Golden visa Spain 2024

By Lucia Lagunas Reyes | Published on 1 March 2024

The Golden Visa, also known as an Investor Visa, is an immigration program for non-EU (European Union) investors. The design aims to provide legal residence and work opportunities in Spain. Individuals who have made significant investments in the country can customize this Spain residency by investment program to their needs. It allows investors to reside in Spain while actively contributing to its economic landscape. The Spanish government issued the Golden Visa. It grants legal residency in Spain. It also provides visa-free access to the Schengen Zone for the visa holders and their families. This visa offers the flexibility to stay in Spain indefinitely. Within the Schengen Zone, individuals can stay up to 90 days within every 180 days.

Does Spain still offer golden visa program spain?

Yes, the government of Spain still offers this residence Visa. It is often issued to individuals who purchase real estate in the country. This visa in Spain is also available to businessmen that invest in Spanish companies. For this reason, it is also called the Spain Investor Visa. Furthermore, the golden visa is a residency by investment program.

This visa was launched in 2013 as part of the country’s strategy to boost the Spanish economy. It also aims to increase foreign investment.

What is Spain golden visa?

This permit applies to you and your eligible relatives. Age and labor regulations form the basis. It allows legal residence and work without an annual visit to Spain. It provides the opportunity to live and work in Spain, and if desired, bring your family along. Furthermore, this visa offers freedom of movement within the Schengen Area. If you decide to move to Spain, we can apply for your Residency Permit on your behalf. This ensures you receive it while you are in the country.

This permit is ideal for individuals from outside the European Union. It is for those seeking to establish residence in Spain. They do this by making a much investment in the country.

The law that regulates the Golden Visa is “Act 14/2013, of 27 September, of support to entrepreneurs and their internationalization.

Golden visa spain benefits

The key benefit of this visa is that it allows investors to live in Spain and travel visa-free to all Schengen zone countries. Since Spain is a member of the EU and part of the Schengen area, this visa grants investors’ access to all 26 countries in this zone.

This residence visa also creates a safe haven by moving to Spain. This serves as a plan B for investors in times of economic or political instability. It may also come in handy during a global crisis. Another benefit is that this visa grants you the right to work and do business in Spain while legally residing in the country.

Furthermore, this visa has a family residency plan. Spouses, under age kids, and adult children that are financially dependent on the investor get residence permits as long as the necessary documentation is provided. This visa also provides access to an EU standard of education and healthcare in Spain.

This visa can be renewed without any problem. You have to prove that you keep the investment in Spain, whether it is the property, the purchase of shares or the bank deposit in a Spanish bank and prove that you have the insurance and money to live the rest of the year. In addition, residence by investment processing time processing is fast. You can obtain this permit within 20 working days from the submission of the application. Contact us if you want to renew your visa!

NOTE: You do not have to do all the above. Instead, you can make at least one of the above investments. Also, investments made by legal individuals are acceptable as long as the said party is not located in a tax haven. The investor must also hold (directly/indirectly), majority voting rights and power to appoint or dismiss board of director members. However, you must invest in Spain to be eligible for this permit.

The investments required are considerable for this visa. Therefore, most potential applicants consult professionals in the field of investment immigration. One of our professionals will assist you in the entire process of obtaining this visa and will guide you through the visa application process.

Besides the necessary investments, an applicant must also fulfill all the requirements below:

• Must be at least 18 years old or older
• Must have no criminal record history in their home country
• Must have not been denied a Schengen Visa in the past
• Must have an active health insurance in Spain

What happens when you make a joint investment to get the Spanish investor visa?

You are not limited to a single investment to obtain this visa. You can make a joint investment and still get this visa. However, even if you make a joint investment or purchase, each individual investment must meet the minimum requirements. For instance, if you partake in a joint real estate investment venture, each person involved has to pay at least €500,000 to be eligible for the visa. This implies that you are not allowed to split the investment into smaller amounts even if you are partnering with other people.

The residence by investment Application Process

If you are certain that you meet the above eligibility criteria, you may proceed with the visa application. The application must be made when you have made the capital investment. The application procedure is as follows:

First, you must fill out the application form. You must also provide all the documents required for the application. Next, you must submit the application in person (unless you do it with a team of lawyers and submit it electronically when you are in Spain). If the applicant is a minor, the application may be submitted by a parent or a duly accredited representative. The application must be submitted to the Spanish Consulate in the country of residence. Once the application is submitted, the Consular Office will issue an acknowledgement of receipt with a code that will allow the applicant to check the status of the application.

If your application is missing documents or requires rectification, the Consular Post will notify you. You may also be asked to provide additional documents or information to help make a decision on the application. The Consular Post may also request an in-person meeting.

