YOU may have heard the term 'Golden Visa' as a method of getting residence or even citizenship in certain European Union countries, including Spain – perhaps you are wondering whether you would qualify, or are just curious about who might, and whether it is really an easy option.
The ‘Golden Visa' is a system that makes it easier to obtain residence or even citizenship of a participating country - if you can afford to use this route. In the case of Spain, a ‘Golden Visa’ means you can also travel freely around the Schengen zone (photo: European Parliament)
It is definitely a popular one, according to the latest research. IDBO Consultants reveals that the number of homes bought in Spain by foreign nationals from outside the European Union (EU) rose by 45% in 2022, totalling 88,000, or 13% of the country's total residential property sales.
What is it?
'Golden Visa' is a colloquial term, not an official one. It means an automatic residence permit is granted to any non-EU national who invests a significant sum in Spain, subject to other factors, as explained below.
It is also a short-cut to Spanish citizenship, meaning you will then be allowed to vote in national elections.
Unlike Spanish citizenship based upon length of permanent, full-time residence in the country, getting Spanish nationality through a 'Golden Visa' is compatible with your existing citizenship – you can keep both, and do not have to renounce that of your birthplace.
How do you get one?
The most common way to obtain a 'Golden Visa' is by buying a home in Spain. This can be either a second or holiday home, or a main residence, but must be valued at a minimum of half a million euros (€500,000).
You do not have to live full-time in Spain to keep your residence rights if you use the 'Golden Visa' method – you only need to travel to the country and spend at least a week there once a year.
Spending €500,000 or more on buying a property in Spain means you can apply for a ‘Golden Visa’, as long as you meet the other criteria (explained below)
Other ways of getting this privileged permit, without buying a home in Spain, include investing at least €2 million in national public debt bonds, or a minimum of €1 million in either shares in Spanish companies, investment funds based in Spain, or left on deposit in a Spanish bank.
Is it permanent?
Investors or property owners who qualify for a 'Golden Visa' can opt for a residence permit of up to two years in Spain, which they can then renew, extending it to a total of five years.
After this, the holder can then apply for Spanish citizenship.
What other conditions apply for getting a 'Golden Visa'?
Applicants must be at least 18 years of age, unless they are the dependant children of an adult applicant.
EU citizens do not qualify, since these already have the advantage of freedom of movement throughout the 27 member States, of which Spain is one, so it is considered that they do not need to take advantage of the system.
'Golden Visas' will not be granted if you have a criminal record from within the past five years, in any country.
You must have a valid healthcare insurance policy, which can be via a private firm or offered by a State organisation, since you will not be allowed to use Spain's public health service unless you live there full-time.
Acquiring a 'Golden Visa' involves having to prove you have sufficient financial resources to maintain your investment and to support yourself and any family members living with you who do not qualify in their own right – but, given that this system is aimed at high-net worth buyers and investors, it is likely this will automatically be the case.
What are the main advantages?....
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