Spain Golden Visa 2024

Spain Golden Visa Programme 2024 Guide

Spain’s Golden Visa program, officially known as the Investor Residence Visa, is a popular option for non-EU nationals seeking residency in one of Europe’s most vibrant and culturally rich countries. Launched in 2013, the program offers residency to individuals who make a significant investment in Spain, such as purchasing real estate valued at €500,000 or more, investing in Spanish businesses, or creating jobs. The Golden Visa allows the holder and their immediate family to live and work in Spain, with the added benefit of visa-free travel within the Schengen Area. Spain’s Golden Visa program is particularly attractive due to the country's high quality of life, world-class healthcare, excellent education system, and diverse lifestyle options ranging from bustling cities like Madrid and Barcelona to serene coastal towns and picturesque countryside. Furthermore, after ten years of residency, investors are eligible to apply for Spanish citizenship, making this program a gateway to European citizenship for many global investors.

Break Front has a team of legal experts that can help you navigate through the process.

Country Info

Population: Approximately 47 million (as of 2023).
Economy: Spain has the fourth-largest economy in the Eurozone, with key sectors including tourism, agriculture, manufacturing, energy, and financial services. The country is also a major exporter of cars, machinery, and food products, and it benefits from strong EU ties.
Government Type: Parliamentary constitutional monarchy.
Official Language: Spanish (Castilian), with regional languages such as Catalan, Galician, and Basque also recognized.
Geographic Position: Located in southwestern Europe, Spain occupies most of the Iberian Peninsula, bordered by France, Portugal, Andorra, and Gibraltar. It also includes the Balearic and Canary Islands.
Currency: Euro (€).
Capital: Madrid.
Time Zone: Central European Time (CET), UTC +1; Central European Summer Time (CEST), UTC +2 during daylight saving time.
Climate: Spain has a diverse climate, ranging from Mediterranean on the coast to continental in the interior, and a temperate oceanic climate in the north.

Important update April, 2024

On April 8th, 2024, Spain announced its intention to terminate the Golden Visa program for foreigners who invest in real estate within the country.

This decision was driven by concerns that the program is contributing to rising real estate prices and facilitating money laundering.Prime Minister Pedro Sánchez stated that the move was aimed at making affordable housing "a right rather than a speculative business."

He further explained, "Currently, 94 out of every 100 of these visas are connected to real estate investments in major cities where the housing market is highly strained, making it nearly impossible for those who already live, work, and pay taxes here to find adequate housing."

Investment options

The Spanish investment visa program offers qualifying investors a range of flexible opportunities, such as investments in real estate or capital shares. Most applicants opt for the Spanish real estate investment option under the Golden Visa program, as it provides easy access to the European Union and allows investors and their families to enjoy a home in the Mediterranean.

Below are the investment options available under the Spanish Golden Visa program. Regardless of the option you choose, it's important to note that you must maintain your investment for a minimum of five years to retain your residence permit

Property Investment: Purchase commercial and/or residential real estate in Spain with a minimum value of €500,000.
Spanish Public Debt Securities: Invest a minimum of €2 million in public debt securities.
Stocks, Shares, or Bank Deposits: Invest at least €1 million in stocks or shares of companies operating in Spain, Spanish investment funds, venture capital funds, or bank deposits in Spanish financial institutions.
Business Investment: Invest a minimum of €1 million in starting a business in Spain that creates employment opportunities, contributes to technological and/or scientific innovation, and has a significant socio-economic impact.

Invest in real estate

Invest in Spanish public debt securities

Stocks, shares or bank deposits

Business investment

Requirements for Golden Visa

The basic requirements for obtaining the Spanish Golden Visa are as follows:

The primary applicant must be at least 18 years old.
The primary applicant must make a significant investment as specified by the government and provide proof of the investment.
Applicants must have a clean criminal record.
Applicants must not be listed as undesirable individuals by the nation.
Applicants must have valid medical insurance and an official health certificate.
Applicants must not have been previously denied visas or entry into the Schengen zone.
Applicants must have sufficient funds to support themselves and their family members while living in Spain.

Required documents

Documents required for Spain Golden Visa

Here is the list of the documents that are required in order to be recognised as an applicant:

Completed application form.
Original and a copy of your valid passport, with two blank pages for the visa. Note that passports issued over ten years ago are not accepted.
A recent passport-sized, color photograph with a white background. The photo must be taken from the front, without dark glasses, reflections, or clothing/hair that obscures the face.
Original and a copy of valid medical insurance: This can be public health insurance or private health insurance from a company licensed to operate in Spain.
Original and a copy of a medical certificate, including an original translation and photocopy if needed. The certificate must be issued no more than 90 days before your appointment and must include letterhead, an original signature, and/or a stamp from a doctor (only M.D. or D.O.s will be accepted).
Clean Criminal Record Certificate, which must be apostilled/legalized and sworn translated into Spanish. Applicants of legal age must submit both the original and a copy of the criminal record check certificate(s) issued by the country where they have lived for more than six months during the last two years. A responsible declaration of the absence of a criminal record in the country or countries where the applicant lived for more than six months in the past year is also required.
Proof of payment of the visa fee, which must be paid in Euros. Please note that the fee is subject to significant changes due to currency fluctuations.
Proof of lawful residence in the consular district where the applicant is applying.

Financial guarantee

The primary applicant must demonstrate they have an amount equal to 400% of the IPREM (Indicador Público de Renta de Efectos Múltiples). For 2023, this amounts to €2,400.00 per month, plus an additional €600.00 per month for each dependent.
The applicant must provide a certificate of bank account balance to prove they have sufficient funds to cover at least two years of living expenses in Spain. This certificate can be issued by a bank outside of Spain in a foreign currency. It should not be a standard bank statement; instead, it must be a formal letter from the bank confirming the account balance.

