The “Golden Visa” programme offers an expedited route to residency through investment. Many countries have residence-by-investment schemes, including Cyprus, Greece, and Spain. In exchange for contributing to the economy, investors gain the right to live in the country with their families or visit periodically, enjoying all the rights of a resident, including the ability to open a local bank account. Residency in a Schengen country also allows visa-free travel throughout Europe without restrictions.
However, the Spanish programme—one of the most popular—is threatened by closure. In April 2024, the government promised to scrap the property investment route to residency, and in July, they submitted the proposal to Congress.
The first debate on the topic will take place on 4 September. The cancellation process could take about three months if there’s a unanimous decision. Should Parliament not reach an immediate decision, the next session will only be in December. Either way, investors still have time to apply for residency, but delaying the process is not advisable.
Why Get a “Golden Visa” in Spain?
With a “Golden Visa”, you can move to Spain and enjoy life in a country with a warm climate on the Mediterranean coast. However, the main advantage of the “Golden Visa” is that you don’t have to live in the country full-time.
While residents with other types of permits must live in the country for more than 183 days a year and become tax residents, this doesn’t apply to “Golden Visa” holders. You can live anywhere and still enjoy resident rights. For example, you can travel around Europe without visas, open accounts in foreign banks, conduct international business, or even work officially.
Moreover, an investor’s residence permit is the first step towards citizenship. After five years with a “Golden Visa”, you can apply for permanent residency and citizenship after another five years. If you plan to obtain a Spanish passport, you’ll need to live in the country permanently, learn the language to at least A2 level, and pass a test on culture and customs. However, you’ll have to give up your current citizenship. According to Spanish law, multiple citizenships are not allowed, with few exceptions.
Who Can Get Residency by Investment in Spain?
Residency by investment is a reliable option for wealthy foreigners considering Spain for family life and business.
The conditions for issuing “Golden Visas” are described in Law 14/2013 on support for entrepreneurship.
The initial investor residence permit is issued for three years and can be renewed for five years. In addition to the applicant, close family members— spouse, children, and parents — can obtain residency.
The main requirements for the applicant are:
- Be over 18 years old;
- Have medical insurance;
- Prove that you have sufficient funds to support yourself and your family members during your stay in Spain;
- Have no criminal record.
The application can include a spouse, children, and parents. The processing time is about 3-6 months.
What Are the Options for Obtaining Residency?
- Invest at least €500,000 in property.
This is one of the most popular options for investors and is still available. Both residential and commercial properties are eligible. You can purchase several properties, but the main requirement is that their total value exceeds €500,000.
After purchase, you can rent the property but can’t sell it quickly—you’d lose your “Golden Visa” if you did. Only after obtaining permanent residency can an investor freely sell the property they invested in.
To obtain residency this way, you need to:
- Choose a region and find a property there;
- Sign a preliminary purchase agreement (contrato de arras) and pay a deposit for the property—usually 10% of the cost;
- Obtain a NIE (número de identidad de extranjero)—a unique identification code for foreigners in Spain;
- Open a bank account in Spain, pay taxes, government fees, and insurance;
- Sign the final purchase agreement and pay the total cost of the property;
- Submit documents for residency.
After submission, the candidate will be checked for reliability, and a response will be sent. If it’s positive, you’ll need to submit biometric data to the police at the Spanish immigration service. After that, the applicant will be issued a resident card—TIE (tarjeta de identidad de extranjero). The investor must collect the card in person.
For example, one advantageous investment property is apartments on the bustling Costa del Sol coast near Malaga. These fully furnished apartments, ready for occupancy or rental, are located within a complex with all amenities—from a swimming pool and mini-market to a kids’ club.
The complex is situated on a hillside, right by the beach. Numerous restaurants, attractions, and the golden beaches of Fuengirola are nearby, with Mijas Costa beach just 100 metres from the complex.
It’s worth noting that the property investment amount doesn’t include additional acquisition costs, taxes, and fees payable. These include:
- Value Added Tax (VAT): the rate depends on whether it’s new or resale property, residential or commercial, and the location;
- Tax on Documented Legal Acts (stamp duty) (AJD);
- Registration and notary fees;
- Other expenses (insurance, sworn translations, document processing, etc.).
- Open a Bank Deposit
Deposit over €1 million in a Spanish bank account for at least five years.
- Acquire Securities
You can also buy shares in Spanish companies. The term in this case is also at least five years, and the amount is from €1 million. You can also invest from €1 million in investment or venture fund shares—or purchase government bonds worth at least €2 million.
- Propose a Business Project
You can finance a business project to help develop the Spanish economy and create jobs for the local population. The Spanish Ministry of Industry must approve the project. You need to invest at least €1 million in the business.
Astons supports clients at all stages of obtaining residency by investment—from document preparation, property selection, and application submission to receiving approval and issuing a resident card in the shortest possible time.
