The Spain Golden Visa is a residence visa for non-EU citizens who invest in various sectors in the country. This visa gives holders and their families a right to reside in Spain, as well as visa-free access as tourists to other countries in the European Schengen Zone. This program was launched in 2013 to promote economic growth and investment. The Spanish government is keen to attract foreign investors, especially as the country struggles to dig itself out of the hole it fell into during the financial crisis of 2009.
Currently, the country is one of the most popular locations for investors in Europe. This is mainly due to the fact that it offers some of the most attractive living standards in the world, alongside its famous beaches and mouth-watering cuisine.
As a result, Spain has developed a residency by investment program designed to appeal to high-net-worth individuals. Although it does not offer citizenship, the Spain Golden Visa program makes it easy for families to obtain a residence permit. The process is relatively straightforward, with the Spanish authorities allowing 20 days from the submittal date to complete the application.
There are several options available for those wanting to secure a Spain Golden Visa, such as investing in real estate or a business project that benefits society as a whole. In addition, investors can also make a substantial investment in Spanish Treasury Bonds. These bonds are backed by the Spanish government and offer competitive returns. Alternatively, they can make a deposit with a Spanish financial institution.
Once the investor has made one of the above investments, he or she must then apply for a residence permit at the Spanish Embassy in his or her country of origin. This is done either on behalf of himself or herself, or through a legal representative. The applicant will need to present a number of documents, such as the investment contract and proof of funds for himself and his or her family.
After the application has been approved, the investor and his or her family will be granted a residence authorization valid for one year. There is no minimum stay requirement, and the authorization can be renewed for a further two years.
Those looking to invest in business projects that benefit society will need to provide the details of their proposal, including the estimated value and time frame for completion of the project. They will also need to show that they are capable of managing the project and ensuring its success. Applicants should also have a valid passport.
It is important to note that the Spain Golden Visa is not a route to citizenship, but it can be a step toward it if you live in the country for 10 years and meet other requirements. However, the government is not as gung-ho about handing out residencies as it once was. This is because the revenue from the program only contributes a tiny fraction of Spain’s GDP.