The Spanish Golden Visa program was launched in 2013 whereby an investment of €500,000 into Spanish property will grant the investor and family (spouse and dependent children) residency. This investment visa will need to be renewed every two years. After a period of five years, the investor and family will receive permanent residency, and citizenship after ten years. What is most attractive about this scheme, is that it will ultimately allow the individual to live, work, study and travel anywhere within the EU / EEA. While it is not necessary to reside in Spain with the Golden Visa program, permanent residency after five years and citizenship after ten require that the investor and family make Spain their permanent residence. Completion of the property purchase can take anywhere up to two or three months and your power of attorney can sign documentation on your behalf.
The application process will go something like this;
- Visit and view properties in Spain
- Open a bank account
- Meet with lawyers and arrange Power of Attorney
- Transfer deposit to secure property
On completion of the property purchase, you can process your visa application which will take around 10 - 15 days. The following is necessary for this next step.
- €500,000 investment
- No criminal record
- No previous visa infringements or refusal of entry into the EU
- Medical insurance (if you decide to reside in Spain)
- Bank statements proving sufficient income
Investors should budget for around 10 - 12% on top of the property purchase price as this will cover any legal fees, stamp duty, conveyancing fees, VAT and visa processing fees.
