The “Golden Visa” in Spain in 2024

The content of the article

1. Ways to obtain a “golden visa” in Spain
2. Advantages of a “golden visa” for an investor in Spain
3. Conditions for obtaining a residence permit for real estate investments in Spain
4. How do I apply for a “golden visa” in Spain?
   1. Requirements for the applicant
   2. Documents for obtaining a residence permit for investments
   3. 9 stages for obtaining a “golden visa” in Spain
5. The cost of obtaining a residence permit
6. PERMANENT residence in Spain
7. Spanish citizenship
8. Frequently Asked questions about the “Golden Visa” of Spain

“Golden Visa” is an unofficial name for special government programs that provide foreigners with a residence permit or permanent residence for investments in the country’s economy.

The “Golden Visa” differs from traditional resident visas. This is a special status for an investor, allowing him to obtain a residence permit under a simplified scheme.

The program for granting a residence permit in Spain was accepted for investment in October 2013, and today the “golden visa” to Spain is the most in demand in Europe.

Spain’s “Golden Visa” allows an investor and, importantly, his family to travel freely throughout the EU. In addition, he has the right to move to Spain with his family.

Ways to obtain a “golden visa” in Spain

To be eligible for a residence permit for investments in Spain, one of the following conditions must be met:

• Buy a property in Spain for at least 500 thousand euros. It is mandatory to own a home for the entire period of validity of a residence permit for investments.
• Place 1 million euros on a deposit in a Spanish bank.
• Buy shares of Spanish companies worth at least 1 million euros.
• Invest at least 2 million euros in Spanish government bonds.
• To propose a business project that contributes to job creation, economic development or innovation.

It is worth noting that in all these cases, the residence permit remains valid only if the initial investment is preserved. In case of sale of real estate or withdrawal of the amount from the deposit, the “golden visa” is automatically canceled.

Important. This is a returnable investment: the investor will return his investments under the Golden visa program in five years.

Advantages of a “golden visa” for an investor in Spain

Freedom of travel. With a residence permit in Spain, they cross the borders of the Schengen countries without visas.

The right to conduct business. The Golden Visa allows you to work and do business in Spain.

The ability to open accounts in Spain and the EU. Upon obtaining residency, the investor has the right to open an account with banks in Spain and use all available financial offers of the selected bank.

There are no permanent residence requirements. Unlike a regular residence permit, the “Golden Visa” of Spain does not oblige you to live in the country for 183 days a year. The participant of the program must stay in Spain for at least seven days a year. If an investor wants to obtain permanent residence and Spanish citizenship, he needs to live in the country permanently.

Residence permit for the whole family. An investor, a spouse and minor children receive residency in the country. Parents and adult children can also be included in the application, if they are dependent on the main applicant.

The possibility of obtaining Spanish citizenship. After 10 years of stay in Spain, the investor has the right to apply for a passport of this country.

Treatment. Cuadro medico sin copago health insurance provides free doctor visits, ambulance calls, hospitalization, treatment and operations.

EU driver’s license. The investor will be able to buy and register a car.

Education of children in schools and universities. The children will study in public and private schools in the country, as well as receive higher education.

Lack of tax residency in Spain. An investor does not have to file a tax return if he stays in the country for less than 183 days.

You do not need to take exams for knowledge of the Spanish language and the history of the country.

Conditions for obtaining a residence permit for real estate investments in Spain

In order to obtain a Spanish residence permit, an investor must:

1. Buy a property in Spain worth from 500 thousand euros. You can purchase a plot of land, residential or commercial real estate. It is allowed to purchase several real estate objects, the value of which exceeds half a million euros in total.
2. Have documentary evidence that the applicant’s own funds participated in the investment. This means that the amount of investment is already in the account of a potential investor. If investments are planned in excess of the established minimum threshold, they can be made with the help of mortgage loans.
3. The purchased property must be ready for operation. However, when purchasing real estate at the construction stage, it is possible to apply immediately after the completion of the object.

How do I apply for a “golden visa” in Spain?

To obtain resident status for investments in 2024, an investor needs to submit documents in Spain, having previously entered there on a tourist visa. It is currently impossible to apply for an investor visa while in Russia. Nevertheless, it is possible to apply for a residence permit for investments in Spain.