Required documents for family member

The general documents listed from 1-7 also apply to family members.
A marriage certificate must be provided if your spouse is applying with you for Spain's Golden Visa program. If your country of origin is not the United Arab Emirates, the certificate must be legalized by the Spanish Consulate in the country where it was issued. If the certificate is in a language other than English or Spanish, it must be officially translated into Spanish or English, and the translation must be certified by the Spanish Consulate in the country of issuance. This document is valid for six months from the date of issue.
If children are applying, birth certificates must be provided along with the same certification requirements or another document proving their dependency (which can be based on economic dependency only). Additional documents may be required depending on the specific case of the dependent.

Required documents for Capital Investor

Golden Visa applications under the capital investment category require a significant investment of at least €2 million in Spanish bonds, or a minimum of €1 million in the acquisition of shares in Spanish companies, or bank deposits totaling at least €1 million in Spanish banks. The main applicant must provide proof of these payments.
Evidence that the investment was made no more than 60 days before the submission of the application.
Proof to justify the investments made:
- i. For the acquisition of shares in non-publicly traded companies, a certificate from the Registry of Foreign Investments under the Ministry of Economy and Competitiveness (Registro de Inversiones Exteriores del Ministerio de Economía y Competitividad) is required.
- ii. For shares in publicly traded companies, a certificate from a registered broker must be provided.
- iii. For Spanish bonds, a certificate of the bank transfer or a certificate from the Bank of Spain verifying the investment for at least five years is needed.
- iv. For bank deposits, a bank certificate showing proof of the deposit is necessary.

Golden Visa Application Process

The process for obtaining the Spain Golden Visa involves several steps.

After you meet the minimum investment requirement, you will receive an initial Golden Visa that allows multiple entries and is valid for one year. Within this year, you must travel to Spain in person to apply for a three-year initial residence permit, provided that your investment remains intact. While you and your family members are not required to live in Spain to keep your residency visa, you will need to visit Spain periodically to renew it.

Applicants have the option to apply for a Schengen Visa first and then travel to Spain to apply for the residence permit, or they can directly apply for the investor Visa (which is valid for one year).

Remember, you can submit your application for the Golden Visa program either in your name or through an EU company that is entirely owned by you.

1. Choose the Investment

Decide on which investment route you want to embark.

4. Obtain initial Golden Visa

If your application is approved you will receive initial golden visa which is valid for one year.

2. Prepare the necessary documents

Gather all required documents for your application, can be seen above.

5. Apply for a residence permit

Apply for a three-year residence permit in Spain.

3. Submit application

Once you gathered all documents submit your application.

Renew your permit

Once expired it can be renewed every 2 or 5 years as long as you continue to meet investment requirements.

In addition to the primary steps for obtaining the Spanish Golden Visa, it's also essential to complete some additional administrative tasks.

These include applying for a Spanish tax identification number (NIE), which is required for legal and financial transactions in Spain. You'll also need to open a Spanish bank account to facilitate your investment and manage any financial obligations related to your property or business.

Once you have maintained your investment and residency in Spain for five years, you can apply for permanent residency.

After ten years of continuous residency, you may be eligible to apply for Spanish citizenship, provided you meet the necessary legal requirements, including language proficiency and integration into Spanish society. This pathway not only offers long-term residence but also opens the door to full Spanish citizenship and the benefits of an EU passport.

Government Fees

When applying for a Golden Visa in Spain, there are several government fees that applicants need to consider. First, the initial visa processing fee is approximately €1,500 per applicant.

Additionally, there are fees for obtaining a residency permit, which vary depending on the applicant's nationality but generally range around €80 to €90. It's important to note that these fees are subject to change and may vary depending on specific circumstances or updates in government policies.

Moreover, if you plan on renewing your residency permit after the initial period, there will be additional renewal fees. Keep in mind that while these fees are relatively straightforward, other associated costs, such as legal fees, taxes on property purchases, and administrative expenses, can significantly increase the overall cost of obtaining a Golden Visa in Spain.

Tax considerations

When applying for the Golden Visa in Spain, there are several taxes you should consider:

Foreign Income Tax: Investors who reside in Spain for more than 183 days in a year must pay taxes on their global income.
Personal Income Tax (PIT): Non-residents are subject to a 24% tax on income generated from employment or business activities within Spain.
Capital Gains Tax: Profits from the sale of assets are taxed as savings income, with progressive rates ranging from 19% to 28%.
Interest Income: Interest and other income from personal capital transactions are taxed under PIT savings income, with rates starting at 19% for the first €6,000, rising to 21% for the next €50,000, 23% for the next €200,000, and 27% to 28% for higher amounts.
Property Tax: Property owners are required to pay an annual tax that ranges from 0.4% to 1.3%, depending on the type and location of the property.

Why choose Break Front?

Global expertise with local insight: A team of seasoned local case executives, immigration lawyers, and investment specialists.

Independent service: We are not affiliated with any marketing agencies or specific projects. You’ll have access to all eligible Golden Visa options, allowing you to choose the best path for your needs, supported by the legal due diligence services of a reputable law firm.

High approval rate: We pride ourselves on our high approval rates while having successfully assisted hundreds of clients from over 25 countries.

Comprehensive support: Our dedicated onboarding and immigration teams guide you through the entire process, providing a seamless experience with a single point of contact.

Transparency: Our fees are clearly outlined and comprehensive, with no hidden costs involved in the entire process.

Privacy: Your personal information is securely stored in a GDPR-compliant database.