What is the Golden Visa, or Gold Visa?

In Spain, Law 14/2013 of September 27, 2013, on the promotion and internationalization of entrepreneurship, establishes new reasons for obtaining a residence permit in Spain, one of which is to invest in the country's economy. The Golden Visa allows its holder to legally reside and work in Spain, making it one of the most attractive options for foreign buyers looking to acquire luxury properties. This visa not only opens the doors to Spain but also to the Schengen area, allowing free movement throughout much of Europe.

Pros of the Golden Visa

• Ease of obtaining: The documents can be obtained at the place of residence through the consulate without the need to leave the country. It can also be issued without leaving Spain, provided there is legal presence in its territory.
• Speed of processing: The process is relatively fast: 10 days for a visa and 20 days for a residence permit.
• Flexibility in obtaining: It is possible to obtain a Golden Visa even without waiting for the property to be registered in the Land Registry, although in this case, it is issued for a period of 6 months.
• Family benefits: Family members (spouses and children up to 18 years old, and in special cases, adult children) can apply for the visa at the same time as the main applicant, and all have the right to work in Spain.
• Initial residence: The first residence card is obtained for a period of 2 years.
• Flexibility in residence: It is not necessary to stay in Spain for more than 183 days a year; it is enough to visit the country once during the validity period of the residence permit.
• Tax residence: The Golden Visa allows you to remain a tax resident in another country, which is a significant benefit for many investors.

Cons of the Golden Visa

• Investment requirement: A relatively large investment is required to obtain the Golden Visa.
• Maintaining the investment: It is necessary to maintain the amount of the investment to renew the residence permit.
• Tax residence: Maintaining tax residence in another country could complicate the subsequent application for permanent residence or Spanish nationality.

Requirements for registering the Golden Visa

To obtain the Golden Visa in Spain, a minimum investment is required in one of the following categories:

• Government bonds: €2,000,000
• Shares and bank deposits: €1,000,000
• Real estate: €500,000

This type of visa also applies to investors who have prepared an investment project aimed at job creation, socio-economic investment, or innovation in science and technology.

If you are interested in exploring properties over €500,000 eligible for the Golden Visa, you can visit our property catalog for sale.

Documentation requirements for the investor and their family members

• No criminal record or ongoing criminal proceedings.
• Have public or private health insurance from an accredited insurance company in Spain.
• Have sufficient funds to cover the living expenses of the applicant and their family members applying for the residence permit in Spain.

The application process

The process of obtaining a residence permit for an investor in Spain is divided into 3 stages:

1. Visa D: Obtaining a D visa with a validity of one year at the Spanish consulate.
2. Residence card: Application for a residence card with a duration of 2 years. This process is carried out through the immigration authorities in Madrid, and although it does not require the physical presence of the applicant in the capital, it is necessary to complete the procedures from within Spain.
3. Fingerprints: Taking fingerprints at the immigration police station in the place where the property is registered and issuing residence cards for 2 years for the investor and their family members.

Recent data on the Golden Visa

Since the start of this measure ten years ago, 10,576 Golden Visas have been granted in Spain for real estate investments. The main provinces where foreigners have bought houses to obtain these residence permits are Barcelona, Madrid, Málaga, Alicante, the Balearic Islands, and Valencia, which account for 90% of the authorizations. In cities like Marbella or Barcelona, home purchases related to these types of operations have represented 7.1% and 5.3%, respectively, of the total home purchases in a year, according to Ministry data.

A report by Transparency International reveals that the main beneficiaries of this system in Spain are Chinese investors, with 2,712 Chinese citizens having obtained the Golden Visa since 2013. They are followed by Russians (1,159) and Iranians (203). Visas have also been granted to 179 Americans, 177 British, 143 Egyptians, 143 Ukrainians, and 122 Filipinos. Other beneficiaries include 114 Mexicans, 98 Venezuelans, and 89 Saudi Arabians.