Golden Visa Spain: Updated Guide for 2024

The Spain Golden Visa program allows global citizens who are not members of the European Union (EU), European Economic Area (EEA), or Switzerland to financially invest in the country and be granted a Spanish residence permit.

In this ultimate guide, we aim to provide you with practical and up-to-date information on the procedure of the Spain Golden Visa. Read on to discover the top benefits of the Golden Visa in Spain, the requirements, the application process, and more.

What is the Spain Golden Visa?
10 Benefits of the Spain Golden Visa Program
Eligibility Criteria for the Spanish Golden Visa
Spain Golden Visa Program Investment Options
Required Documents for the Golden Visa in Spain
Spain Golden Visa Application Process
Spain Golden Visa Cost 2024

What is the Spain Golden Visa?

The Spanish Golden Visa is a residency by-investment program that allows foreigners to live in Spain provided they make a significant capital investment in the country’s economy.

Spain’s Golden Visa was launched in 2013 as part of the national strategy to boost the Spanish economy and increase foreign investment.

To qualify for the Spain Golden Visa, individuals can purchase real estate, invest in Spanish companies, invest in funds or deposits, create employment opportunities, or make government bonds.

The Spanish Investor Visa program grants qualifying individuals a renewable, temporary residence permit in exchange for an investment in the country.

After five years of renewing the Spanish Golden Visa residency permit, you can apply for permanent residency. After spending ten years in the country, you can apply for Spain citizenship.

On April 8th, 2024, Spain’s Prime Minister announced plans to end the real estate investment option in the Golden Visa program. Months later, the scope of proposed changes increased to include the entire program. Read our Spain Golden Visa ending guide to learn more about the potential full discontinuation of the program.

Why is the Spanish Golden Visa Popular?

A key advantage of the Spanish Golden Visa is that government legislation does not impose a minimum period of residence. This allows foreign investors plenty of flexibility, enabling them to maintain their primary residence in another country while benefiting from the privileges associated with the visa.

Another reason the Golden Visa Spain is popular is its potential to lead to permanent residency. Upon approval, an initial Spanish residence permit is granted for one or two years if you visit Spain. This permit can then be renewed every five years. You can obtain permanent residency after you’ve been domiciled in the country for five years.

Obtaining Spanish citizenship by investment and a Spanish passport is another advantage for many individuals. According to the latest edition of the Global Passport Index, Spain has the world’s 20th most powerful passport, allowing holders visa-free travel to 173 countries. 

Spanish passport holders are also granted the right to study, work, and live in any EU member state.

The Spain Investor Visa program has proven particularly popular among applicants from China, Russia, Venezuela, Ecuador, Brazil, and India. As of 2021, 13,000 Spain Golden Visas have been approved, according to the Ministry of Inclusion, Social Security, and Migration (Ministerio de Inclusión, Seguridad Social y Migraciones).

10 Benefits of the Spain Golden Visa Program

While there are plenty of Golden Visa Programs across Europe, the application process for the Spanish Golden Visa is one of the easiest, and it is known for its speed and clarity. Applicants who successfully acquire the Golden Visa in Spain can enjoy key Golden Visa benefits, among other advantages.

Here are some of the key benefits of the Spanish Golden Visa:

Eligibility Criteria for the Spanish Golden Visa

The basic requirements for the Spanish Golden Visa are: 

• Be over 18 years of age
• Be a non-EU, non-EEA, or non-Swiss citizen
• Make a significant investment and provide proof of the respective financial investment.
• Have a clean criminal record.
• Applicants can’t be on the nation’s list of undesirable people
• Have valid medical insurance coverage and an official health certificate.
• Applicants must not have previously been refused visas or entry into the Schengen zone.
• Provide proof of having sufficient funds to sustain yourself and your family members while residing in Spain.

Which family members qualify for the Golden Visa in Spain?

You can include your immediate family members in your application for the Golden Visa in Spain, including certain dependents. Those who can qualify are:

• Your spouse or domestic partner if together for over two years
• Your children under the age of 18
• Adult children (over 18 years old) or parents who are economically dependent – on the condition that you present financial proof that they are dependent or have a health condition that makes them unable to provide for themselves.

Spain Golden Visa Program Investment Options

The Spain investment visa scheme provides flexible investment opportunities to qualifying investors, such as in real estate or capital shares.

Below are the investment options under the Spanish Golden Visa Scheme. Regardless of your preferred route, you must maintain your investment for a minimum of five years to keep your residence permit.

