Golden Visa is an unofficial name for special government programmes that grant foreigners a residence permit or permanent residence permit for investment in the country's economy. Golden Visa of Spain is different from traditional resident visas. It is a special status for the investor, allowing him to obtain a residence permit under a simplified scheme.
Closure of Spain's Golden Visa Programme in 2025
In 2024, it became known about the likely imminent closure of the Golden Visa programme. The issue was raised throughout the year and the final decision was taken by the Spanish Congress in December 2024.
Chronology of events:
- Spanish government announced the possible termination of the programme in April 2024.
- The government led by the ruling party failed to approve amendments on residence permits for investment in Spain's land law due to opposition in September 2024.
- The Spanish Socialist Workers Party proposed new ‘golden visa’ amendments to the Justice Law in November 2024.
- A bill to repeal the golden visa programme was vetoed by the Spanish Senate on 2 December 2024. The law returned to Congress for further revisions.
- Congress voted to repeal the programme in 2025 at the end of December 2024.
Ways To Obtain A Golden Visa For Spain
To qualify for a residence permit card for investments in Spain, one of the following conditions must be met:
- Buy a property in Spain for at least 500 thousand euros. It is obligatory to own the property during the whole period of validity of the residence permit for investment.
- Place 1 million euros on deposit in a Spanish bank.
- Buy shares in Spanish companies in the amount of at least 1 million euros.
- Invest at least 2 million euros in Spanish government bonds.
- Propose a business project that contributes to job creation, development of the country's economy or innovation.
It is worth noting that in all the cases mentioned above, the residence permit remains valid only if the initial investment is maintained. In case of sale of real estate or withdrawal of the amount from the deposit is an automatic cancellation of the golden visa.
Important. This is a refundable investment: the investor will return his investment under the golden visa programme after five years.
Advantages Of The Investor's Golden Visa In Spain
- Freedom of travelling. With the residence permit of Spain cross the borders of the Schengen countries without visas.
- The right to do business. Golden visa allows you to work and do business in Spain.
- Ability to open accounts in Spain. When obtaining residency - the investor has the right to open an account in the banks of Spain and use all available financial offers of the selected bank.
- No requirements for permanent residence. Unlike a regular residence permit, the ‘Golden Visa’ Spain does not oblige to reside in the country 183 days a year. The participant of the programme must be in Spain for at least seven days a year. If the investor wants to get a residence permit and Spanish citizenship, he needs to live in the country permanently.
- Residence permit for the whole family. The investor, spouse and minor children receive residence in the country. The application can also include parents and adult children, if they are dependent on the main applicant.
- Possibility of obtaining Spanish citizenship. After 10 years of residence in Spain, the investor is entitled to apply for a Spanish passport.
- Treatment. Medical insurance will let you use free visits to doctors, ambulance call, hospitalisation, treatment and surgeries are available.
- EU driving licence. The investor will be able to buy and register a car.
- Education of children in schools and universities. Children will study in public and public schools in the country and will also receive higher education.
- No tax residency in Spain. The investor does not have to file a tax return if he/she stays in the country for less than 183 days.
There is no need to pass examinations for knowledge of the Spanish language and the history of the country.
How To Get The Residence Permit For Property Investment In Spain
In order to obtain a Spanish residence permit, an investor must:
- Buy a property in Spain worth 500 000 euros or more. You can buy a plot of land, residential or commercial property. It is allowed to buy several properties, the value of which in total exceeds half a million euros.
- Have documentary evidence that the investment involved the applicant's own funds. This means that the investment amount is already in the account of the potential investor. If the investment is planned to exceed the minimum threshold - they can be made with the help of mortgage lending.
- The property to be purchased must be ready for use. However, when acquiring a property under construction, it is possible to submit an application as soon as the property is completed.
How To Apply For A Spanish Golden Visa
To obtain residency status for investments in 2025, an investor needs to apply on the territory of Spain, having previously entered there on a tourist visa.
Requirements for the applicant
The applicant must be over 18 years of age, invest in the Spanish economy and maintain the investment for the duration of the visa. It is also necessary to prove financial well-being, i.e. own sufficient income to live in the country.
The minimum requirements for proof of financial solvency are €28,800 on the investor's deposit and €7,200 for each family member annually.
The applicant will also need to:
- confirm the legitimacy of the sources of funding;
- have no criminal convictions in the last five years;
- have no tax arrears in Spain;
- have no visa irregularities or restrictions on entry to the EU;
- not be on EU sanctions lists;
- not to pose a threat to national security;
- have no communicable diseases.
Documents For Residence Permit For Investment
- valid passport with validity period of at least one year from the date of expiry of the proposed term of residence permit;
- internal civil passport of the country and photocopies of all its pages;
- application for residence permit;
- two color photographs of 3.5×4.5 mm;
- agreement on the purchase of real estate in Spain or a document confirming another type of investment;
- bank statements, documents on the presence of deposits
- Spanish TIN;
- marriage certificate;
- certificate of no criminal record with a notarized translation;
- medical certificate;
- documents confirming the legitimacy of income;
- receipt for payment of fees and duties.
All documents should be translated into Spanish.
Cost Of Residence Permit Processing Services
Among the main expenses of an investor, in addition to the cost of acquiring a property, are the following:
- Legal costs. Depending on the number of applicants, the total amount can vary from €1,000 to €4,000. This includes professional advice, legal support, drafting of documentation, apostilisation and translation of all documents by sworn translators.
- Health Insurance. Can range from €50 to €100 per person.
- Expenses for the purchase of property. They amount to 10-15% of the value of the property.
- State fees for applying for residence permit. They amount to 100 euros per person for the issuance of a plastic residence permit card.
- State fees for issuing a tourist visa.
3 April 2025 in Spain will come into force the law on the abolition of the ‘golden visa’, as evidenced by the previously signed document dated 3 January 2025. Accordingly, until 2 April this year, the opportunity to submit documents and have time to issue a residence permit under the old rules remains, all applications will be considered under the same conditions.
