The Spanish Golden Visa comes to an end after 12-years

On April 9^th 2024, Spanish ministers reached a consensus to end the practice of granting visas in exchange for the purchase of property in Spain (Golden Visa) by a vote of 177 v 170.

On January 3^rd 2025, it was confirmed that the Spanish authorities will stop accepting applications from April 3^rd 2025 for the Golden Visa.

The programme has been highly criticized of late due to the escalating housing crisis and soaring property prices in the country. The Government believe eliminating this type of visa will alleviate some of the issues currently being realised.

Nearly 15,000 Golden Visas have been issued to date with the main beneficiaries coming from China (50%), Russia, Iran, UK & the US. The most popular destinations have been Barcelona, Madrid, Malaga, Alicante & Valencia.

Spain now follows the UK, Australia, Ireland & Portugal in eliminating this type of programme.

Let’s look at the history of the Spanish Golden Visa, its many benefits and how to still obtain one before the deadline.

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Spain introduced its Golden Visa program in September 2013 with the aim to help the country’s economy. It is primarily aimed at wealthy non-resident foreigners who want to enter the Spanish territory either for work or to reside or a bit of both.

Foreign investment into the country is a high priority for Spain. Nearly €30 billion is pumped into the economy each year from citizens residing outside of the country. Tourism counts for an incredible 13% of Spain’s total GDP. Spain is the second most visited country in the world with over 85 million tourists.

Launched in 2013, the Golden Visa program allows non-EU citizens to obtain residency in Spain through significant financial investments, thus providing a pathway for them and their families to live, work, and travel within Spain and the Schengen Area.

The country’s weather, traditions, history, key location and high standards of living are the main factors that make it an attractive option for relocation. Both families and businesses treat Spain as an important candidate for future investments.

The Golden Visa benefits include

·       Free travel within the Schengen area (29 countries)

·       You can remain a tax resident outside of Spain (as long as your stay in the country is less than 183 days per year)

·       You are authorized to work in Spain if you wish

·       It can lead to permanent residency and eventually citizenship

·       Access to very good education & healthcare

·       You are not required to reside in Spain full-time

·       Your immediate family (spouse and children) qualify for all of the above too

What are the criteria to get Spain’s Golden Visa?

Here are the standard criteria to meet to be able to obtain a Spanish Golden Visa;

•     You must be over 18

•     You’re not an illegal resident of Spain

•     You don’t have a criminal record in the last five years

•     You have private healthcare to cover your stay

•     You’re able to prove sufficient funds to live on without working in Spain

•     You’ve not been rejected for residence from certain other countries or from Spain

•     You don’t have any of the illnesses according to a 2005 regulation

• Plus, one of the following investment routes..

Real Estate Investment Option

This route requires you to invest a minimum of €500,000 into Spanish real estate. You can opt for a residential or commercial property or a combination of both. The property involved may be rented out if you wish.

Any amount exceeding the minimum investment amount may be mortgaged out. This is the most common way of obtaining the Golden Visa.

Capital Transfer

Another popular route is via either Spanish Treasury Bonds or shares in Spanish companies. Treasury Bonds are backed by the government and deemed a safe investment. The minimum investment is €2 million via this route.

Purchasing shares in Spanish companies can offer competitive returns. The minimum investment requirement of this option is €1 million.

Business Development in Spain

This route is more directly aimed to aid the Spanish economy. The minimum investment requirement of this option is €1million.

If you choose this option, you must either; create employment, invest into something that has a socio-economic impact on the country or contribute to scientific/technological innovations.

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Spanish Golden Visa application process

Here is a quick rundown of the steps required to obtain your Spanish Golden Visa –

Step 1: First, you choose your investment option.

Step 2:  After you make your decision, you prepare and submit the application for the Schengen Visa.

Step 3: At this stage, you will need to visit Spain to provide the authorities with the required biometric data. This part of the process usually takes around two months to complete.

Step 4: The final step of the application process is to wait for the result of the authority reviews. The process of approval or rejection usually takes around 20 days.

Step 5: Get your Spanish Golden Visa and start enjoying its benefits.

Required documents for Golden Visa in Spain

To apply for a residency visa, it is necessary to supply certain documents in addition to the application form;

·       A passport that is valid for at least one year

·       A document confirming that there are sufficient funds to cover living during the time

·       A document confirming that you’re covered by medical insurance

·       A document issued by the relevant authorities which confirms the schooling of your children (if applicable)

All documents must be translated into Spanish and legalized.

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The initial Golden Visa that is granted lasts for 1-year. You may choose to extend the validity of the Visa for up to 5 years. To be able to extend the Residence Visa you will need the following;

• You must have a current Investors Residence Visa or one that has expired no more than 90 days earlier

• You must have visited Spain for at least a month during the previous year

• Your investment must still be in place

• You must still satisfy the visa requirements that allowed you to obtain a residence visa in the first place

After 5-years of temporary residence, you may apply for permanent residency in Spain. Following 10 years of permanent residency, you may apply for citizenship through the process of naturalization, provided that certain criteria are met.

Golden Visa v Non-Lucrative Visa

The Golden Visa is designed for those who can and want to make significant investments in Spain (€500k+). This visa offers residency and allows the individual/s to work within Spain if they wish.

The Non-Lucrative Visa does not require any financial investment in Spain beyond demonstrating sufficient personal funds whilst residing in the country.

This makes it an attractive option for retirees or individuals who simply wish to reside in Spain without engaging in the local economy.

If you believe the Spanish Golden Visa to be a good option for you and your situation, right now is your last chance to take advantage of it.

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