Have you thought about emigrating to Europe, but don’t know if you have sufficient savings to sustain yourself without working? Or perhaps you don’t want to throw yourself into a situation where your immigration status is uncertain? If so, Spain’s Golden Visa could be a good solution for you. It is arguable the best Golden Visa scheme in Europe. Keep reading to learn everything you need to know about the process.
Golden Visa basics
In 2013 Spain implemented the Ley de Emprenedores. It gives Spanish residency to people that invest a sufficient amount in the country or that start a business in Spain. If they start a business in Spain, it must create sufficient jobs and/or be in an industry that is considered of strategic interest to Spain (technology, aerospace, renewable resources and biotech are the main ones).
Where does one apply for a Golden Visa?
If you are outside Spain, you apply at the Spanish Consulate in your country. If you are inside Spain, you apply digitally. If you have a Spanish NIE you can get a digital certificate that will allow you to apply. If you don’t have a NIE, you need to ask a Spanish friend that you trust to help you. Or you can find a lawyer or gestor (a person that helps people pay taxes and navigate the Spanish bureaucracy) and have them help you.
CLICK HERE to learn how our team can help you obtain a Golden Visa.
How long does the Spanish Golden Visa last and who can apply?
The initial visa lasts for a year. After that, you receive a Spanish residence permit that lasts for two years. After five years you are eligible for permanent residency (two years if you are from a country that is a former Spanish colony).
Any0ne with a business plan can apply. If your residence permit is approved, your immediate family, your partner and your parents are also eligible for Spanish residency.
How long does it take to get a Golden Visa approved?
Officially it takes twenty working days for the authorities to process your application and notify you of the outcome. If it is not process in twenty working days, you are automatically granted approval.
CLICK HERE to learn more about how the application process works
What if I want to leave Spain after I am granted residency?
Not to worry- the Spanish Golden Visa grants you complete freedom of movement in the Schengen Area.
What is considered sufficient investment to obtain a Golden Visa?
If you wish to apply for a Spanish Golden Visa via investment, there are a number of options. We will discuss the most practical, efficacious route.
Real estate investment (500,000€)
Between the beginning of 2017 and through the first half of 2018 the Madrid real estate market experienced strong growth. Thus, owning and renting Madrid real estate is a very good business proposition. Why? Because it is a stable, low risk business that is consistently growing and expanding and is a significant asset for the property owner.
The investment threshold for investing in Spanish real estate is much lower than that for other investment types included in the Golden Visa program. Here are the other investments that qualify for a Golden Visa:
- Public debt: 2 million euros
- Public and private equity: 1 million euros
- Banks deposits or money market vehicles: 1 million euros
Can I invest in real estate in any part of Spain to get a Golden Visa?
Yes! You can buy property in any part of Spain to be eligible for a Spanish visa. You can also combine two or more properties to reach the 500,000€ threshold. To learn more about the best neighborhoods in Madrid for property investment, CLICK HERE.
If you have any questions about obtaining Spanish residency, CLICK HERE.