Citizenship by Investment in Spain
SPAIN ‘GOLDEN VISA’ PROGRAM
The Golden Visa Program of Spain was introduced in 2013 and it allows applicants to obtain residency of Spain by investing in a real estate property in Spain. This residency grants the applicant and his/her immediate family the right to reside in Spain and travel visa-free throughout the Schengen area. The family can live in Spain permanently, with access to schools and universities.
SPAIN GOLDEN VISA PROGRAM REQUIREMENTS:
- Any person above the age of 18 years
- Willing to invest a minimum of €500,000 in a real estate property
- The investor’s spouse, children under 18 years of age, adult dependent children carrying out their studies and dependent parents can also be included in the application.
Successful applicants are initially granted a one-year residency of Spain. This can be renewed after one year and again after three years if the investment is retained. Then residency becomes permanent. During this time (before residency becomes permanent) the investor and his/her family can reside and study in Spain but cannot work. So in essence, one obtains Permanent Residency of Spain after 5 years of maintaining one’s investment.
Then the investor may eventually apply for citizenship which grants him/her a Spanish passport.
Stay in Spain is optional and there is no minimum stay requirement for investors to renew the residency visa. They may apply for Permanent Residency after 5 years. After obtaining permanent residency, they will be required to live in Spain for at least 183 days per year. Investors may apply for citizenship following 10 years of continued effective residence in Spain (more than 183 days per year for the full 10-year period).
Immediate dependents of the investor can reside in Spain and attend school and university even if the investor does not.
Requirements for Citizenship by Investment in Spain:
- A minimum of €500,000 (without mortgage finance except for any additional over €500,000) in real estate property
- The investor can make multiple property purchases and these properties can be rented out
- The property purchase should be fairly recent
- Investors have to first buy a property and then apply for residency
- Investors can purchase their properties in Spain either directly or indirectly through a registered company, so long as they continue to hold the majority of shares and the company’s address is not located in a tax haven.
Benefits of Spain Golden Visa Program
- Spain offers a strong and stable economic infrastructure
- High standard of living and access to world class education and health facilities
- High rental income for investors from their property investment
- The Permanent Residency Permit allows the investor to work in Spain
- Visa-free travel throughout the Schengen area, most countries of Europe and over 120 countries around the world
- Stay in Spain is optional and there is no minimum stay requirement
- Immediate dependents of the investor can reside in Spain and attend school and university even if the investor does not.