To make a significant contribution to economic growth, increase FDI, improve commerce, and create more jobs, the Golden Visa Program Spain was introduced in 2013. Due to program updates, new incentives and streamlined processes for obtaining visas and work permits in Spain were introduced in 2015.
The Golden Visa program’s success cannot be overstated, as it now ranks among the EU’s most alluring investment opportunities for companies based outside the EU. Many Americans are buying properties in Spain to obtain a golden visa and be able to work for American companies remotely. Family members who are economically dependent on the investor, such as minor children, adult children, and parents, may also qualify for permanent residence in Spain under this program as of 2015.
Nevertheless, the various Golden Visas types and their prerequisites and application procedures are outlined below.
Who Qualifies for a Spain Golden Visa?
Applying for a work permit or residence in Spain is possible for non-EU nationals who meet the following criteria:
Investors need to:
- Invest 500,000 euros in Spanish Property
- Invest 2 million euros into Spanish government bonds
- Deposit 1 million euros in a Spanish bank account
- Invest 1 million euros in Spanish firms, stocks, or private equity funds.
Highly qualified professionals need to:
- Get hired by the Spanish government upon application receipt.
- Be an entrepreneur with plans to implement a novel business concept deemed to be of exceptional economic importance for Spain.
- Plan to work for a firm in Spain.
Obtaining Your Golden Visa for Spain
The time it takes to get a Spain Golden Visa is quite short. In most cases, visa applications are processed within 10 business days, and residence permit applications are processed within 20 business days. Visa applications should be submitted at a Spanish Consulate or Embassy in the applicant’s place of origin or residency. A one-year visa is issued to successful candidates immediately. The applicant can then submit an application for a work or residence permit, which is initially valid for 2 years and renewable for an additional 5. If you are already a Spanish resident when you apply for the Golden Visa, you may skip the temporary residency application and go straight for the 2-year residency visa.
Documents Required for Private Investors and Investors Through a Company
For private investors, their passport, full medical coverage proof from a Spanish insurance provider (no deductibles or co-payments allowed), a certificate of good standing from each nation in which they lived and worked in the past five years, and evidence of financial support for them and any dependents traveling with them to Spain are all necessities. In addition, you will be required to provide proof of your investment.
Investment through a firm or company is now an option because of changes made to the original Golden Visa scheme. Most company shares must be owned by the investor, and the investor’s firm’s headquarters should not be in a tax treaty. Moreover, attesting to the applicant’s excellent character is required for the firm to suggest an application for the Spain Golden Visa if these criteria are met.
For those who require a Golden Visa program, Spain is only one option among several. Expenditures are more than in nearby countries, but the payoff is worth it in the long run