Requirements for the applicant

The applicant must be over 18 years old, invest in the Spanish economy and keep the investment for the duration of the visa. It is also necessary to confirm financial well-being, i.e. own sufficient income to live in the country.

The minimum requirements for confirming financial solvency are 28,800 euros for an investor’s contribution and 7,200 euros for each family member annually.

The minimum requirements for confirming financial solvency are 26,500 euros for an investor’s contribution and 6,600 euros for each family member annually.

The applicant will also need to:

• confirm the legality of funding sources;
• have no criminal record in the last five years;
• have no debts to the tax service in Spain;
• do not have visa violations and restrictions on entry into the EU;
• not to be on the EU sanctions lists;
• do not pose a threat to national security;
• do not have infectious diseases.

Documents for obtaining a residence permit for investments

• a valid international passport with a validity period of at least one year from the end of the intended period of residence permit;
• the internal civil passport of the country and photocopies of all its pages;
• application for a residence permit;
• two 3.5×4.5mm color photographs;
• a contract for the purchase of real estate in Spain or a document confirming a different type of investment;
• bank account statements, documents on the availability of deposits;
• Spanish INN;
• marriage certificate;
• certificate of no criminal record with notarized translation;
• medical certificate of absence of infectious diseases;
• medical insurance that covers the entire validity period of the visa and is concluded with a Spanish company;
• documents confirming the legality of income: certificates of 2-personal income tax, 3-personal income tax, bank statements, lease or sale agreements of Russian real estate and other property;
• a receipt for payment of fees and duties.

All documents received on the territory of the Russian Federation require an apostille in Russian and Spanish translation.

9 stages for obtaining a “golden visa” in Spain

1. Risk assessment. Consult with an immigration specialist of Tranio, assess all potential risks and investment prospects.
2. Object selection. A remote option for selecting real estate is possible, or viewing on the spot — if the investor has an open Schengen visa.
3. Booking an object. Making a deposit of 10% of the value of the property and concluding an initial contract for the reservation of the object for the buyer.
4. Obtaining a Spanish TIN and preparing documents. On behalf of the investor, this part of the transaction in Spain is handled by a trusted lawyer from among the company’s partners.
5. Signing of the final agreement. After that, the remaining amount is deposited and the final documents are signed.
6. Obtaining a Spanish tourist visa.This stage is necessary to enter Spain to obtain an investor’s residence permit in the country. The necessary documents are collected and transferred to the Spanish consulate in Moscow, biometrics are rented, air tickets are purchased if necessary. Currently, the submission of documents in other regions of the Russian Federation, except Moscow, has been suspended.
7. Applying for a residence permit. After entering Spain, the documentation of the investor’s residence permit begins. It is necessary to submit biometric data, fill out government forms, and pay taxes and fees. This process can be transferred to a lawyer from among the company’s partners or handled independently.
8. Obtaining an investor’s residence permit. The investor receives a ready-made permit for a long stay in Spain for 2 years. The review period takes from 20 days. The finished card can be picked up at the police station.
9. Extension of the residence permit. 60 days before the expiration of the investor’s residence permit, it is necessary to contact the migration service to extend the status of a resident of Spain. The main condition is to maintain the initial investment in full.

According to statistics from 2023, Russian citizens occupy the 10th place in the ranking in terms of foreign investment in real estate in Spain:

A source 

The cost of obtaining a residence permit

Among the main expenses of the investor, in addition to the cost of purchasing real estate, the following can be distinguished:

Legal expenses. Depending on the number of applicants, the total amount may vary from 1,000 to 4,000 euros. This includes professional advice, legal support, documentation preparation, apostille and translation of all documents by sworn translators.

Medical insurance. It can be from 50 to 100 euros per person.

Expenses for the purchase of real estate. They make up 10-15% of the real estate value.

State fees for applying for a residence permit. They amount to 100 euros per person for issuing a plastic residence permit card.

State fees for obtaining a tourist visa.The consular fee for adult citizens of the Russian Federation in 2024 will cost 80 euros. Children under the age of 12 do not need to pay a consular fee. Additionally, you must pay a service fee of 1,440 rubles for each applicant over 6 years old. Disabled persons of groups I and II are exempt from paying the service fee of the visa center.

