For those who wish to reside in this lively country, the Spain Residence by Investment Program or the Spanish Golden Visa is the most efficient way to acquire such status. The Spanish government has allowed for a substantial number of visas for individuals who wish to make a significant, qualified investment into the country that would boost the economy through foreign direct investment.
Under the residence by investment program, individuals and their immediate family members can become residents of Spain (through a temporary residence permit) within less than a month. Subject to general immigration rules and requirements, residents by investment can acquire permanent residence status after five years of continuous residence in Spain and may gain Spanish citizenship thereafter.
The Spanish Golden Visa (SGV) or Spanish Golden Residency Permit (SGRP) are suitable for individuals who are not a citizen of an EU Member State, who intend to visit or reside in a Spanish territory on the grounds of ‘economic interest’ and are prepared to make a significant qualifying investment in Spain.
The so-called Golden Visa is a residence visa for non-EU citizens who make a real estate investment in Spain equal to or greater than 500,000 euros. The golden visa is a visa that allows you to live and work in Spain.
Unlike some Visas, you do not have to prove that you live in Spain a minimum number of days per year. You can spend as much or as little time in the country as you like. The only requirement is that you visit at least once per year.
You’ll have the freedom to travel to the 26 countries the Schengen area as often as you wish with no extras Visas or paperwork.
Duration of the permit
Once the investor has obtained his golden visa, he will have 3 years to reside legally in the Spanish territory, if you have obtained the golden visa while in Spain, by submitting the application electronically.
If, on the other hand, you apply for the golden visa at the Spanish consulate, the visa is for one year.
Once this temporary period has elapsed, the applicant can request a renewal that will allow him to be a legal resident for an additional 5 years.
In order to carry out this procedure, the person in question must prove that he or she continues to own the asset that was the object of the investment (the property, the shares or the public debt).
In addition, you must have visited Spain at least once during the year.
You can continue renewing every five years or apply for a permanent residency permit after five years have passed. These are valid for 10 years, but you can only apply if you have lived in Spain for at least six months a year in each of those five years. You must reconfirm sufficient financial means at each renewal if you are residing in Spain. You must also reconfirm healthcare insurance if you are residing in Spain.
After 10 years residing legally in Spain, the investor will be able to carry out the pertinent procedure.
How much time does it take to get the SGPR?
Once all documentation has been submitted to the competent authority, 20 days may elapse before a decision is reached.
After having received this resolution with favorable results, there is a period of 1 month to apply for the visa at the Spanish consulate located in the investor’s country (or you can obtain it by submitting the application electronically in Spain).
The next step will be to obtain the NIE (Numero de Identidad del Extranjero), as well as the taking of fingerprints in a police station.
We work with a Spanish immigration specialist who will help you with the process. You will need to obtain a Spanish NIE number and open a Spanish bank account in advance, which the immigration specialist can also assist you with if required (you will already have these if you have purchased qualifying property in Spain).
Standard visa requirements will also need to be satisfied:
- Spain Golden visa and/or residency permit application form.
- Passport, valid for the period you intend to spend in Spain, with at least two blank pages.
- Two photographs.
- Birth and marriage certificates.
- Proof of financial means (bank statements for the last three months, proof of investments, bank deposits, rental income, etc.). If you intend to reside in Spain, this will need to meet minimum financial resources (Min. 2022: €27,800 single, €34,750 couple). Where these amounts cannot be met with income, capital up to X2 these sums should be held at a local bank.
- Proof of suitable medical health insurance from an approved insurer if you intend to reside in Spain.
- Criminal record check no more than 90 days old.
- Proof of payment of the visa fee.
- No ban of entry into Spain, and not found illegally in Spain or a Spanish territory.
- Make the corresponding investment which, depending on which one it is, will be of one amount or another.Here you have a list of all possible investments:
- Make an investment in public debtfor an amount equal to or greater than two million euros.
- Make an investment in bank deposits in Spanishentities or in shares of Spanish companies worth more than one million euros.
- Buy a property in Spain for a value equal to or greater than 500,000 euros.
- Start up a business in Spain that must meet the following requirements:
- To create jobs.
- With an important impact on the country or region at a socioeconomic level.
- That represents a scientific or technological novelty.