Golden Visa in Spain: Why is its Popularity Growing?

El programa Golden Visa en España continúa ganando popularidad en los últimos años. Foto: Ken Cheung

The Golden Visa program in Spain continues to gain popularity in recent years. Over the past four years, more than 10,000 people have obtained the Golden Visa through the purchase of property in Spain, which requires an investment of €500,000 in one or several properties. It is also possible to opt for investment funds, stocks, or other types of Spanish securities, although the investment amounts are higher. For many, this phenomenon is expected to gain even more momentum in the coming months, especially considering the possibility that Portugal (the quintessential number one destination) may change the conditions for its equivalent program.

There are many reasons behind the success of this program in Spain, but according to various specialists, the “cornerstones” of the Golden Visa in this country are its robust economy and strong legal security. These are fundamental aspects for any foreign investor who is seeking a European nation in which to place their trust.

In addition to the investment requirement in euros, the Golden Visa requires interested individuals to fulfill a series of annual conditions in order to eventually obtain Spanish citizenship for the investor and their family. Among the multiple advantages of this investment, the freedom of movement within the Schengen Area, composed of the 26 most interesting countries in Europe, including Portugal, Germany, France, and Switzerland, stands out.

How to access the Spanish Golden Visa?

To access this program, interested individuals must either directly purchase a property in Spain or make an investment totaling €500,000 in real estate development. Additionally, investments can be made in other assets such as shares of Spanish companies or government bonds.

In addition to the investment, the applicant must spend at least 183 days residing in Spain in order to qualify for Spanish citizenship through the Golden Visa within a period of 2 to 10 years. This is one of the main disadvantages of this program compared to its Portuguese counterpart, as in Portugal, it is only necessary to spend an average of 7 days per year to qualify for citizenship. In the case of opting for residency, the conditions are much more flexible, requiring a visit to Spain once a year during each Golden Visa renewal.

However, according to the most recent information, the Assembly of the Republic in Lisbon is currently discussing the future of the program, prompting many foreigners to seek other similar options. According to the bill known as “Mais Habitação” or “More Housing,” the conditions for obtaining the Golden Visa will be tightened, and there is even talk of changing the regions of the country where it is possible to buy property.

What changes could be coming to the Golden Visa in Spain?

The supposed changes that could affect this program include increasing the minimum investment requirement to 1 million euros, requiring investors to live in Spain for at least six months per year (similar to the current requirement of 183 days per year), and requiring investors to undergo a criminal background check.

The Spanish government hopes that these changes will make the Golden Visa program more attractive to genuine investors and less attractive to criminals. Although exact dates for these changes have not been announced, it is estimated that the modifications could come into effect by 2024.

Golden Visa en España: ¿por qué crece su popularidad?

The Golden Visa program in Spain is a popular option for foreign investors who wish to live in Spain. The program is relatively easy to qualify for and offers a range of benefits, such as residency in a popular tourist destination with a high quality of life. However, there are also some risks associated with the program, such as the possibility of abuse by criminals.

For more information on this program and other visas to Europe, we invite you to contact us.

These are some of the latest updates on the Spanish program:

The Spanish government has announced plans to make changes to the Golden Visa program. The changes are designed to make it more difficult for the program to be abused and to ensure that only genuine investors are eligible. However, there is no definitive date yet for ending the current program or announcing its changes.

The changes include increasing the minimum investment requirement to 1 million euros, requiring investors to live in Spain for at least six months per year, and requiring investors to undergo a criminal background check.

The Spanish government hopes that these changes will make the Golden Visa program more attractive to genuine investors and less attractive to criminals. The changes are expected to take effect in early 2023.

The Golden Visa program in Spain is a popular option for foreign investors who wish to live in Spain. The program is relatively easy to qualify for and offers a range of benefits, such as residency in a popular tourist destination with a high quality of life. However, there are also some risks associated with the program.

To learn more about this program and other visas to Europe, we invite you to contact us.

These are some of the requirements to access the program:

Invest at least €500,000 in real estate or other qualifying assets.

Fulfill certain requirements for effective residency, such as spending at least 183 days per year in Spain, if you want to obtain citizenship.

Pass a criminal background check.

Visit Spain at least once a year if you want to maintain Spanish residency.

These are some ways to invest in real estate in Spain to qualify for the Golden Visa:

Directly purchase a property for €500,000.

Invest in a real estate development project for €500,000.

Invest in other qualifying assets, such as shares in Spanish companies or government bonds with values ranging from €1,000,000 to 2,000,000.

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