• Property investment: Purchase commercial and/or residential real estate in Spain with a minimum value of €500,000

• Spanish public debt securities: Invest at least €2 million in public debt securities

• Stocks, shares, or bank deposits: Invest at least €1 million in stocks or shares of companies operating in Spain, in Spanish investment funds, venture capital funds, or in bank deposits in Spanish financial institutions

• Business investment: Invest at least €1 million in starting a business in Spain that generates employment opportunities, contributes to technological and/or scientific innovation, and has a strong socio-economic impact

Required Documents for the Golden Visa in Spain

Spain Golden Visa scheme applicants must submit the following documents for both the initial application and each renewal.

Additional documents also may be required. Check with your nearest Spanish Embassy or Consulate for further clarification.

1. Completed application form.
2. Original and a copy of your valid passport, with two blank pages for the visa. Please note that passports issued for over ten years are not accepted.
3. A recent passport-size, colored photograph with a white background. The photo must be taken from the front, without dark glasses, reflections, or clothing/hair that hides the face.
4. Original and copy of valid medical insurance: Public health insurance or private health insurance contracted with an insurance company licensed to operate in Spain
5. Original and photocopy of a medical certificate issued no more than 90 days before your appointment date. It must include letterhead and original signature and/or stamp from a doctor (only M.D. or D.O’s will be accepted).
6. Clean criminal record Certificate, which must be apostilled/legalized and sworn and translated into Spanish.
7. Proof of payment of the visa fee must be provided in the local currency (Euros).
8. Proof of lawful residence in the consular district where the applicant is residing
9. Proof of the legal representative’s identity and capacity in cases where the application is submitted through one. An original and a copy of their identity document or a valid passport has to be provided, as well as proof of their power of attorney or any document accrediting their representation.

Financial guarantee for 2024

The primary applicant must provide the following:

1. Poof of having the amount of 400% IPREM – Indicador Público de Renta de Efectos Múltiples. For 2023, it corresponds to €2.400,00 per month. Plus €600,00 per month per dependent.
2. A certificate of bank account balance to prove sufficient funds for at least two years’ expenses in Spain. A bank outside of Spain can issue this certificate in a foreign currency. It can’t be a bank statement; it must be a letter from the bank confirming the balance.

Documents required for family members

1. The general documents 1-7 apply to family members.

2. A marriage certificate has to be provided if your spouse applies with you for Spain’s Golden Visa scheme.

3. If children apply, birth certificates are to be provided along with the same certification requirements or another document proving their dependency (it can be an economic dependency only).

Documents required for real estate buyers

1. Proof of purchase showing that the property has been purchased at least 90 days before your visa application form is submitted.
2. Property Registry Filing certificate or notarized deeds proving that the real estate deeds have been submitted to the Property Registry.

Documents required for capital investors

1. Golden Visas schemes under the capital investment route require a substantial investment of at least €2 million in Spanish bonds, at least €1 million in the acquisition of shares of Spanish companies, or bank deposits of at least €1 million in Spanish banks. The main applicant must provide proof of those payments.
2. Proof that the investment has been made no more than 60 days before the application is submitted.
3. Business project
4. Proof that the investments are justified:
   i. In the case of the acquisition of non-publicly traded company shares, present a certificate issued by the Registry of Foreign Investments of the Ministry of Economy and Competitiveness (Registro de Inversiones Exteriores del Ministerio de Economía y Competitividad).
   ii. In the case of the acquisition of publicly traded companies, present a certificate of a registered broker.
   iii. In the case of the acquisition of Spanish bonds, a certificate of the bank transfer or of the Bank of Spain accrediting the investment for a period of at least five years.
   iv. In the case of bank deposits, a bank certificate showing proof of the deposit.

Additional Golden Visa Spain Requirements

Legalizing Golden Visa documents

Any document issued by a government authority needs to be legalized with the Apostille of the Hague to be used in the Golden Visa scheme application.

These documents include but are not limited to:

• Clean criminal record
• Marriage certificates
• Birth certificates

Your document must be Apostilled through the country or state where it was issued. In the United States, for example, the Secretary of State of each state can issue an Apostille.

Once your background check is Apostilled, you should have a two-page document. The first page will be the Apostille, and the second will be the official letter from your background check. Do not detach the documents for any reason.

Translating Golden Visa documents

All Golden Visa documents and certificates not originally in Spanish must be translated by a Sworn Spanish translator certified by the Government of Spain. A translation is unnecessary if the document is available in English or Spanish.

Opening a Bank Account and the NIE Number for Spain Golden Visa

Opening a Spanish bank account and getting a NIE (Número de Identificación de Extranjero) Number is one of the basic Spain Investor Visa requirements.

