9 de April, 2024
The Spanish government, led by Pedro Sánchez, announced on April 9th that the Golden Visa Spain program will come to an end in the country. However, details regarding the implementation of this measure or whether ongoing processes will be concluded have not yet been disclosed. The Council of Ministers is studying the amendment report for this program. There is still a possibility that only the golden visa for property purchase will be eliminated, while the remaining investment options will be maintained. This was the case with Golden Visa Portugal in October 2023.
The residency authorization program for non-EU foreigners has been in effect in Spain since 2013. In 2023, it attracted approximately €580 million in foreign investment, mainly through property purchases. This modality represented 94% of the total. Property acquisitions were mainly concentrated in cities with heated residential markets, such as Madrid, Barcelona, or Valencia. Pedro Sánchez justified this decision as a way to alleviate the housing crisis in the country. Property prices in Spain rose by 7% last year, according to Idealista. Since 2013, over 10,000 golden visas have been granted in Spain.
In the Portuguese scenario, the Golden Visa program remains active in different modalities. It continues to be a highly interesting alternative for foreign investors seeking dual citizenship. The Portuguese government also ended the real estate option of the program in 2023, following a similar approach adopted in other European countries.
Atlantic Bridge is monitoring updates on the Spanish Golden Visa and awaits further information on the outcome of this scenario to share here. (Updated on April 9, 2024).
Realizing your goal of living in Europe or obtaining European citizenship can be simpler than you think. We offer personalized support to make the immigration process more accessible and uncomplicated.
Spain is one of the most sought after places for those looking to invest in a promising future. The Spanish Golden Visa program is one of the most successful in the world one of the most successful in the world, both for its practicality and efficiency, since it makes it possible to obtain a residence visa in just a few weeks.
Another reason for its popularity, is that you can have the Spanish Golden Visa and enjoy its advantages, without the requirement of residing in Spain . In addition, this visa can represent a pathway to obtain Spanish citizenship, which offers even more significant benefits.
Investing in Spain is a unique opportunity for those who wish to become global citizens and move freely through the countries that make up the Schengen Zone. With a real estate market in constant growth many are the investment options, which can be well directed to reap long-term rewards. Not to mention that the
Spain Residency Program by Investment is ranked 7th out of 26 programs in the 2023 Global Residency Programs Index.
Find out here everything you need to know about the Golden Visa Spain.
Get to know the Golden Visa Portugal as well.
The Golden Visa Spain is an investment residency program in Spain aimed at non-European citizens, launched in 2013 with the aim of attracting investment to the country and heating up the local economy.
It grants to its bearer and family members the authorization to live, work and study in Spain, among other benefits.
O Gold Visa Spain offers different investment options The funds can be directed either to the real estate market, local businesses, government bonds, financial applications or bank deposit. The minimum investment amount is €500K.
Get to know also the Non Profit Visa, aimed at retirees and passive income earners.
Golden Visa Spain has several eligible investment modalities, with values starting at 500,000 euros. About 95% of the investments made happen in the program’s real estate branch. Check out the available options:
There are options that are subject to the subjective analysis of the Spanish government and have to do with investments aimed at the social and cultural development of the country. The applicant needs to present a business plan to the government, which will decide whether the proposal is of social impact or not. It is worth pointing out that this is a more complex path than it may seem, and although there are no specific predefined values, it is important to keep in mind the benchmark set by the other modalities.
The main requirements for the Golden Visa applicant are as follows:
One detail: a minimum period of residence in Spain is not required to maintain and renew the residence permit and have free access to the Schengen Area.
The Golden Visa Spain allows for family reunification. They can be grouped together with the main applicant:
Another great advantage of the Golden Visa Spain is the fast application processing time of 6 to 9 months.
It offers a residence visa, which can be applied for either in the consulate of the country of origin, or in Spain, as long as the applicant is legally in Spain (for example, to be within the tourist visa period).
In the case of the Golden Visa Spain, both the main applicant and the reunited family members are allowed to work in the country.
To apply for and renew the Spanish residence permit through the Golden Visa, it is necessary to maintain the investment in Spain for 5 years.
For those who wish to obtain Spanish citizenship, it is necessary to legally reside in Spain for 10 years, continuously and immediately prior to the application for nationality. During these 10 years, the individual is required to reside in the country for at least 183 days per year.
However, in some cases, this period is considerably reduced. For Sephardic Jews and their descendants, citizens of Ibero-American countries, Andorra, Equatorial Guinea, Portugal, and the Philippines, the period is reduced to only two years.
In addition, to obtain Spanish citizenship, the candidate must also pass a proficiency exam in Spanish language and general knowledge of the nation.
It is important to note that there is a difference between the permanent residence permit and Spanish citizenship, and that only Spanish citizenship gives access to a Spanish passport.
Spain allows dual citizenship for immigrants from Portugal, Andorra, the Philippines, Equatorial Guinea, and Latin American countries with which it has specific agreements. However, according to the Constitution, immigrants from other nations are required to renounce their previous nationality when acquiring Spanish citizenship and surrender the corresponding passport.
In short, the Spanish Golden Visa offers an attractive opportunity for investors interested in residing in Spain and potentially obtaining Spanish citizenship. With its specific benefits and requirements, professional assistance is essential throughout the process.
Atlantic Bridge has a team of qualified and experienced specialists ready to assist and guide investors every step of the way. From selecting the right investment to supporting you in obtaining a visa and complying with legal requirements. We are committed to providing a smooth and successful experience. Contact us today and let us help you take advantage of the opportunities offered by the Spanish Golden Visa.
Author:
Atlantic Bridge
The Fiscal Identification Number - NIF (or Taxpayer Number) is a sequential number assigned to individuals to identify them before the Tax Administration of Portugal. It is equivalent to the SSN in USA.
Author:
Atlantic Bridge
30 de September, 2023
