Understanding the Spanish Golden Visa



If you’re considering making Spain your new home, understanding the ins and outs of the Spanish Golden Visa process is crucial. In this blog, we’ll break down the requirements, necessary documents, application procedures, and more, all in simple terms for easy comprehension.

Table of content

What is a Spanish Golden Visa?

The Spanish Golden Visa is not just an investor visa; it's a gateway for foreigners to potentially make substantial capital investments in Spain. Whether you're looking to invest in real estate, stock, contribute to a business project, or make financial investments designed to attract foreign investors, the Spanish Golden Visa offers a pathway to residency for those who are looking to secure residency in Spain.

Types of investments to get a Spanish Golden Visa

To get a Golden Visa, you need to fulfil one of the following criteria:

  1. Financial investments:
    • An initial investment of at least 2 million euros in Spanish public debt securities, or
    • 1 million euros in stocks, shares, or investment funds in Spain, or
    • Bank deposits in Spanish financial institutions.
  2. Real estate investment:
    • Purchase real estate that’s free from any other obligations and worth a minimum of €500,000.
  3. Business projects:
    • Undertake a business project in Spain expected to be of general interest. This may include job opportunities, significant socio-economic impact, or a notable contribution to scientific or technological innovation.

Eligibility for family members under the Golden Visa

Family members of the Spanish Golden Visa holder, including spouses, children, and dependent relatives, are also eligible to obtain the visa. The inclusivity of family members enhances the appeal of the Golden Visa as a comprehensive solution for foreigners looking for a collective residency.

Spanish Golden Visa required documents

To start the Golden Visa application process involves gathering many documents, each serving a specific purpose:

  1. National visa application form
    • Completed and signed by each applicant or their representative.
  2. Recent passport-size photograph
    • A recent, passport-size, coloured photograph with specific guidelines.
  3. Valid, unexpired passport
    • Original and photocopy of the passport with a minimum validity period of 1 year.
  4. Documents accrediting the investment
    • Depending on the type of investment, various original and copy documents, such as certificates and declarations, are required.
  5. Financial means proof
    • Original and copy of documents providing sufficient financial means, equivalent to 400% of Spain’s Public Multiple Effects Income Indicator (IPREM), plus 100% of the IPREM for each accompanying family member.
  6. Criminal record check certificate
    • Original and copy of the criminal record check certificate(s) issued by the country or countries of residence for the past 2 years, along with a responsible declaration of the absence of criminal records for the last five years.
  7. Health insurance certificate
    • Original and copy of the certificate accrediting public or private health insurance contracted with an authorised entity in Spain.
  8. Proof of residence in the consular district
    • Verification of legal residence in the consular district or attendance at classes in person within the consular district.
  9. Proof of the representative’s identity and capacity
    • If the application is submitted through a representative, a copy of the representative’s identity document or passport, along with the power of attorney or document accrediting representation.
  10. Payment of the visa free
    • Compulsory fee payment in the local currency when submitting the visa application.

The application process for a Spanish Golden Visa

The application procedures involved several steps:

  1. Submitting the application in person, through a parent (in the case of a minor), or an accredited representative.
  2. Visa application period is 1 year from the capital investment, with the exception of real estate investments made before 29 September 2013.
  3. Proof of receipt is provided for tracking application status.
  4. The legal decision period is 10 days from the submission date, with possible extensions for interviews or additional document requests.
  5. The visa must be collected in person or by a representative within 1 month of the favourable decision

Spanish Golden Visa validity and residence

The Golden Visa is valid for 1 year and grants residency in Spain during this period. While a Foreigner Identity Card isn’t mandatory, it can be applied for after obtaining investment authorisation through the Large Companies Unit.

How much does a Spanish Golden Visa cost?

In addition to making a real estate investment or another financial investment, you will have to pay the visa application fees for the initial Spanish Golden Visa. The overall cost for the Spanish Golden Visa is anywhere between €4,000 to €5,000. The renewal fees for the Spanish Golden Visa are slightly lower, ranging from €3,000 to €4,000.

Spanish Golden Visa appeals and refusals

In case of visa refusals, applicants have the option to submit an appeal for reconsideration within 1 month. Additionally, a judicial review application can be filed within 2 months of receiving notification of the visa refusal or the dismissal of the reconsideration appeal.


Conclusion

In conclusion, the Spanish Golden Visa offers a unique opportunity for residency through capital investment. By following the outlined steps and meeting the necessary criteria, you can embark on a journey towards a new chapter in the vibrant and culturally rich Spain.

EasyFX offers bespoke currency solutions, including buying and selling property in Spain. Our experts who can guide you through the entire process of purchasing your dream home in Spain and more. Get in touch with our friendly team today.

FAQs

Buying a Spanish golden visa varies, but it usually starts at €500,000, depending on the type of visa you apply for. Please consult official sources for the latest requirements.
There have been talks about changing Spain’s golden visa program. These talks follow from Portugal’s recent amendment to their scheme in October 2023, wherein real estate investment is no longer a qualifying factor for golden visa applications . Additionally, in the same month, the Netherlands announced it will end its golden visa scheme in January 2024. Spain might soon follow similar changes.
The first golden visa is valid for one year. You can extend it for up to 5 years, and after that period, you can apply for a permanent visa. It can only be renewed as long as you maintain the required investment conditions.
Getting a golden visa usually takes up to 5 days, but it might take a few months on average. The timeline depends on your investment type and how prompt you submit all the necessary documents. The exact timelines will be confirmed with immigration authorities.
The downside to a Spanish golden visa are:
  • Limitations on the investment type, possible alterations in the real estate market, and changes in government policies.
  • Applying for permanent residency or citizenship is challenging and demands residing in the country for a minimum of six months each year over a decade. If complete residency and citizenship aren't achieved, investors need to retain the property for a lifetime to renew their golden visa.
  • Once dependents turn 18, or establish their independent lives or start working, they can't renew their residency permits.
Understanding The Spanish Golden Visa
Explore the details of the Spanish Golden Visa to make your move to Spain seamless. Explore the requirements, documents, application process & more.
Speak to an expert
/contact
Ready to buy your next property in Spain?

Buying a house in Spain can be an exciting and rewarding experience with careful planning and professional assistance. Embrace the unique charm and lifestyle Spain offers, and with the right guidance, you can turn your dream of owning a property in this beautiful country into a reality.

Remember to stay informed, seek expert advice, and immerse yourself in the local culture to make the most of your Spanish property ownership. Happy house hunting.

Speak to an expert
/contact
Understanding The Spanish Golden Visa: The Expert’s Guide
Explore the details of the Spanish Golden Visa to make your move to Spain seamless. Explore the requirements, documents, application process & more.
false

Ready to buy your next property in Spain?

Buying a house in Spain can be an exciting and rewarding experience with careful planning and professional assistance. Embrace the unique charm and lifestyle Spain offers, and with the right guidance, you can turn your dream of owning a property in this beautiful country into a reality.

Remember to stay informed, seek expert advice, and immerse yourself in the local culture to make the most of your Spanish property ownership. Happy house hunting.

Speak to an expert
Authorised by the FCA Authorised by the FCA

Regulated by the Financial Conduct Authority.

Segregated & Secure Segregated & Secure

All client funds are held in segregated safeguarding accounts.

real people Real People

Our advisors are available whenever you need them.

Established in 2008 Established in 2008

A wealth of foreign exchange experience at your fingertips.