The NIE is a Spanish identification and tax number specific to foreigners in Spain. It is used for legal and official activities, such as filing tax returns and purchasing a real estate property. It’s possible to request the NIE in Spain or at the Spanish consular office in the country of their residence.

Normally, it takes three weeks to obtain the NIE.

This document is used for the following activities in Spain:

• Opening bank accounts
• Signing an employee contract
• Filing tax returns
• Buying or selling real estate property
• Renting property
• Automotive purchase and sale
• Becoming self-employed
• Incorporating a business
• Inheritance arrangements
• Registering as a foreign student
• Applying for a Spanish driver’s license
• Arranging basic utilities
• Public and private healthcare services

After obtaining NIE, you need to open a Spanish bank account.

Spain Golden Visa Application Process

The Spain Golden Visa process consists of multiple steps. After completing the minimum investment required, you will receive a multiple-entry initial Golden Visa, valid for one year.

Within that year, you must go to Spain in person to apply for the three-year initial residence permit if your investment is still in place.

While you and/or your family members do not need to live in Spain to maintain your residency visa permit, you must visit Spain to renew it.

The person can apply for a Schengen Visa and then go to Spain to apply for a residence permit or apply directly for the Investor Visa (one-year Visa).

Remember that your application for the Golden Visa scheme can be made in your name or through an EU company you own.

01. Decide on your Golden Vis investment route:
Choose whether you want to invest in real estate market or make a capital investment.

02. Make the qualifying financial investment:
With a Lawyer’s assistance, complete the investment following all the legal requirements, such as obtaining an NIE and opening an account with a Spanish bank.

03. Open a Spanish bank account and NIE:
A bank account and NIE (Foreigner’s Identification Number/tax identification number) make conducting business and personal affairs easier in Spain.

04. Prepare your documents:
i. Property Registry Filing certificate or notarized deeds and proof that the deeds have been submitted to the Property Registry.
ii. All other required documents, as stated further down in this guide.
iii. Have all documentation translated into Spanish and legalized according to the Spanish government’s standards.

05. Book your interview

06. File the initial application with the Spanish Consulate:
You will need to pay the government application fee and provide all the required documentation.

07. Issuance of the Spanish Golden Visa:
i. The 1-year visa will be stamped on your valid passport, allowing you to live, work, and study in Spain and have visa-free access to the Schengen countries for one year. After this, you will need to apply for the Golden Visa Residence Permit, which can be done online (with the Lawyer’s assistance) or in person.
ii. If you already have a Schengen Visa in Spain, you can apply directly for the residence permit. In this case, apply for a residence permit. You have to book an appointment to collect the biometrics and wait for the issuance of the T.I.E (tarjeta de identidad de extranjero), which is the residence card.

08. Attend a biometric collections session in Spain:
i. Wait for the final approval
ii. Upon approval of your Golden Visa, pay the government permit issue fee.

09. Issuance of the residence card:
Your residence permit will be issued, and it will be valid for three years.
i. The residence permit is renewable for periods of 5 years after that.
ii. Become a permanent resident in year five

10. Apply for citizenship:
After ten years of residence, you will be entitled to apply for Spanish citizenship, whereby you can get a Spanish passport.

Spain Golden Visa Processing Time

The processing time for a Spain investor visa typically ranges from two to three months, after submitting the application. However, the Spain Golden Visa processing time might change if you’re required to provide additional documents.

It’s important to note that the processing time for investor visa Spain renewals and residence permits is generally shorter.

Spain Golden Visa Cost 2024

The Spanish government charges specific fees concerning the Golden Visa. The Spanish Golden Visa fee payment is compulsory and has to be made at the same time when submitting a visa application.

The Golden Visa fee has to be paid in local currency (€), and it is subject to regular changes due to currency fluctuations.

Application through the Consulate (for the one-year Visa)

The Spanish Golden Visa cost is 80€. For foreign nationals of Australia, Bangladesh, Canada, the United States of America, and the United Kingdom, different rates are applied for reasons of reciprocity. In these cases, the amount of the fee must be consulted with the Consular Office.

UGE application (for the 3-year residence permit)

• First application: €73,26 per applicant
• Renewal of the residence permit: €78,67

TIE request

• €16,08- First card 
• €19,30EUR – Renewal of the card 

NOTE: these fees are updated annually 

Investment costs

Spain Golden Visa Renewal

Initially, the Spanish Golden Visa is valid for a year. However, Spain Golden Visa can be renewed for a period of up to five years. After five years, foreign investors are eligible for Spanish permanent residency.

