Spain Golden Visa application in Qatar – A brief overview of the Golden Visa and Residency by Investment Program in Spain, The costs and Applications Requirements for the Spanish Golden Visa program.
The Spain Golden Visa program was established in 2013 by the government of Spain targeted at encouraging foreign investors to pick interest in the Spanish real estate investment, which will, in turn, offer a boost to the economy. The Spain golden visa is also a path to permanent residency by investment for investors who are willing to work and live in Spain. The investment option for the program is mainly for real estate properties, and these properties can be purchased by individuals or joint investors to make up the minimum amount legally required for the golden visa program.
The application for the Spanish golden visa also caters for individual and joint investment. Moreover, investors can also apply along with their family members. The cost of administering is low, and the processing for the Spain golden visa is fast and efficient. The downside of this program, however, is that for investors to apply for citizenship, they have to reside in Spain for about 10 years sequentially.
Spain Golden Visa: Application Costs and Requirements
The application costs and requirements for the Spanish Golden visa depends on the number of applicants (either individual or joint), and their dependents. However, foreign investors will have to fulfill the following requirements for the golden visa application in Spain:
- A minimum investment of €500,000 in real estate properties. Several properties can be purchased to make up this amount, and joint investors can combine resources to buy a single property up to or beyond the minimum amount.
- A certificate that clears you from any criminal or fraud related services in your home country
- Medical insurance certificate
- A bank statement that shows you have sufficient funds to cater for yourself and your dependents at any time you reside in Spain
- Another requirement is that you must not have previous visa denial from any Schengen countries
- You must also provide relevant documents to show that you have made the investment or have deposited the investment amount in a Spanish bank account opened in your name.
Applicants who meet the requirements above will get their Spain golden visa and residency permit within 10 – 15 days from the date of application.
The cost for the application varies, but there will be additional lawyer fees for the processing of the application from our Spanish business immigration consultants. Generally, the application costs about €8,000 for foreign investors and their families; in addition to a government fee of €70 per applicant.
Other additional costs of purchasing the real estate properties might include the taxes and stamp duty. However, investors are advised to budget about 11 – 12% for these additional expenses, which is mostly VAT (IVA) and conveyancing fee of about 1% of the property cost.
Application Process for the Spain Golden Visa
The time to process the Spain golden visa application is within 10 – 15 days. However, applicants must have committed a certain percentage of the required amount before commencing the application. The money for the investment must be available in a Spanish bank account, while the processing will start once the parties involved have signed the sale contract. The duration of the Spanish Golden visa is two years, after which investors can choose to extend it for five years.
DM-Consultant is a leading immigration company that will assist foreign investors to obtain their Spanish Golden visa. Our legal partners will help to represent your application, process your paperwork, and handle the conveyancing for your property. Also refer to the Spanish immigration portal for more information about these visa categories and their application.
Citizenship and residency by investment in Spain
Spanish Golden visa holder who have lived in Spain for at least six months within each year and maintained their investment can apply for permanent residency after five years. However, citizenship is granted after ten years of residency in Spain. The Spanish citizenship requirement is quite different from that of the Portugal golden visa.
It is also pertinent to note that investors can sell-off their investment once they attain permanent residency or citizenship.
What are the Benefits of the Spanish Golden Visa program?
- The following are the benefits of the Spanish Golden visa to foreign investors: Investors and their family members have the ability to travel throughout the EU Schengen countries without a visa.
- Golden visa holders have the right to live and reside in Spain
- Eventual citizens will have the ability to live, work, study, and travel to any country within the European Union without restrictions.
- Foreign Investors will have access to the medical and healthcare facilities in the country
Taxes for Spain Golden visa holders
Tax charges on worldwide income are applicable, once golden visa holders live in Spain for over six months within a year. For investors who decide to live outside Spain, a tax charge of about 24.75% is applicable on income generated within the country. E.g., rental income. Capital Gains Tax (CGT) is between 24% – 27% for profits over €50,000. Other allowances and deductions are applicable in some cases. The annual tax on each property is remitted to the local authority, and this amount ranges between €200 – €400 per apartment.