In 2013 Spain introduced a law offering residency permits to non-EU nationals in return for an investment of €500,000 or more in Spanish property. This became popularly known as the Spanish ‘Golden Visa’ scheme.
The objective of the law is to attract entrepreneurs to Spain, and stimulate foreign investment in Spanish real estate, public debt, and job creation. This law enables non-EU nationals to get qualified residency permits in return for investing in Spanish real estate (and other assets), leading to long-term residency in Spain if certain conditions are fulfilled.
The minimum investment in property must be 500,000 euros and approximately 12% needs to be added for tax, stamp duty, VAT, notary and lawyers costs. Investments may be spread over several properties and it can be bought by a foreign company in your name.
Spanish residency visa will be given to the immediate family including spouse and children up to age 18
The visa covers a 5 year period and permanent residency can be granted after 5 years and Spanish citizenship will be given after 5 years permanent residency.
The property can be sold after achieving residency.
The visa allows unlimited travel with the EU Schengen countries.
The visa application should take about 20 days and the investments must be documented before visa application.
The applicant must travel to Spain once in the first 2 years and once more in the 3 subsequent years.
A recommended lawyer will take care of the application, a 90-day visa is issued so they can come to Spain to find the property and sign a power of attorney for the lawyer to act on your behalf.
If you don't have time to come to Spain the power of attorney can be issued in your home country and the lawyer can buy the property for you.
After purchase, a one year visa will be granted. Once the property has been purchased then a 2-year visa to live in Spain will be
granted and that is renewable.