It should take around ten days from the submission date to make a decision regarding the application. However, this period can be extended if an interview or additional documents are requested. Once the decision is made, you will be notified and required to collect the visa in person. a representative can also collect the visa. This must be done within a maximum period of one month from the date when the decision regarding the application was made. The Consular Office will also guide you on the procedure for getting back your passport and other original documents submitted during the application.

If the visa is denied, the consular office will notify you in writing. They will explain the grounds for the decision. You can appeal the decision within a month from the date of the refusal notification. The appeal has to be addressed to the Visa Department and posted by a courier service provider to the Consulate. The High Court Justice of Madrid will conduct a judicial review of the appeal within two months from the date when the refusal notification was sent.

NOTE: We always recommend our clients to apply for the residence by investment from Spain since the authorization is for 3 years instead of 1 year and everything is processed online when you arrive in Spain. You can contact us.

Step by step application guide

• Step 1: Decide on the investment you want to make
• Step 2: Make the investment
• Step 3: Prepare the necessary documents
• Step 4: Fill out the application form
• Step 5: Schedule an interview
• Step 6: Attend the interview
• Step 7: Await the decision

Necessary documents for Spain golden visa application

During the application process for this visa, the following documents must be provided as outlined on the spain golden visa official website:

• • The application form duly filled-in and signed.
  • Copy of the complete passport in force, and, if applicable, that of the applicant’s relatives.
  • Proof of sufficient economic resources for the applicant and his/her family members during the period of residence in Spain, which can be justified. Normally 200% of the SMI per month (for 2024 the SMI is 1,323 per month). In addition, the main applicant must prove at least 200% of the SMI for 1 year (31,752 euros). 11,907 per year for the first accompanying family member (75% of the SMI) and, for each additional family member from the second, €3,969 per year (25% of the SMI). It must cover at least the first year of the initial authorization, two years for renewals. The resources must be in the name of the holder of the investment.

  **The documents must be translated into Spanish.

  • Documents proof of the investment. It depends on the kind of investment
  • Unlisted shares or participation units: a copy of the declaration of investment made before the Registry of Foreign Investments at the Ministry of Economy and Competitiveness.
  • Listed shares: certificate issued by the financial intermediary registered with the National Securities Market Commission or with the Bank of Spain, in which the investment is recorded.
  • Public debt: certificate issued by the financial institution or the Bank of Spain showing that the applicant is the sole holder of the investment for a period equal to or greater than 5 years.
  • Investment funds or venture capital funds: certificate issued by the management company, incorporated in Spain, duly registered with the National Securities Market Commission, showing that an investment was made for an amount of at least one million euros in one or more funds under its management.
  • Bank deposits: certificate issued by the financial institution in which it is attested that the applicant is the sole holder of the bank deposit
  • Acquisition of Real Estate: certification of domain and encumbrances from the Land Registry corresponding to the real estate property or properties dated earlier than 90 days prior to the date of application and real estate purchase deeds.
  • Business project: a favourable report from the DGCOMINVER.
  • Proof of legal residence in Spain at the time of application (e.g. a notarial deed before the Spanish notary or stamp of the entry in Spain in your passport))
  • Have a public or private health insurance with an insurer company authorized to operate in Spain. Taking into account that the insurance policy does not contain any co-payments and it offers full coverage within the whole Spanish territory.
  • Have no criminal record in Spain or in the countries where they have resided for the past five years, for criminal offenses defined in the relevant Spanish legislation.

  The certificate must be duly legalised and translated into Spanish by sworn translator.

  • Proof of payment of the fee.
  • Signature of the document designating the legal representative for the submission of all documents and the application form
  • In the case of the FAMILY MEMBERS:
  • The application form duly filled-in and signed by the familiar (in case of minor, must be signed by its legal representative).
  • Copy of the complete passport in force.
  • Have a public or private health insurance with an insurer company authorized to operate in Spain
  • Criminal records of the family members must be duly apostilled and translated into Spanish by sworn translator.
  • Marriage certificate must be duly apostilled and translated into Spanish by sworn translator.
  • Birth Certificate (Children who are minors) must be duly apostilled and translated into Spanish by sworn translator.
  • For children over 18 years of age, any document proving economic dependence (payment of university fees, living at home, etc.)
  • Proof of payment of the fee (as a minor , the legal representative must pay it)

Note: The documents needed to file the golden visa electronically in Spain can vary, please contact us and we will be happy to help you.

