Spain’s Golden Visa: Residence visa through buying property

The Golden Visa in Spain is a legitimate and relatively simple route for non-EU residents to get permission to live and work in Spain and its territories. It is a great way for passport holders in the USA, Canada, UK and other third-state countries to travel to and from Spain without the need for further visas.
BluCee Real Estate looks at the requirements for property investors and the permissions they will receive when applying for a Golden Visa in Spain.

What is the Golden Visa for Spain?

The Golden Visa is a special residence permit available for non-EU citizens who invest in real estate in Spain totalling €500,000 or more. It allows holders to live and work in Spain.
Introduced in Spain in 2013, the purpose of the Golden Visa is to attract foreign investors interested in purchasing property, offering them the opportunity to obtain residency in return.
This visa provides property buyers with a convenient pathway to enter Spain’s thriving real estate market while gaining the benefits of legal residency.

Benefits of the Golden Visa

There are a number of benefits from having a Golden Visa in Spain, of which these are the main ones:
1. Preferential treatment: The visa allows for fast-track processing of residence permits, both for initial grants and renewals every three years.
2. Free movement: Holders of the Golden Visa can freely travel within the 28 other European countries of the Schengen area.
3. Flexibility: The visa extends flexibility not only to the investor but also to their spouse and children under 18, including access to public schools.
4. Citizenship for newborns: Newborns in Spain automatically receive Spanish passports at the end of the year, without additional requirements.

Requirements for the Golden Visa in Spain

To qualify for a Golden Visa in 2024, applicants must meet these criteria:
Reside outside the European Union, as the visa is designed for investors from non-European countries.
Be at least 18 years old.
No criminal record.
Obtain private medical insurance in Spain.
Show sufficient financial resources to support themselves and their family in Spain.
Make the required investment, which varies depending on the chosen option:
Invest at least €2million in public debt securities.
Deposit over €1million in Spanish bank accounts or invest in shares of Spanish companies.
Purchase a property (or properties) in Spain for €500,000 or over without use of a mortgage or loan
Establish a business in Spain that meets these criteria:
Creates jobs.
Has a significant socio-economic impact.
Represents a scientific or technological innovation.
When you buy a property, or properties, for €500,000 or more through BluCee Real Estate, and you wish to apply for a Golden Visa, we will put you in touch for lawyers to help you with the process.
How long does the application process take?
If each step is immediately followed by the next, it is possible to have the Golden Visa in Spain within three months.
The first step is submission of documentation proving you are in the process of buying a property, without a mortgage, for more than €500,000. After submitting all required documents to the competent authority, it may take up to 20 days to receive a decision.
Once you’ve received a favourable decision, there is a one-month period to apply for the visa, and if you are outside Spain at that time, then this will be at the Spanish consulate in your own country.
Finally, you need to get your TIE (Tarjeta de Identidad del Extranjero), ID card for foreigners in Spain. This requires you to be present in person at a Spanish Police Station as your fingerprints will be stored on record. This process must be done within one month of receiving the visa approval.

Duration of the Golden Visa

Depending on where you have applied from, and at what point during the purchase of the property you applied, the duration of the permit will vary.
Visa: When the applicant is outside of Spain, they will receive permission to reside and work for one year, except in the case of property acquisition through an arras contract, which is six months.
Within the year, the applicant should seek a residence authorisation. After formalising the arras contract, the applicant must obtain a visa or residence authorisation.
Residence Authorisation: When the applicant is legally in Spain, they will receive a three-year permit to reside legally.
After that time has passed, you can request a renewal which will allow you to be a legal resident for an additional 5 years. During that time, you must prove you have visited Spain at least once during the year.
You may apply for permanent residency after 5 years as long as you live in the country for at least six months of the year.
The future is Golden!
We hope you have found this article informative.

For BluCee Real Estate properties to make your Spanish dream come true, check out our For Sale pages.

If you need more information on the Golden Visa, we can put you in touch with respected lawyers in the area.

Golden Visa Spain 2024 BluCee Real Estate
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