The Golden Visa is a residence visa for non-EU citizens who buy a property in Spain over 500,000 euros. This allows the visa holder residency benefits in exchange for economic investment. This can be any type of property: home, commercial, land, or a combination of properties.
In recent years there has been growing demand from non-EU nationals for residency in European countries in exchange for real estate investment. European nations have responded by introducing a series of so-called “Golden Visa” schemes, offering residency in exchange for property purchases with rules and regulations varying from country to country. The Golden Visas are designed to attract foreign investment and stimulate the post-crisis property market and economy and, overall, most schemes have been deemed a success.
The steps to getting a golden visa in Spain?
1. You come to Spain with your travel visa and look for a property
2. Once the pre-agreement is signed and corresponding funds are deposited, you can apply for the golden visa. If needed, the authorities can grant you a permit for six months so you can complete the process of buying your property.
3. If your golden visa application is accepted, you will receive a visa for one year. As opposed to other visas, the golden visa application can be presented while you are in Spain.
4. After receiving your golden visa, you can keep renewing the visa, as long as the investment threshold is maintained. Five years later, it is possible to obtain permanent residency – and after ten years, the carrier is given the option to apply for Spanish citizenship.