Golden Visa Spain 2024 – The Ultimate Guide by Experts

A trip to Spain offers you beautiful architecture, warm weather, and a rich culture. It's no surprise that after visiting this top vacation spot, you might start dreaming of moving to Europe permanently with your family. However, if you do not hold citizenship from the European Union, Switzerland, Iceland, Norway, or Liechtenstein, you will need a visa to make that migration a reality.

Typically, the Spain Golden Visa program could be your gateway to fully immersing yourself in Spanish culture, enhancing your lifestyle, and making valuable investments. The economy of this country is growing steadily, and its political climate is stable.

This article will explain the details of this visa, the upcoming changes, and the benefits you can gain by applying for it now.

What Is the Spain Golden Visa Program?

The Golden Visa allows you to legally live in Spain and the rest of Europe by making an investment. This visa is different from other Spanish visas because it is processed quickly and requires specific qualifications to obtain.

As for the qualifications, this visa requires an investment, earning the name Investor Visa. Since 2013, this visa has offered a variety of investments, including real estate. According to reports, 90% of successful applications use the real estate route. The real estate path of this visa has triggered its change. The European Commission has voiced concerns over this type of program due to the security and money laundering risks.

It is important to note that the Spanish government has announced that the 2024 Spanish Golden Visa may be the last. On 9 April, 2024, the government announced that it would end the program because of its effect on the real estate market. Reports examining the trend in real estate prices reveal an increase in the past 10 years from $1,600 (€1,500) per ft2 to $2,000 (€1,800) per ft2. We do not expect to for the program to end for another few weeks.

What Are the Benefits of a Golden Visa Spain?

 

As this program’s closure draws near, you should consider the benefits of opting into it as quickly as possible. This visa is a popular option for the following reasons:

Stable and Growing Economy

The first benefit you will receive from this visa program is access to a stable and growing economy. According to reports, the country has had an upward trend since 2014, culminating in 5.8% GDP growth in 2022. Therefore, moving to this country will provide a positive economic environment for your future business or investments.

Safe and Improving Politics

Another advantage of getting this visa in Spain is that this country is a safe plan B for you and your family. This country has a stable representative democratic system and a monarchy. Moreover, the current government has worked to increase wages, basic income, and pensions. Through the bills the government has passed, they have increased life quality and pushed forward the economy.

Abundant Economic Opportunities

Once you have this visa, you will have greater access to the country's best-performing sectors. Specifically, you should consider the information and communication technology, pharmaceutical, and tourism industries. You can even use your investment to target these sectors and ensure a larger return on investment. Plus, you will be able to travel through the Schengen area, allowing you to make business connections across the continent more easily.

Straightforward Path to Spain Citizenship

Lastly, this visa will help you secure a European citizenship. Though this visa does not automatically lead to a Spanish passport, it will allow you to easily gain a residence permit. After 5 years of maintaining your residency and investment, you will be able to apply for permanent residency.

From there, you will need to legally reside for 5 more years (over 183 days per year) in Spain to apply for citizenship. So long as you meet the other legal requirements, such as being fluent in Spanish, you can apply for citizenship. If you are a citizen of a former Spanish colony, your wait time for citizenship will only be 2 years.

How Much Investment Is Required to Apply for Spain Golden Visa?

This visa has multiple investment options, the cost of which ranges from $545,900 to $2,183,600 (€500,000 to €2,000,000). Depending on the investment, you may have a return on investment; therefore, you should select your investment based on how it can holistically benefit you.

Here are the investments you can make to apply for it:

Investments	Costs
Government Bonds	$2,183,600 (€2,000,000)
Investment/Venture Capital Fund	$1,091,800 (€1,000,000)
Company Shares	$1,091,800 (€1,000,000)
Business Investment	Positive socio-economic impact and job creation.
Bank Deposit	$1,091,800 (€1,000,000)
Real Estate	$545,900 (€500,000)

Eligibility and Requirements

Before you apply, you should ensure that you meet the following criteria and have the following documents ready to attach to your application:

• Police clearance: You will need a clean criminal record.
• Comprehensive health insurance: You should have private insurance coverage from an insurance company operating in this country for at least one year.
• Sufficient financial resources: You will need to prove you can live in this country without working. Therefore, you should have 400% of Spain's Public Multiple Effects Income Indication (+100% for each dependent): $31,400 (€28,800) a year and $7,900 (€7,200) per dependent.
• Proof of investment: You will need proof that you made your investment and funded it yourself through legal means.
• Proof of lawful residence: You will need to prove you are living legally in your current residence.
• Legal accountable adult: As the main applicant, you should be at least 18.
• Proof of identity: You will need to have a valid passport and attach your passport pictures

If you wish for your family to apply with you, you should ensure that you have documentation proving your relationship with them. For example, you should have a marriage certificate. As for which family members can join your application, there are:

• Spouse or partner of over 2 years

• Unmarried minor or dependent adult child

• Dependent elderly parent

How to Get Your Golden Visa in Spain

To apply for this visa, you should use the following steps:

• Choose your investment: To begin your journey toward this visa, you should select an investment that suits your lifestyle and goals.

1. 1. Receive your identification number: Once you know which investment you want to make, you should get an identification number. You will need it for many of the following steps.
   2. Open a bank account: Now that you have your identification number, you should open a Spanish bank account through which you will make your investment transaction. You will also use this account to prove you have the finances required to live in the country.
   3. Make your investment: When you have a bank account, you should make your investment.
   4. Apply for the visa: Now that you have made your investment, you should apply through a Spanish consulate or government office while in Spain.
   5. Pay your application fees: Once you have submitted your application, you will need to pay this fee.

• Receive your visa: You will receive your 1-year visa application response within 20 days of paying your application fees. Note that the waiting time will vary depending on the number of applications they receive.

1. Submit your biometric data: Finally, you will need to submit your biometric data in person. Then, you should apply for a residence permit. All the while, you should maintain your investment so you can renew your residence permit in the future.

Get Your Spain Golden Visa with Vancis Capital before the Program Ends

 

There are numerous investment options available through the Golden Visa program. To navigate these options effectively, you should consider seeking assistance from Vancis Capital. Our team of experts can clearly explain each investment choice, giving you the information needed to select the option that best aligns with or even improves your financial situation. Additionally, our rigorous internal due diligence process allows us to identify and address any potential issues with your application before submitting it.

Frequently Asked Questions

What is the cheapest Golden Visa in Europe?

The cheapest Golden Visa in Europe is a tie between Greece, Portugal, Italy, and Hungary. Each of these countries have a program through which you can make a $273,500 (€250,000) investment as part of your visa application.

Which is the fastest Golden Visa in Europe?

The fastest Golden Visa in Europe is the Spanish program. On average, it should take around 2 – 3 months for you to receive your visa. However, incomplete or incorrect paperwork may delay your application.

How long can I live in Spain if I own property?

If you own property, you can only live in Spain for 90 days in a half-year period. The only way to lengthen your stay is to get a Golden Visa, non-lucrative (retirement) visa, or work visa. While the government is considering changing this law, the European Union would need to pass it.