PERMANENT residence in Spain

You can apply for permanent residence after five years of residence in Spain. You must prove that you have not left Spain for more than 10 months in the previous five years. At the same time, it is necessary to maintain the investment conditions for issuing a “golden visa”. Permanent residence in Spain gives almost the same rights as citizenship — with the exception of the right to vote and be elected.

Spanish citizenship

You can obtain Spanish citizenship on a general basis. You will be able to apply for citizenship after 10 years of residence in the country.

First, you must apply for a residence permit, then after five years you will receive permanent residence status. And five more years after obtaining permanent resident status, you can apply for Spanish citizenship. To get it, you will have to take exams in Spanish and the history of the country.

Dual citizenship is prohibited in Spain. This means that when applying for a Spanish passport, you will need to renounce your first citizenship. The exceptions apply only to citizens of some Latin American countries. However, a written refusal on the territory of Spain is not valid on the territory of Russia, since the country has a special mechanism for renouncing citizenship. Thus, your citizen status will be preserved on the territory of the Russian Federation.

The Tranio team will select the optimal property for the “golden visa” of Spain according to your requests.

Submit your application

Frequently Asked Questions about Spain’s “Golden Visa”

Is the investment residence permit program in Spain open to Russians?

At the moment, the residence permit program for investments is issued on the same terms for both citizens of the Russian Federation and citizens of other states. The restrictions apply only to persons on the sanctions lists. The main condition is confirmation of the legal origin of the funds.

What investments are required to obtain a “golden visa” for Spain?

• buy real estate in Spain from 500 thousand euros; 
• deposit 1 million euros in a Spanish bank;
• buy shares in Spanish companies worth at least 1 million euros;
• invest at least 2 million euros in Spanish government bonds;
• to propose a business project that contributes to job creation, economic development or innovation.

How long does the process of obtaining a “golden visa” in Spain take?

The whole process from choosing and buying a property to obtaining a residence permit card takes a maximum of 6 months.

Do I need to live in Spain to apply for a “golden visa”?

You do not need to live in Spain to apply for a “golden visa”. However, at the moment, an application for a “golden visa” is only possible in Spain. To do this, it is enough to apply for a short-term tourist visa to enter the country.

What documents are required to apply for a “golden visa”?

• a valid international passport with a validity period of at least one year from the end of the intended period of residence permit;
• the internal civil passport of the country and photocopies of all its pages;
• application for a residence permit;
• two 3.5×4.5 mm color photographs;
• a contract for the purchase of real estate in Spain or a document confirming a different type of investment;
• bank account statements, documents on the availability of deposits;
• Spanish INN;
• marriage certificate;
• certificate of no criminal record with notarized translation;
• medical certificate of absence of infectious diseases;
• medical insurance that covers the entire validity period of the visa and is concluded with a Spanish company;
• documents confirming the legality of income: certificates of 2-personal income tax, 3-personal income tax, bank statements, lease or sale agreements of Russian real estate and other property;
• a receipt for payment of fees and duties.

What is the minimum investment threshold for a “golden visa” in Spain?

The minimum investment amount for obtaining a “golden visa” is 500 thousand euros when buying a property. At the same time, several objects can be purchased for this amount.

What advantages does the “golden visa” of Spain provide?

Among the main advantages are: open borders and unlimited stay in Schengen, the opportunity to work and do business in the EU, opening European accounts, high-quality medicine, access to European universities.

Can I apply for Spanish citizenship based on an investor visa?

Yes, after living in the country for 10 years, you can apply for Spanish citizenship based on any type of residency. First, you must apply for an investor’s residence permit, then after five years you will receive permanent residence status. And five more years after obtaining permanent resident status, you can apply for Spanish citizenship.

Can relatives get a “golden visa” through me?

Yes, together with the main investor, the spouse and minor children receive residency. Parents and adult children can also be included in the application, if they are dependent on the main applicant.

“Golden visa” in other countries:

UAE Golden Visa: what gives you how to get in Dubai in 2024

Turkish citizenship for real estate investments for Russians in 2024

Golden visa of Greece: Residence permit for the purchase of real estate in 2024 – Tranio
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