The Spanish Golden Visa, or Investor Visa, is a residency-by-investment program allowing non-EU nationals to obtain residency in Spain by making a significant economic investment. The Spanish Golden Visa allows residents to reside and work in Spain, travel freely within the Schengen Area, and potentially acquire Spanish citizenship by investment after a certain period.

Benefits of the Spain Golden Visa Program

The Spain Golden Visa Program offers numerous benefits that apply not only to investors but also to their families. However, there are some drawbacks as well, like bureaucracy and a high initial investment rate.

Pros:

  • Residency and work rights. The Golden Visa Spain benefits holders and their family members by allowing them to reside and work in Spain without requiring a separate work permit. This includes the main applicant, spouse, dependent children, and dependent parents.
  • Visa-free travel. Golden Visa holders can travel freely within the 29 Schengen Area countries.
  • No minimum stay requirement. There are no obligatory periods for staying in the country to maintain the Golden Visa.
  • Path to citizenship. Golden Visa holders receive permanent residency after five years of living in Spain. After ten years of legal residency, holders can apply for Spanish citizenship.
  • Family inclusion. The visa covers the main applicant's spouse, children under 18, and dependent parents. This allows families to stay together and enjoy the benefits of residency in Spain.
  • Quality of life. Spain offers a high quality of life, with excellent healthcare, education, and a favorable climate. The country is known for its rich cultural heritage, vibrant cities, and outstanding landscapes.
  • Investment opportunities. Spain's real estate market is diverse, offering various opportunities for investment in residential, commercial, and industrial properties.

Cons:

  • High initial investment. The minimum investment requirement of €500,000 for real estate or €2 million for government bonds can be a substantial barrier for some investors.
  • Property market risks. The Spanish property market is subject to fluctuations caused by global events such as financial crises. Pandemics also have a strong negative impact on prices, as a significant proportion of household income is dependent on tourists. 
  • Administrative requirements. Obtaining a golden visa in Spain involves considerable paperwork and legal procedures. Applicants may need legal and financial advisors to navigate the process efficiently.
  • Tax implications. If Golden Visa holders spend more than 183 days in Spain per year, they become tax residents and are subject to Spanish taxes on their worldwide income.
  • Ongoing maintenance costs. Owning property in Spain involves ongoing costs such as property taxes, maintenance fees, and insurance.
  • No loans. The government doesn't allow golden visa Spain mortgages or loans for the initial €500,000. This amount must be free from encumbrance.

Panorama of Cordoba, Spain

Investment Options of Spain Golden Visa

The golden investment visa provides several investment options for obtaining a residence permit. For renewal documents obtained through investment in property, shares, bank deposits, or government bonds, the key requirement is to maintain the investment for a period of five or more years.

Real estate investment

The minimum investment in a property is €500,000. The entire amount must be paid immediately and does not include the possibility of loans and mortgages. This can be a single property or a combination of properties, as long as the total amount is at least €500,000. The investor can only borrow and lend above this amount. 

Company shares or bank deposits

Investment of €1 million:

  • In shares or stakes in Spanish companies with real entrepreneurial activity.
  • In investment or venture capital funds registered in Spain.
  • In bank deposits in Spanish financial institutions. 

Also, a golden visa can be obtained when investing amounts from €2 million in Spanish government bonds.

Business projects 

Spanish residency via investment in a business project has no fixed minimum investment amount. Still, the project must be deemed to be of general interest to Spain and meet at least one of the following criteria:

  • The project should create significant employment opportunities.
  • It should have a positive socio-economic impact on the local area.
  • The project should contribute to scientific or technological innovation.

Spanish Golden Visa Requirements

Spanish golden visa requirements ensure that the applicant is financially stable, of good character, and capable of maintaining their investment in Spain. Here are the general requirements:

  • Minimum age. Applicants must be at least 18 years old.
  • Financial stability. Applicants must demonstrate sufficient financial resources to support themselves and their families during their stay in Spain. 
  • Clean criminal record. Applicants must provide a certificate of no criminal record from their country of origin or any country where they have resided for the past five years. 
  • Health insurance. Applicants must hold valid public or private health insurance in Spain. The insurance must cover all necessary medical expenses.
  • Proof of investment. Applicants must provide documentation proving they have made a qualifying investment in Spain, such as property deeds, bank statements, or business plans.