Investment documents needed for the residence by investment application

Some of the requirements you must provide for applying for a Golden Visa are investment documents. You will need original and copies of the following investment documents:

• Investment declaration made at the Ministry of Economic Affairs and Digital Transformation’s Foreign Investment Registry. This document will serve as an accreditation for investments in unquoted stocks and shares.
• For investments in quoted stocks, a certificate from the financial intermediary registered at the National Securities Commission will do the job. Alternatively, you can get a certificate from Danco de Espana that shows that you have already made the investment.
• For investment in public debit, you will need a certificate from Banco de Espana to serve as proof that you are the sole owner of the investment for a period of at least half a decade. A certificate from the necessary financial entity will also do the trick.
• A certificate proving that you are the sole owner of a bank account and the deposit made into it will be required for a bank deposit investment.
• If you are a real estate investor, you will need a certificate from the Land Register. The certificate must contain up-to-date data detailing the ownership and encumbrances of the investment. This document must be issued no more than 90 days before the application. If the ownership certificate does not include the amount of purchase, you will be required to also provide a deed of sale for the property.
• If you are an investor in a business project, you must produce a favorable report. This document will be issued by the relevant Economic and Commercial Office of the consular district. It should state the overall interests that the business project will serve.
• If the investment has been made via a legal person, then a favorable report from the relevant Economic and Commercial Office of the consular district will be necessary. The report should state that the company is not located in a tax haven. It should also state that the investor holds majority rights and the power to assign or terminate board of director members.

Note: All foreign documents have to be legalized before the application. Alternatively, you can have them apostilled. Furthermore, they must be submitted with an official Spanish sworn translator.

The application must be submitted to the nearest Spanish Embassy or Consulate. It should be noted that the investments must be completed and registered. Also, if you want to obtain the golden visa from Spain it is possible since all the documentation could be submitted electronically, but you would have to be legally in the country.

You must also submit original copies of the requested documents when submitting your application. Photocopies must be submitted with the application form.

Application for family members of a golden visa holder

The members of the investor who can also obtain this visa are the spouse or common-law partner, the investor’s minor or adult children who are economically dependent on the investor and those who do not have their own family unit, and the investor’s dependent ascendants.

Family members will require the following documents for the application of the visa:

• Proof of family relationship: applicants must provide documents proving their relationship with the investor. This can be a birth or marriage certificate issued by the civil registry. For unmarried partners, a certificate of registration will be needed or any other document proving an unregistered partnership.
• Adult kids must provide documents probing that they are financially dependent on the investor. Documents proving their civil status are also necessary.
• Relatives in the ascending line must also provide documents that show that they are in the care of the investor.

How much money do you need to get a spanish golden visa in 2024?

Firstly, before you apply for this visa, you must make an investment of a specified amount in a market specified above. So, the amount of your investment is one of the key factors you must consider. In addition to the investment costs, there are also government fees for the application. These charges are subject to chance depending on factors like currency fluctuations. They also differ depending on the investment type. For instance, for a business investment, the government fee is €1,137. For real estate and capital investments, the fee is €1,910. For added family members, the government fee is €1,311.

If you apply from Spain electronically the fees are only 75€. This is one of the reasons why we recommend applying from Spain apart from the fact that the visa is for 3 years instead of 1 year as in the consulate.

How long can I live in Spain with a Golden Visa?

If you apply at the Spanish Consulate, the visa will have a duration of one year. Once the year has elapsed, you can apply for a renewal which will allow you to reside legally in the country for another five years. However, before the renewal is approved, you must prove that you continue to own the property that was the subject of the initial investment. In addition, you must have visited the country at least once during the year.

On the other hand, if you have obtained the visa while in Spain and have submitted the application electronically, the Golden Visa has a duration of three years. Therefore, once you have obtained the visa, you have three years to reside legally in Spanish territory.

Taxes for Golden Visa holders

When you make an investment in Spain and obtain this resident permit, you become liable to some tax. The taxes you will be liable to pay will depend on how much time you spend in the country in a year. For instance, if you spend more than six months in Spain(183 days), you are considered a Spanish resident. In such a case, your worldwide assets and income become subject to taxation in Spain. On the contrary, if you are in the country for less than six months in a year, you will only be expected to pay taxes on the initial investment and afterwards, on the value of your assents in the country.

Things to note:

• If an investment is made by a married couple, they don’t have to both apply for the investor visa. Instead, one of the spouses can apply for the visa and the spouse can get a visa as the investor’s family member.
• In addition to the documents above, applicants must also provide all the required documents listed in the sections 1,2,3,6,7,8,9, and 10 of the application form.
• If the family member is a minor, then the application has to be signed by a parent or an accredited representative.
• A residence by investment is not a direct route to obtaining citizenship in Spain. However, if you get this visa and spend ten years as a Spanish resident, then you become eligible for citizenship.
• You and your family do not need to stay in Spain to maintain this residency visa.

Achieving Spanish Citizenship through Investment

Acquiring Spanish citizenship is a prominent outcome of the Golden Visa program, often referred to as “Spain Citizenship by Investment.” This pathway stands out as a favorable route towards obtaining Spanish passports. Eligibility for Spanish citizenship is attainable after a decade of residence in Spain through the Golden Visa program, provided the following criteria are met:

• Maintaining a presence in Spain for a minimum of 183 days annually over a span of 10 years.
• Demonstrating proficiency in at least basic levels of the Spanish language.
• Possessing a foundational knowledge of Spanish history and culture.
• Ensuring a clean record with no criminal convictions or outstanding debts in Spain.

Can you get a loan to apply for a golden visa?

You cannot apply for a golden visa using money obtained through a loan. This means that you have to have the money to make the initial investment in full. Using a loan means that you will not be the sole owner of the investment, which will disqualify you from getting the Visa. However, if you plan to invest more than the required amount, you can top up the rest using a loan. For instance, if you want to invest €600,000 in real estate, you can make the initial investment of €500,00 from your own funds and use a loan to pay the exceeding amount, which is €100,000.

How much do I need to invest to obtain a Golden Visa?

The Spanish government has specified the minimum amounts of investments in particular areas that you must make in order to be eligible for a Golden Visa. They are:

• At least €500,00 in real estate or land assets
• A minimum investment of €1,000,000 in shares or bank deposits in Spanish financial institution
• At least €2,000,000 in state debt
• Enterprise ventures in Spain that are deemed to be of great interest

Making any of these investments automatically grants you the right to apply for this visa. However, it does not guarantee that the visa will be granted. Other requirements are also necessary for applying for this visa.

How long can you stay in Spain with a Golden Visa?

With this visa, you can stay in Spain for up to three years. Firstly, if you are granted the visa, you will be allowed multiple entries into Spain for a year. During this year, you are required to fly to Spain in person to get your permit which lasts for another year. You can also renew the permit for an additional five years if you comply with the golden visa spain requirements. Additionally, you can continue renewing the permit as long as your investments are still active in the country. You do not have to reside in Spain fully during the duration of the permit. All you have to do is ensure you visit the country at least two times per year during the permit duration.

Can I get a Spanish citizenship if I have a golden visa for Spain?

The visa does not guarantee you Spanish citizenship. However, it is a window of opportunity for getting citizenship. When you qualify for this visa, the Spanish government allows you to renew the permit. This gives you the opportunity to achieve ten years of residency. After ten years of residency, you become eligible for Spanish citizenship. As long as you have active investments in Spain, you can renew the permit for as long as you want.

Can a golden visa help me become a permanent Spanish resident?

This visa does not guarantee permanent residency in Spain. However, it is a pathway to this form of residency. The government of Spain mandates that an applicant must have legally resided in Spain effectively for at half a decade. This implies that the applicant must have not been abroad for over six consecutive months or exceeded ten months away from Spain during the five years.

Is it possible to obtain a mortgage to apply for a a Spanish golden visa?

It is possible to get a mortgage for this visa as long as it exceeds €500,000, i.e. you use €500,000 in cash and the rest can be used for the purchase of the house, so you could get your golden visa.

What is the amount considered sufficient to prove sufficient economic resources?

• For the support of the main applicant (investor), 31,752 € per year for the investor (200% of the SMI)
• For the support of each family member, monthly, 100% of the IPREM, which in 2024 amounts to €600. Furthermore, for 1,5 years, around € 10.800 per family member.

How Long Does It Take to Get a Golden Visa in Spain?

The Spanish golden visa can be obtained in two ways:

• Obtain it at the Spanish consulate in your country, it is granted for one year and the process usually takes between 1 and 3 months.
• Obtain it telematically with one of our lawyers, but you have to be in Spain. It is a process that takes a maximum of 20 working days, plus the visa is granted for 3 years and you avoid paying the consulate for golden visa spain costs which are more than 1000€.

Is it possible to renew the Spanish golden visa?

Yes, this visa can be renewed and if you are living with the golden visa for 5 years in Spain and meet the requirements you can obtain permanent residency. Our team of lawyers will assist you in the whole process of renewing this visa.

This visa is an opportunity for Spanish investors to stay in Spain legally while doing business in the country. Obtaining this visa can be time consuming. For this reason, you can benefit from the services of our law firm. We will guide you through the process and orient you on the necessary requirements to avoid visa denial.