IMPORTANT ANNOUNCEMENT - The Golden Visa has been cancelled
The Government has announced the cancellation of the Golden Visa. The Program will be ended on the 3rd APRIL 2025.
The Spanish Investor and Entrepreneur Visa Program, widely known as the "Spanish Golden Visa," provides investors and entrepreneurs with an opportunity to secure residency in Spain by contributing to the nation's economy.
In this comprehensive guide, we will delve into the visa requirements, walk you through the application process, and detail the essential documents you'll need to benefit from this prestigious program.
Who Can Benefit from the Spanish Golden Visa?
This visa program caters to investors and entrepreneurs who aspire to make a substantial impact on the Spanish economy. With various investment routes available, this program is tailored to accommodate a wide range of financial capabilities and business aspirations.
Investment Options:
There are two primary routes to obtain the Spanish Golden Visa:
1. The Investment Route
- Investment in Real Estate: To qualify, you must invest a minimum of €500,000 in property, which must be free of any liens or encumbrances. This means it should be a cash purchase without a mortgage. Costs related to the purchase, such as taxes and notary fees, are not considered part of the investment. If a property is jointly purchased by a married couple, the entire investment will be attributed to the applicant, with the spouse designated as a dependent.
- Investment in Capital: Alternatively, you can invest an amount equal to or exceeding €2,000,000 in Spanish government debt securities or €1,000,000 in stocks, shares of Spanish companies engaged in real business activities, closed-end investment funds, venture capital funds, or bank deposits in Spanish financial institutions.
2. The Entrepreneur route
- This visa option is aimed at investors planning to execute a business project in Spain that is deemed to be of general interest. It also applies to investors who intend to reside in Spain for one year primarily to make initial arrangements for an entrepreneurial venture.
Eligibility Requirements:
In addition to the investment criteria, applicants must meet the following requirements:
Age and Legal Status:
- Applicants must be 18 years or older.
- They should not be illegally present in Spain or listed as rejectable in countries with which Spain has agreements.
- EU citizens and nationals from countries under EU law are not eligible due to their existing rights of free movement and residence.
Financial Requirements:
Besides the investment in the Spanish economy, applicants must demonstrate their financial capacity to support themselves and any dependents. This is calculated using a figure called the "IPREM" (Minimum Living Income Indicator).
Currently (in 2023) IPREM is set at €600 per month. The figure is reviewed annually and given the high rates of inflation seen in this last year I would be surprised if it is not revised upwards in 2024.
Applicants must demonstrate the following level of income, depending upon their investment route
- Entrepreneurs: Monthly financial support of 100% IPREM for the main applicant. For the applicants family unit (spouse and dependent) they must show 150% IPREM and a further 50% IPREM for each and every other dependent.
- Investors: A monthly support of 400% IPREM for the main applicant, and 100% IPREM for each dependent.
Accompanying Family Members:
Immediate family members, including spouses or individuals in similar affective relationships, dependent children, and ascendants, are eligible to accompany the main applicant.
How to apply for The Spanish Golden Visa.
Given the complexities involved in the application process, it is advisable to engage an agent for assistance. Here's an outline of the application process:
Download the Visa Application Forms
The forms are available via the link below
Passport Photo
Provide a recent color photograph with a clear background, ID size, and without any obstructions on your face.
Passport
You will need to present your valid passport along with a photocopy of the biometric data pages the passport must have at least a year remaining before expiration*, if necessary apply for a replacement. You'll need to leave your passport at the consulate during the visa processing period, complete a form authorising for you passport and documents to be posted to you once you application has been processed and provide a prepaid special delivery envelope.
*UK replacement passports that are issued before the previous passport has expired will have the time remaining on the old passport added on to the ten year term of the replacement. The Spanish Authorities will not recognise the "extra" months and only take the ten years from the date of issue into account.
Prove your Income
You must submit documents that prove you have sufficient funds to cover your living expenses in Spain for the initial year. You should provide both original documents and copies.
Prove Your Investment or Business Plans
This stage is arguably the most complex part of the process. While we recommend seeking professional advice, you can also download the requirements as listed by the Spanish Government below.
Criminal Record Check
You must present a criminal record certificate issued within the last six months for all countries where you have resided in the past five years. For UK applicants, the ACRO certificate is required.
Health Certificate
Include both the original and a copy of a medical certificate confirming that you do not suffer from diseases that may pose a serious public health risk in accordance with the International Health Regulations of 2005. The certificate must be issued by a licensed physician no more than three months before you submit your visa application.
Proof of residence
Provide evidence of living in the consular region of the Spanish Consulate accepting your application. A bank statement with your address is usually sufficient. The map below shows the areas covered by the Spanish Consulates in the UK.
Legalisation and Translation of Documents
Any foreign-language documents must undergo legalization or apostillation and be accompanied by a sworn translation into Castellano Spanish. The UK Government's website offers guidance on how to go about this process.
Payment
Pay the required visa application fee as per the Spanish consulates list of fees
Submitting Your Application
Follow the instructions on the consulate's website to submit your application, either in person at the Spain Visa Application Centre or through a representative with notarized authorization.
What Happens Once the Application is Submitted?
The consulate may request additional documentation or an interview, with a standard processing time of approximately 10 days, extendable if needed.
What happens if your application is rejected
Visa refusals will be notified in writing. Applicants can submit an appeal for reconsideration within 1 month or seek a legal appeal with the High Court of Justice of Madrid within 2 months after notification.
Need Some Help?
There is a huge amount of paperwork and bureaucracy to deal with when applying for a Spanish Golden Visa and it is often far more efficient and effective to employ an agent to check and submit your application.
I recommend Innolegals who provide an comprehensive visa and residency application service with a 97% success rate.