Spain is a popular destination for people seeking to live in Europe. The country has a rich culture, a warm climate, and a stable economy. Many people who want to live in Spain permanently choose to apply for a Golden Visa. A Golden Visa is a type of residence permit that allows non-EU nationals to live in Spain for an extended period of time. This article will explore the benefits of the Golden Visa and the requirements for obtaining it.
What is a Golden Visa?
A Golden Visa is a type of residence permit that allows non-EU nationals to live in Spain for an extended period of time. The visa was introduced in 2013 as a way to attract foreign investment to Spain. The Golden Visa is available to individuals who invest a minimum of €500,000 in Spanish property or €1,000,000 in Spanish government bonds, stocks, or bank deposits.
Benefits of a Golden Visa
There are many benefits to obtaining a Golden Visa. One of the main benefits is that it provides a path to permanent residency in Spain. After living in Spain for five years with a Golden Visa, individuals can apply for permanent residency. After ten years, individuals can apply for Spanish citizenship.
Another benefit of the Golden Visa is that it allows individuals to travel freely within the Schengen Area. The Schengen Area is a group of European countries that have abolished passport and other types of border control at their mutual borders. This means that individuals with a Golden Visa can travel to 26 countries in Europe without needing a visa.
Additionally, the Golden Visa allows individuals to work in Spain and start a business. It also provides access to the Spanish healthcare system and allows individuals to enrol their children in Spanish schools.
Requirements for Obtaining a Golden Visa
To obtain a Golden Visa, individuals must meet certain requirements. The first requirement is that the individual must make an investment in Spain. The investment can be in the form of property, government bonds, stocks, or bank deposits. The investment must be a minimum of €500,000 for property and €1,000,000 for other investments.
The second requirement is that the individual must have a clean criminal record. Individuals who have been convicted of certain crimes, such as drug trafficking or terrorism, will not be eligible for a Golden Visa.
The third requirement is that the individual must have medical insurance that covers them for the duration of their stay in Spain.
The fourth requirement is that the individual must show that they have sufficient funds to support themselves and their family during their stay in Spain. The amount of funds required will depend on the individual’s circumstances.
The fifth requirement is that the individual must not have entered or stayed in Spain illegally in the past.
The application process for a Golden Visa can take up to three months. It involves submitting an application to the Spanish consulate in the individual’s country of residence. The application must include proof of investment, a clean criminal record, medical insurance, and proof of sufficient funds.
The Golden Visa Spain is a valuable tool for individuals who want to live in Spain permanently. It provides a path to permanent residency and Spanish citizenship, as well as access to the Spanish healthcare system and the ability to travel freely within the Schengen Area. However, it is important to note that the Golden Visa requires a significant investment and that applicants must meet certain requirements. If you are considering obtaining a Golden Visa, it is important to seek professional advice to ensure that you meet all of the requirements and to ensure that the process runs smoothly.