Spain is renowned for its “golden visa” programme that gives non-EU citizens residency rights in return for investing in real estate and other assets in the country. The scheme has gained popularity since it was launched in 2013 and has now been copied by a number of other countries including Portugal, Malta, Greece and Ireland. However, with pressure mounting from European Union officials to abandon all Golden Visa programmes, Spain may be forced to reconsider its own version.
The program allows investors to obtain a residence permit for themselves and their families, granting them access to the whole of Europe’s Schengen zone. In addition, they have the opportunity to apply for permanent residency after ten years and eventually citizenship. However, in order to qualify for the visa, it is important to understand the requirements that are set out by the Spanish government.
First and foremost, a non-EU citizen must invest at least EUR500,000 in real estate or other assets to obtain a residence permit. The investment must be made directly or indirectly through a legal entity in the country, and it is also possible to buy shares of companies that operate within the economy. The investment must be held for at least a year to gain residency, and then the residence permit can be renewed for two years at a time.
In order to maintain the validity of the residence permit, it is required that the investor spends a total of six months in the country each year. However, this requirement can be waived if the investor is employed in a high-level job in the country or holds a degree from an internationally recognized university.
Those who want to gain residence in Spain can also use their money to set up a business in the country or to fund venture capital projects. In order to do so, they must submit a business plan outlining the idea and how it will be funded. The government will then evaluate the business plan to make sure that it meets the requirements for obtaining a visa.
Although the process of obtaining a spain golden visa is relatively straightforward, it is still important to work with experts to avoid any mistakes that could lead to the cancellation or refusal of a visa application. Additionally, the applicant should not start the process until they are fully committed to making the necessary investments.
La Vida – Golden Visas are experts in the field and can help you understand the requirements for a Spain residency visa, as well as helping you find the right property to meet your needs. They can provide you with a free consultation and arrange for you to visit the country to see your options first-hand. If you are interested in the programme, they can also assist you in obtaining your visa once the property purchase is complete. To find out more, click here.