Much has been discussed about the “Golden Visa” within the real estate sector, so today we want to share with you what this is, what are its benefits, and who is eligible to get it.
The Golden Visa is essentially an investor visa. Spain, just like several other countries of the European Union, such as Austria, Cyprus, Italy, Malta, Portugal, among others, offer this special visa that benefits an individual outside the EU and their family, giving them the possibility of obtaining a residency in exchange for significant investments in the country. We should also mention that there are other countries outside the European Union that offer this type of visa, such as Antigua and Barbuda, Montenegro, St Lucia, Vanuatu, among others.
And why would a state want to give this benefit to an individual? It is really a very attractive visa due to its speed and simplicity, although it is not open to everyone. It has certain requirements, of which the main one is financial capacity. In other words, the country ensures that residency is granted only to people with high economic power and that, consequently, they will make a significant capital contribution to the country.
In the case of Spain, the purchase of a property of over € 500,000 + taxes is normally associated as the investment requirement. While this is correct, it is not the only option. An individual could also obtain the visa by buying several property units for a total of € 500,000 (plus taxes), making an investment in the Spanish public debt of at least € 2,000,000, investing in a new business that provides employment opportunities or technological/scientific innovation, or even buying shares or making a deposit in a Spanish bank of at least € 1,000,000.
Are there any other requirements? It is only required that the person is of legal age, does not have criminal records, has not been rejected a Schengen Visa in the past, and has health insurance in Spain. With this and the invested capital, you should be able to access this type of visa without problems
Something that is also very attractive is that the visa will cover not only the individual but also the whole family, including the parents, and will allow circulation not only in Spain, but also in all Schengen countries.
The popularity which this visa has gained in recent years has been huge, mainly in countries such as China and Russia, although Iran, Venezuela and Lebanon also register great interest in this visa.
The initial residence authorization for investors will have duration of 2 years, although once this period has expired, you may request the renewal of the residence authorization for successive periods of 5 years.
One last very important point to highlight is that the individual applying for the visa is not even required to physically reside in Spain to maintain the residence visa, but only has to visit Spain once during the first 12 months, and once every time you renew your residence permit. No minimum period of stay is required.
With all these benefits mentioned above, it is easy to understand how the Golden Visa has gained such widespread attention and popularity. If you are considering the Golden Visa as an option to live in Spain, we will be happy to assist you thought the process! Feel free to contact us by email at [email protected].