Requirements for family members:

  • Spouse. Marriage certificate and valid documentation proving the marital relationship.
  • Children. Translated into Spanish and legalized or apostilled birth certificates. Document showing that children over 18 are financially dependent on the main applicant.
  • Dependent parents. Documentation showing financial dependency and relation to the main applicant.
  • Domestic workers. Valid contract proving employment with the applicant.

Spanish passports

Required Documents for Golden Visa in Spain

The Spanish golden visa scheme includes a comprehensive set of documents to ensure that applicants meet all the legal, financial, and health requirements the Spanish government sets. It is important to have documents translated into Spanish before applying. Documents issued in another country must also be legalized or apostilled, i.e., recognised by Spain.

General documents:

  1. Valid passport. A copy of the full passport, which must be valid for at least one year beyond the date of the visa application. The passport copy must be notarized.
  2. Visa application form. The application form must be filled out completely and signed by the applicant. It can be obtained at the Spanish consulate or downloaded from official websites.
  3. Photographs. Two recent passport-sized photographs, following the specific requirements for visa applications.
  4. Investment proof:
    • Real estate.
    • Property deed and a certificate from the Land Registry confirming the investment.
    • Company shares/Bank deposits. Bank certificate or statement showing the investment.
    • Government bonds. Certificate from a financial institution or the Bank of Spain confirming the purchase of bonds.Business project.
    • Business plan, job creation plan, or other documentation demonstrating the project's benefits.
  5. Health insurance. Proof of public or private health insurance valid in Spain, covering all necessary medical expenses.
  6. Criminal record certificate. Issued by authorities in the applicant's country of origin or any country where they have resided for the past five years.
  7. Proof of funds. Bank statements or other documents showing sufficient financial means to support the applicant and their family members. The amount required can vary, but typically around €30,000 for the main applicant and additional funds for each dependent.
  8. Medical certificate. A certificate issued by a licensed medical practitioner stating that the applicant has no diseases that could pose a public health risk.

Required Documents for Applicant Family Members

The Golden Visa sponsoring family's required documents include passport copies, birth and marriage certificates, criminal record certificates, and health insurance documents.

  • Passports or notarized copies of passports for all family members.
  • Birth and marriage certificates translated into Spanish and legalized or apostilled. Valid documentation proving the familial relationship.
  • Documents showing that children over 18 depend financially on the main applicant. Documentation showing financial dependency and relation to the main applicant.
  • Proof of public or private health insurance valid in Spain for each family member.
  • Criminal record certificates that are required for family members over 18 years old.

Spanish Golden Visa Fees

To obtain a Golden Visa, investors must buy property in Spain of at least €500,000. This can be one property object or their combination. Properties encumbered by mortgages or loans are not counted. 

Investments in shares/deposits of €1 million or more in Spanish companies or in a deposit account in Spanish financial institutions. It is important that the companies were active and not fictitious. It is also possible to invest €2 million or more in Spanish government bonds. 

There is no minimum amount for investments in business projects, but they must be significant for the Spanish economy. Significance is determined by meeting at least one of the following criteria: job creation; improvement of the socio-economic situation of the local region; promotion of scientific and technological innovation.

Administrative fees:

  • Visa application fees. Approximately €60–€70 per application.
  • Legal and notary fees. Engaging a legal professional for assistance with the application and investment process can cost between €1000 to €5000, depending on the case's complexity. Notarizing documents related to the golden visa Spain cost around €200–€500 per document.
  • Registration fees. Fees for registering the property with the Land Registry are usually 1–2% of the property's purchase price. If investing in a business, there may be fees for registering the company with relevant authorities.
  • Medical examination fees. The mandatory medical examination costs can range from €100 to €300 per person, depending on the provider.
  • Health insurance. Costs for health insurance vary based on the provider and coverage, but typically range from €500 to €2000 per year for comprehensive coverage.

