Spain – Land of Diversity
Located at the crossroads of the Atlantic and the Mediterranean, Europe and Africa, the Kingdom of Spain, or Spain as it is more commonly known,occupies 85% of the Iberian Peninsula, which it shares with Portugal, in southwest Europe. It also includes the Balearic Islands in the Mediterranean, the Canary Islands in the Atlantic and the cities of Ceuta and Melilla.
Spain is a country rich in history and culture. It has left an indelible mark on the culture, language and daily life of the people and colonies it once ruled.
In 1978, Spain established itself as a parliamentary monarchy, with the prime minister responsible to the bicameral Cortes (Congress of Deputies and Senate).
Spain joined the European Union in 1986. Presently the Spanish economy is a mixed capitalist economy and is the 12th largest in the world. The country’s Mediterranean climate, its historical and cultural legacy, its proximity to many desirable European destinations and its first-class facilities have made tourism a leading industry in Spain. The Spanish tourist industry is the second biggest in the world, is a large source of stable employment and development and contributes significantly to the national economy. Besides tourism, a booming housing market and construction industry are the mainstays of the Spanish economy.
Spain is one of the world’s leading countries in the development and production of renewable energy.Spain is also Europe’s main producer of wind energy. The country also has the most extensive high-speed rail network in Europe, and the second most extensive in the world after China.
Residency by Investment Program of 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 a minimum of over €500,000 (without finance) in a property in Spain. This residency grants the applicant the right to reside and work in Spain and travel visa-free throughout the Schengen area.
The investor’s spouse, children under 18 years of age, adult dependent children carrying out their studiesand dependent parents can also be included in the application.
Successful applicants are initially granted a one-year residency of Spain. After this expires, they can apply for a Residency Permit which is granted for a duration of 2 years and is renewable for periods of 5 years as long as the investment is maintained.
Stay in Spain is optional and there are 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.
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 the program:
- Spain offers a strong and stable economic infrastructure
- High rental income for investors from their property investment
- The 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
- High standard of living and access to world class education and health facilities