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The government of Spain launched its Golden Visa program in 2013. This program is an attractive way for foreign investors to obtain permanent residency in Spain and enjoying a fantastic quality of life by investing their capital to benefit the state’s economy. By obtaining a Spanish residency permit, investors are advantaged with the flexibility of visa-free travel in the European Schengen region, as well as granted the choice of Spanish property investment which is currently a great bargain to engage in.
Eligibility Requirements- The applicant must be over the age of 18 years.
- The applicant must hold no criminal record over the last five years.
- The applicant must have completed a medical examination and be of exceptional health.
- Have a private health insurance from an insurance company in Spain.
- The applicant must have sufficient income (acquired outside Spain) to support the applicant and family members during residency in Spain.
- The applicant must make the necessary investment listed under the investment options.
Investment Options
1. Invest a minimum amount of EUR 500,000 in a real estate property; OR
2. Deposit the amount of EUR 1 million in a Spanish bank; OR
3. Hold shares in a Spanish company amounting to EUR 1 million; OR
4. Purchase Spanish government bonds with a minimum amount of EUR 2 million; OR
5. Start a business project of general interest in Spain.
Program Benefits- Along with the applicant, the spouse, children under the age of 18, and dependent parents are included in the application.
- The applicant and family members benefit from freedom of mobility within the EU Schengen countries.
- The applicant and family members are granted the right to live and study anywhere in Spain.
- The applicant is required to conduct only one visit to Spain during the residence period.
Permanent Residence Benefits- Have the right to live, study, and work in Spain.
- Benefit from the Spanish health care services free of charge without the need for private health insurance.
- Free to redeem the amount invested.
- Acquire permanent residence status for life.
Application Process
Investors are granted an Investors Residence Visa (temporary residence permit) for one year which can be extended to a two year residence permit, renewable for additional two year durations. In order to hold and renew the residence visa, the investor must maintain the investment in Spain, and he is required to conduct a visit during the residence period. After 5 years of residency, investors can then apply for a permanent residence visa, and after 10 years of residency, citizenship can be requested.
The applicant is required to issue a NIE (identification number for foreigners) to be able to do any kind of financial transaction i.e. opening a bank account, setting up a company, purchasing or renting a real estate property, or for any paperwork. It serves as a tax identification number for individuals.
Note: Latin-American citizens from Andorra, Equatorial Guinea, Philippines, Portugal and Sephardic can obtain Spanish citizenship after holding residency for only two years.
Spanish Golden-visa Scheme Frequently Asked Questions
1. Am I obliged to physically reside in Spain to maintain the residency visa?
No, you only need to visit Spain once during the first 12 months, and once each time you renew your residency permit. No minimum period of stay is required.
2. How can I prove that my business project is considered of general interest?
You should provide a report which is issued by the Spanish Economic and Trade Office. In order to obtain this report, you will need to provide documents including a business plan, investor’s portfolio, number of jobs that will be created, place where the business will be established, and the amount of investment.
3. What are the requirements for starting a business in the general interest?
The project should create a meaningful amount of jobs, and it should have a social and economic impact where the business is established or one that contributes significantly in the scientific and/or technological sectors.
4. How do I invest the amount of EUR 500,000 in a real estate property?
You can invest by purchasing a property or several properties with the minimum amount of EUR 500,000. A property may be residential, commercial, or even a land.
5. When should I make the investment?
The investment should be made before 60 days prior to submission of the application when the investment is in shares or government bonds. In the case of investment in real estate property, the investment should be made at least 90 days prior to submission of the application.
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