Spain: top EU destination for Golden VISA

During recent years Spain has established itself as the top European destination for Golden VISA investment, a residency plan obtained through a €500.000 investment in real estate. 

Markets such as China, Russia and Latin-America have helped bring annual investment in this residency plan up to nearly €1.000 million. This increasing trend is driven by Spain’s financial and economic stability and its high quality of life. 

WHAT ARE THE MAIN BENEFITS FROM THE GOLDEN VISA? 

The Golden Visa residence plan gives the right to live and work for an investor, their spouse, children under 18 and children dependent on the family. Furthermore, it allows free movement throughout the Schengen area, the option to apply for Spanish permanent residence after 5 years and for Spanish citizenship after 10. Recent changes have also eliminated the requirement to live or to visit the Spain.   

WHY SPAIN?

THE MARKET

Spain’s economy and real estate market, as opposed to trends in other regions in the world, continues to demonstrate strong economic growth. A steep rise of foreign investments is driven by a steadily growing real estate market, particularly in the areas such a Madrid and Palma, where buy-to-let properties guarantee good returns. The following graphs present Spain’s interannual GDP growth compared to other regions in Europe and the real estate market’s trend using official number of transactions. 

LIFESTYLE

Spain’s lifestyle boasts the 4th best life expectancy in the world, the 3rd with most World Heritage Sites (UNESCO), a rich gastronomy, fashion, art and history, cosmopolitan cities, international airports and a Mediterranean climate. 

Thanks to this complete package, Spain is rated "The best country to be born" (Lancet University, Washington 2018) and the 2nd Highest quality life in the world (HSBC 2018). 

WHAT IS THE PROCESS?

1.   After acquiring a property, all the corresponding documentation must be presented in the Spanish consulate in the applicant’s country of origin. It can be submitted by the applicant or by an official representant. There is a period of 1 month, starting from when the documentation has been submitted, where documents are revised, sent and will be pending on a resolution.   

2.   Once authorisation has been granted, if the client is in another country, they have a period of one month to apply for the VISA in the Spanish consulate from the country of origin. Once accepted they must visit Spain to apply for the residency permit.  

3.   Once in Spain, there is a period of 1 month for the application and “TOMA DE HUELLAS” with the objective of obtaining the TIE (National identity card for foreigners). This can be done in any police station. 

More information regarding our Golden VISA portfolio can be obtained through contacting our International Department at international@vivasir.com.