Overview of Spain’s Golden Visa Program
In 2013, Spain introduced a golden visa program that allows investors and their families to obtain residency by investing a minimum of €500,000 in real estate. This investor visa is renewable every two years. Permanent residency can be obtained after five years, and citizenship is possible after ten years. Residency can be maintained and renewed without the need to reside in Spain.
Advantages of the Spanish Golden Visa Program
The primary advantages of the Spanish Golden Visa include the rapid issuance of residency permits, along with the low initial processing costs and renewal charges. When comparing Spain to its neighbor Portugal, which also has a highly successful golden visa program, it’s notable that the required investment for real estate in Spain, set at €500,000, matches the minimum investment for Portugal’s program. However, many investors show a preference for the Spanish market due to the wide array of real estate options available without any constraints beyond the minimum investment threshold.
Principal Advantages:
Obtaining Permanent Residency and Citizenship in Spain
After five years of residence in Spain, individuals are eligible to apply for permanent residency. Following ten years of continuous residence, one may apply for Spanish citizenship. While the golden visa, or temporary residency permit, can be renewed without the need to reside in Spain, obtaining permanent residency and citizenship necessitates that the investor and their family live in Spain. Consequently, the Spanish Golden Visa program appeals to those wishing to live permanently in Spain or those seeking to maintain a secondary residency in Europe without pursuing citizenship. For investors interested in acquiring European citizenship more swiftly, the Portuguese Golden Visa program is recommended as it offers a quicker route to citizenship. Additionally, Spain provides a fast-track two-year route to citizenship for individuals from former Spanish colonies, including the Philippines and most countries in Latin America.
Securing a Spanish Golden Visa
To obtain a Spanish Golden Visa through a €500,000 investment in Spanish real estate, the process is streamlined and efficient. Applicants, who must be non-EU residents, need to meet the following requirements: