Have you ever imagined living in Spain, where the weather and food are delicious and relishing a remarkable quality of life?
Sept 05, 2023
The intriguing concept of the Spanish golden visa, also known as the Visado de Inversor, has emerged as a potential avenue to turn this dream into reality. However, it’s an option primarily accessible to foreign nationals with the financial capacity to pursue it. But what does this Spain golden visa program genuinely offer, and why is it sparking conversations?
Think of the Spanish golden visa as a special pass that grants you access to Spain. It’s a relatively uncomplicated avenue to securing a Spain residency. With this golden visa, you can establish residence, seek employment, and even bring your family to Spain. The process, as opposed to other alternatives, is less tangled, demanding only an annual visit to maintain its validity.
In this entry, we’ll learn more about the golden visa in Spain. What you need to do and what it offers.
If you can make it work, the golden visa program could make Spain your new home sweet home. Let’s dive in and see if it’s the right choice for you!
Sailing boats and ships waiting in Soller, port area, Mallorca, Spain (Unsplash)
Benefits of the Spanish Golden Visa
Getting a golden visa in Spain offers various advantages:
- It allows you to work and live in Spain.
- This Spanish golden visa program provides an initial authorization for living and working in the country for three years, compared to other visas that typically offer only 1.
- You can move freely within the Schengen area.
- Close family members can also be included in the visa as dependents.
- The Golden Visa application can be made from abroad or within Spain.
What You Need for a Golden Visa in Spain
To begin, one of the main requirements for the Spanish Golden Visa program is the ability to invest in Spain. However, it’s important to note that this option is not available to citizens of the European Union. You need to make a significant investment of (either €500,000, €1 million, or €2 million, depending on the chosen option) and provide the corresponding documentation to prove it.
The required documents encompass proof of your investment, such as property purchase agreements or evidence of stock ownership. Alongside these, personal identification documents, like your ID or passport, private health insurance contracted, and a certificate of no criminal record, are vital. Demonstrating your financial means to support both yourself and your family throughout your Spanish residency is crucial.
Investment Options
These are the types of investments that can qualify you for a Spanish golden visa application:
- Residency through acquiring €2 million of Spanish public debt securities.
- Residency through earning €1 million in shares, venture capital funds, social participation, or bank deposits.
- Residency through purchasing real estate valued at a minimum of €500,000, free from any credit or mortgage (Real estate investment).
- Residency through a business project.
Street music in Barcelona, Spain (Unsplas)
Spain Golden Visa Application Process
You have two options for applying for the golden visa:
- Apply from your home country or your current residence location.
You must apply through your country’s nearest Spanish embassy or consulate when applying from abroad. If approved, you’ll receive a one-year visa, and upon arriving in Spain, you can apply for your residence card (TIE) that grants you and your family one year of residency.
- Apply from within Spain with legal status.
If applying from within Spain, you’ll first need to enter as a tourist (some nationalities might need a visitor visa). Once in Spain, you apply with the relevant authority. You’ll apply for a 3-year residence card (TIE) if approved.
After the initial three years, you can renew the visa for five more years and eventually apply for permanent residency, and after ten years, you could even pursue Spanish citizenship.
Spain Golden Visa Tax Considerations
Tax implications depend on individual situations. Generally, if you’re a foreign investor with a golden visa, you’ll be subject to Non-Resident Income Tax (IRNR) in Spain. Factors like your tax residency status, property value, rental income, and other aspects play a role.
Each case should be scrutinized. Centuro Global can assist in understanding your specific tax implications.
As you can see, the golden visa allows non-EU citizens to invest in Spain while obtaining legal residency to live and work in Spain. While other destinations like Portugal might have waved goodbye to similar prospects primarily due to housing concerns, Spain still offers this option.
Cala del Moraig, Spain
At Centuro Global, we can guide you in understanding your eligibility and help you decide the best option for your specific circumstances, making your dream of living in Spain a reality. Whether it’s the golden visa or another avenue, we’re here to help you navigate the possibilities and find the perfect fit for your aspirations.
Your journey to Spain starts here – let’s make it happen!
