countries?
Yes, the Golden Visa allows for visa-free travel within the Schengen Area. This includes all 26 countries in the Schengen zone.
Is the Golden Visa in Spain worth it?
The Golden Visa is highly valued for offering residency in an EU country, a path to citizenship, and the opportunity to make profitable investments in Spain. It also provides visa-free travel in Europe.