Summary of Fees

Fee type

Estimated cost

Real Estate Investment

€500,000 minimum

Company Shares/Bank Deposits

€1 million minimum

Government Bonds

€2 million minimum

Visa Application (Primary Applicant)

€60–€70

Visa Application (Family Members)

€60–€70 each

Legal Fees

€1000–€5000

Notary Fees

€200–€500 per document

Property Registration Fees

1–2% of property price

Medical Examination Fees

€100–€300 per person

Health Insurance Premiums

€500–€2000 per year

Tax Implications for Golden Visa Holders

Non-Tax residents. Golden Visa holders are considered non-tax residents if they spend less than 183 days in Spain annually. Non-tax residents are only taxed on income generated in Spain, including rental income, capital gains from property sales, and other Spanish-sourced income.

Tax residents. If Golden Visa holders spend more than 183 days in Spain annually, they become tax residents subject to Spanish taxes on their worldwide income. Spain has a progressive income tax system, with rates ranging from 19% to 47%, depending on income levels.

Tax residents may also be subject to the Spanish Wealth Tax, which applies to worldwide assets. The rates vary by region but generally range from 0.2% to 3.5%.

Double taxation agreements. Spain has double taxation agreements with many countries, which help prevent double taxation on the same income.

Spanish Golden Visa Processing Time

Spain's golden visa processing time is relatively high compared to that of neighboring Portugal, where the visa processing is about six months.

Processing time overview:

  1. Preparation and investment. Identifying and purchasing a property for real estate typically takes one to three months. 
  2. Application submission. Preparing and submitting the visa application generally takes 1–2 weeks.
  3. Initial processing. The initial processing usually takes around 20 business days.
  4. Approval and issuance. Final approval and issuance of the Golden Visa can take up to three months.
  5. Visa duration and renewal. After the applicant's Spain golden visa expires, it can be renewed for two years, provided the investment is maintained and the applicant meets the residency requirements. 
  6. Path to citizenship. Golden Visa holders must reside in Spain for at least ten years to acquire Spanish citizenship through investment. Remember, Spain generally does not allow dual citizenship except for citizens of specific countries with bilateral agreements.

Spain Golden Visa Application Process

How to get a golden visa? Not so fast, Spain is known for its bureaucracy, and the Golden Visa application process is no exception. The extensive paperwork and stringent documentation requirements can be challenging. 

Applicants often find it helpful to engage legal and financial advisors who specialize in Golden Visa applications to navigate the complexities. These professionals can ensure that all documents are correctly prepared and submitted. Here are the steps you need to know:

  1. Choose investment. Determine the type of investment that suits your goals. Options include real estate, company shares, government bonds, or business projects. Finalize the purchase or investment.
  2. Prepare documents. Collect all required documents, including proof of investment, passport copies, health insurance, and criminal record certificates. Translate documents into Spanish and ensure they are legalized or apostilled.
  3. Submit application. Complete the Golden Visa application form and submit it to the Spanish consulate or immigration office. Include all necessary documents and pay the application fee.
  4. Medical examination. One of the Spanish golden visa rules requires a medical examination. Therefore, applicants must obtain a health certificate. 
  5. Await approval. The processing of the application typically takes up to 3 months. During this time, Spanish authorities will conduct background checks and verify documents. You will be notified of the application's approval status. If additional information is required, promptly provide it.
  6. Obtain a visa. Once approved, you will receive your residency visa from the consulate or immigration office. The initial visa is valid for one year, when you must apply for a residency card.
  7. Register residence. Within one month of arriving in Spain, apply for a residency card (Tarjeta de Identidad de Extranjero, TIE) at the local immigration office. Register your residence at the local municipality.
  8. Renewal and maintenance. Spain's golden visa rules are valid for one year, after which they can be renewed for two years. The renewal process requires proof that the investment has been maintained and that the applicant has visited Spain at least once during the visa period.