As one of the world’s most visited countries, Spain’s Golden Visa is increasing in popularity among those seeking a second home or idyllic retirement location. In today’s blog, we highlight both the advantages and disadvantages that come with Spain’s Golden Visa, helping you to make the right decision for you and your family.

Pros

Ranking highly in the quality of life index, Spain has one of the highest standards of living worldwide. Its Mediterranean climate, cultural attractions and relaxed pace of life all contribute to this country’s popularity, as well as it being one of the least expensive countries in Europe, offering great value for money both in terms of property and in day-to-day living.  

Spain is a part of the Schengen Area, so for those seeking global mobility, becoming a resident of Spain offers freedom of movement and visa-free travel throughout Europe. Spain’s Golden Visa programme also offers a path to Spanish citizenship, which will allow travel to over 180 countries. 

The country has a fantastic public health care system that is free for residents and citizens. Plus, you and your family will have access to some of the best educational institutions in Europe. Dependents under the age of 18, are able to enrol in the country’s free state education, whilst applicants that are 18+ will be able to enrol in one of Spain’s excellent universities. 

Cons

One of the cons for Spain’s Golden Visa, is that it holds a highest entry threshold for investors. The minimum investment amount is $500,000, compared to other countries such as Portugal, which is $280,000 or Cyprus which is $300,000.

All investments during the time of your Golden Visa are non refundable until applicants are granted full residency. This means that you are unable to sell any assets obtained without your residency permit being cancelled. In order to obtain permanent residency, you must live in Spain for a total of 5 years and within those 5 years cannot leave Spain for more than 10 months, it is also not advised during this period to leave for more than 3 consecutive months. Overall, in order to gain permanent residency or recover any initial investments, you must move to Spain for at least a period of 5 years or longer.

There are many wonderful things about living in Spain, with the country’s Golden Visa programme offering both an affordable yet efficient way of doing so. However, it is always best to research and understand both the pros and cons of the Golden Visa programme you want to choose. 

For more detail on how to apply for Spain’s Golden Visa programme, you can read our blog: Full guide: Spain’s ‘Golden Visa’ programme. 

Alternatively, to speak to one of our advisors, you can contact us for a free consultation.