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Spain’s ‘Golden Visa’ programme is a residency by investment programme that is getting an increasing amount of attention. Since the inception of the programme in 2013, it has brought in over $3 billion in foreign investment. It has proven especially popular with Russians and Chinese investors, who make up 25% and 37% of applicants, respectively.
Although Spanish is the country’s official language, most people speak English as a second language. As such expats can easily get by without learning the native language, especially if you choose to live in one of the cities along the costa del sol, which are much loved by British expats.
How to obtain Spain’s Golden visa?
By purchasing a property worth at least €500,000, investors can get Spanish residency, which will allow them to live and work within the country, as well as open the door to a whole host of benefits. After being a resident for 5 years, individuals and their families are eligible for permanent residency, and after 10 years, eligible for citizenship.
What are the benefits of living in Spain?
There is a lot more to Spain than just modern architecture, flamenco dancing and beautiful beaches. Spain’s ‘Golden Visa’ programme will open the door to a whole host of benefits.
The country ranks highly in the quality of life index, having one of the highest standards of living worldwide. Spanish culture is known for having a relaxed pace of life, with community playing a big role in daily life. Spain is also one of the least expensive countries in Europe, offering great value for money both in terms of property and in day-to-day living, as well as it being the second least expensive country in Europe (beaten only by Portugal).
What’s more, Spain has a very diverse geography and landscape. From the mountainous terrains of Sierra Nevada, the sunny beach-filled coastlines of the Costa del Sol, rural peaceful countryside, to the metropolitan and vibrant cities of Barcelona and Madrid. There is a wide variety of choices, with somewhere that suits all manners of needs and wants.
What are the benefits of Spain’s ‘Golden Visa’ programme?
For those looking for global mobility, with Spain being a part of the Schengen Area, residents have 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. Did you know, Spain has one of the highest numbers of doctors per capita in the world? You and your family will also have access to some of the best educational institutions in Europe.
For dependents under the age of 18, they will be able to enrol in the country’s free state education, whilst applicants that are a bit older will be able to enrol in one of Spain’s excellent universities.
Another important factor is that the programme allows for dual residency. Further to this, there are no stay requirements for Spanish residency. This means you will not have to renounce your existing residency, as well as the fact you will be able to live in the country you prefer and choose which country is best for you in regards to taxation.
Who is eligible to get Spanish residency?
Although there are very minimal requirements for the programme, applicants must meet certain criteria in order to be eligible. The main applicant must be at least 18 years old, be of good health and have no criminal record. Aside from having the required investment amount, they must also be able to provide proof of funds. In regards to who can be added to the application, the spouse of the main applicant is eligible, as well as any children or dependents under the age of 18.
What’s the process of Spain’s ‘Golden Visa’ programme?
The first step in the process would be to collect all the necessary documents and send the applicant’s passport in for screening. Providing the individual passes the necessary due diligence checks, the next step would be to look for a property that qualifies the investor for residency.
Once the applicant has found a property, the next stage is purchasing the property using a Spanish bank. An application for residency would then need to be submitted to the government for approval.
Upon receiving approval, applicants must travel to Spain at least once within that year. Once receiving their residency visa, then congratulations, you will have become a Spanish resident. In total, the time it takes to receive Spanish residency is around 2 to 3 months. After maintaining Spanish residency for 10 years, applicants will be eligible to apply for citizenship.
There are many wonderful things about living in Spain, with the country’s residency by investment programme offering both an affordable yet efficient way of doing so. For more insight or information about the programme, contact one of our immigration advisors for a free consultation.