If you’re thinking of moving to Spain, a great way to go about this would be to enter the Golden Visa scheme. Amongst other useful benefits, it gives you residency for up to five years, which could be especially useful for Brits who can no longer live and work in Spain as easily as before.
What does the Golden Visa entail?
A Golden Visa lasts for two years and can then be renewed for another two. After five years, you will then have the opportunity to apply for permanent residency
To get your Golden Visa, you need to make an investment and there are several ways to go about this – the most popular being a property purchase:
- Make a property investment of €500,000 or more without using a mortgage or loan – this can be through one property or multiple
- Invest €2 million in Spain’s Public Debt
- Deposit €1 million in a Spanish bank account or in shares of a Spanish company
- Invest €1 million to start a business in Spain which creates employment
You will also need to have health insurance in Spain and the funds to support yourself financially in order to qualify.
Other than residency, how will you benefit from the Golden Visa?
The Golden Visa is especially popular with families as it allows you to bring your family members, including dependable parents, to Spain with you. Unlike other Spanish visas, the golden visa also allows you to work in Spain. So, you will have the means to set up a new whole new life, including the means to earn a living.
The scheme can also work for those who are less inclined to put down roots in Spain straightaway. You only have to spend one day in the country to renew the visa – there is no minimum stay requirement! It also gives you the opportunity to travel around the Schengen Zone freely for 90 days out of any 180.
How long does the application take?
The application for a Golden Visa usually takes around 3 months. You will need to decide which investment you are going to make, make the investment (or show that you intend to) and then apply through the Spanish Embassy or Consulate. You will then have to travel to Spain for an interview, after which the Spanish government will review your application.
It’s a good idea to run your application past a lawyer to make sure everything is correct.
In short, a Golden Visa allows you to set up a life in Spain fairly easily, as long as you have the means to make an investment. The popularity of this scheme is growing – and it’s easy to see why!
If you would like further advice on the selling process in Spain, download your free Spain Guide.
Why not split the cost and double the fun of owning a holiday in Spain by buying with family or friends? Read our guide to Buying Abroad with Family
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