BLOG POST / NOVEMBER 6, 2024

Moving to Spain with a Golden Visa

Spain's Golden Visa program offers a straightforward path to residency for those looking to invest in Spanish real estate. It's an excellent opportunity for Americans wanting to relocate, whether for work, retirement, or a fresh start. Here’s a comprehensive guide on the Spanish Golden Visa, including its benefits, requirements, and the steps to apply.

1. What is the Spanish Golden Visa?

The Spanish Golden Visa is a residence-by-investment program allowing non-European Union nationals to obtain residency in Spain. By investing in Spanish real estate or other qualifying assets, applicants receive a renewable visa that lets them live, work, and travel freely within Spain and the Schengen Area.

Benefits of the Golden Visa:

Residency for the Family: The visa covers spouses, children, and dependent relatives.
Freedom of Travel: Visa holders can travel throughout the Schengen Area (26 European countries).
Flexible Residency Requirements: Unlike other visas, there is no minimum stay requirement, so applicants aren’t obligated to live in Spain full-time.
Path to Permanent Residency and Citizenship: After five years of holding a Golden Visa, you may apply for permanent residency. After ten years, citizenship could be an option.

2. Eligibility Requirements for the Spanish Golden Visa

The Golden Visa primarily requires an investment in Spain. Here’s a breakdown of the options:

Real Estate Investment: Invest at least €500,000 in Spanish property. This could be a single property or a combination of multiple properties.
Other Investment Options: Although real estate is the most popular option, other investment paths include:
- €1 million in Spanish company shares or investment funds.
- €1 million in a Spanish bank deposit.
- €2 million in Spanish government bonds.

Additionally, applicants must:

Be at least 18 years old.
Have no criminal record in Spain or their home country.
Hold private health insurance in Spain.
Have sufficient financial resources to support themselves and their family.

3. Step-by-Step Process for Obtaining a Golden Visa

Step 1: Make the Required Investment
Before applying, ensure you’ve made a qualifying investment, such as purchasing property in Spain. For real estate, the property purchase needs to be completed with a notarized deed.

Step 2: Gather Necessary Documents
Typical documents include proof of the investment, a valid passport, criminal background checks, proof of financial means, and health insurance coverage. All documents should be translated into Spanish and legalized.

Step 3: Submit the Application
Submit your application to the Spanish consulate in your country or directly in Spain through an immigration lawyer. The application typically takes 20 business days for approval.

Step 4: Obtain Your Visa and Residency Card
Once approved, you'll receive a one-year visa to enter Spain. Upon arrival, you can apply for a residency permit card (TIE), which is initially valid for two years and renewable every five years as long as the investment is maintained.

4. Advantages of Living in Spain

Spain offers an exceptional quality of life and numerous perks for those relocating:

Mild Climate and Beautiful Landscapes: With a Mediterranean climate, sunny coasts, and vibrant cities, Spain offers a variety of picturesque settings.
Affordable Cost of Living: Compared to other European countries, Spain offers a relatively low cost of living.
Rich Culture and Lifestyle: Spain is famous for its cultural diversity, festivals, historic sites, and delicious cuisine.
Education and Healthcare: Spain boasts quality, affordable healthcare and excellent education systems, with international schools for expat families.
Proximity to Europe: Spain is a gateway to the rest of Europe, making it easy to travel to nearby countries.

5. FAQs on the Golden Visa for Americans

Do I need to live in Spain permanently to keep the Golden Visa?
No, the Golden Visa does not require you to live in Spain year-round. However, if you want to apply for permanent residency after five years, you’ll need to demonstrate a certain level of residency.

Can I work in Spain with a Golden Visa?
Yes, the Golden Visa grants you the right to live and work in Spain.

How much is the Golden Visa renewal process?
The renewal fee varies but is generally around €20-€30. You’ll also need to provide updated documentation, including proof that your investment is still in place.

Is my investment refundable if I choose not to renew my Golden Visa?
Yes, if you decide not to renew your Golden Visa, you’re free to sell or liquidate your investment. However, keep in mind that maintaining the Golden Visa requires you to hold onto the investment, so selling it would end your eligibility for renewal.

Can I rent out my investment property in Spain?
Yes, if you’ve purchased property as your qualifying investment, you’re allowed to rent it out. Many Golden Visa holders opt to do this, creating rental income from their property when they are not living in Spain.

Are there any tax obligations associated with the Golden Visa?
Residency through the Golden Visa does not automatically make you a tax resident. However, if you spend more than 183 days per year in Spain, you could be considered a tax resident and may need to pay income tax on your worldwide income. Non-tax residents only pay taxes on income generated in Spain, like rental income.

What happens to my visa if I sell my investment property?
If you sell the property or otherwise withdraw your qualifying investment, you may lose your Golden Visa status. You must maintain the qualifying investment as long as you wish to keep the visa.

Can I apply for the Golden Visa for my children who are over 18?
The Golden Visa covers dependent children, including those over 18, if they are financially dependent on you (for example, if they are students). You’ll need to provide evidence of their dependency as part of the application.

How long does it take to get the Golden Visa?
The application process typically takes around 20 business days once you submit all required documents. However, this can vary depending on the specific consulate or immigration office handling your application.

What are the renewal requirements for the Golden Visa?
The Golden Visa is initially issued for one year. After that, it’s renewable every two years, provided you maintain your investment and meet the basic requirements (such as health insurance and financial means). After five years, you may apply for permanent residency.

What healthcare options are available for Golden Visa holders?
Golden Visa holders can access Spain’s excellent public and private healthcare systems. Private health insurance is a requirement for the visa, but once you become a resident, you can choose to use private healthcare or, if eligible, access Spain’s public healthcare.

Can I apply for Spanish citizenship through the Golden Visa?
Yes, the Golden Visa can eventually lead to Spanish citizenship. After five years of maintaining residency, you can apply for permanent residency. After ten years, you may apply for citizenship, although there are additional requirements, such as proficiency in the Spanish language and knowledge of Spanish culture.

Conclusion

The Spanish Golden Visa is a fantastic route for Americans to secure residency through investment. Whether you’re interested in the lifestyle, career opportunities, or potential citizenship, Spain offers an ideal place to start a new chapter. By following these steps and understanding the requirements, you’ll be well on your way to making your Spanish dream a reality.

For further assistance, consulting with a specialized immigration lawyer can ensure a smooth process as you embark on this exciting journey.