Here are the requirements for renewing an Investor Residence Visa Spain:

• Own a valid Investor Residence Visa Spain or a visa which has expired no more than 90 days earlier
• You maintain your investment
• You still meet all Spain Golden Visa requirements

How to Gain Spanish Citizenship and Passport

Citizenship in Spain can be obtained using naturalization after ten years of maintaining their residence permit. To succeed in their citizenship applications, applicants must show proof that they have resided in Spain for at least six months every year throughout that period.

Once applicants have permanent residency or citizenship, they can disband their investment, as further Spain Golden Visa renewals are not required.

Note that due to legislative changes in recent years, nationals from a select few countries can qualify for Spain’s speedy citizenship process, namely applicants from Ibero-American countries and former Spanish colonies. The fast-track option is over two short years (730 days) and mandates that the minimum stay requirements for citizenship in Spain must be met.

These residency requirements include the need to reside in Spain legally for two years and not be absent from the country for more than three consecutive months.

Countries that enjoy fast-track to citizenship privileges include: 

Spain Golden Visa Program: Tax Considerations

There are a few taxes you might want to consider when applying for the Golden Visa in Spain, and they are as follows:

• Foreign income tax: Investors need to pay taxes based on their worldwide income if they reside in Spain for over 183 days in any year.
• Personal Income Tax (PIT): Non-residents are subject to a 24 percent tax on income accrued from employment or business conducted in Spain.
• Capital gains tax: Capital gains arising from transfers of assets are included in savings income and are taxed at the corresponding progressive tax rates of between 19% and 28%.
• Interest income: Interest and other income generated from transferring a person’s own capital to third parties are included in PIT savings income and taxed at a 19% tax rate up to the first €6,000 of income, a 21% tax rate for the following €6,000 to €50,000 of income, a 23% tax rate for the following €50,000 to €200,000, a 27% tax rate for the following €200,000 to €300,000, and a 28% tax rate on any remaining income.
• Property Tax: Individuals are required to pay an annual property tax between 0.4 percent and 1.3 percent, depending on their property investment type and location.

Why choose Global Citizen Solutions for your Golden Visa Application?

• Global approach by local experts: A team of experienced local case executives, immigration lawyers, and investment specialists.
• Independent service: We are not a marketing agency for any projects. You will access all eligible routes for the Golden Visa so you can decide on the best option, and your investment will benefit from the legal due diligence services of a reputable Law Firm.
• 100% approval rate: We have the unique distinction of never having had a Golden Visa case rejected and have helped hundreds of clients from more than 35 countries.
• All-encompassing solution: Our dedicated onboarding and immigration teams will assist you throughout the process and beyond with a single channel of communication.
• Transparency: Our fees are clear and detailed, covering the entire process with no hidden costs.
• Privacy: Your personal data is stored within a GDPR-compliant database on a secure SSL-encrypted server.

Frequently Asked Questions about the Spanish Golden Visa

What is Spain’s Golden Visa program?

Spain Golden Visa is a residency by investment program that allows non-EU investors to gain residency in Spain in return for a significant contribution to the country’s economy. The visa includes family members and provides free movement within the Schengen Area.

How long do Spain Golden Visas last?

The Golden Visa allows you to get a temporary residence permit and stay in Spain for one year. Once this period has expired, a residence authorization can be renewed for a period of two years and renewable for two more years if you maintain your investment in the country.

For how long is the Spain Golden Visa residency permit valid?

The initial residency permit is valid for three years and renewable for five-year periods as long as you maintain your investment in Spain. Residency is not required for renewal, making this a key benefit of the Spanish Golden Visa.

Can I apply for Spanish citizenship with a Golden Visa?

The Spain Golden Visa is an investment immigration program granting residency in exchange for an economic contribution. While it doesn’t directly lead to citizenship, living in Spain with the visa can make you eligible for citizenship after 10 years.

Can I fast-track to Spanish citizenship?

Certain nationals from Ibero-American countries and former Spanish colonies may be eligible to fast-track the route to citizenship in Spain. In just two years, t they can obtain an EU passport. Conditions include fulfilling the minimum stay requirement and not being absent from Spain for more than three months.

Can I work in Spain with a Golden Visa?

Yes, a Golden Visa allows you to work in Spain. The visa grants residency rights, including the ability to work and conduct business.

When does the Golden Visa start counting?

From the day that the Spain Golden Visa is issued, it is valid for one year. The residence permit (TIE) is valid for three years.

What does a financial guarantee mean for the Golden Visa requirement?

Each applicant must show proof of sufficient funds or savings to live in Spain. You can also show proof of your savings with a considerable balance of funds in your account as opposed to showing your monthly income statement.

What is the cost of the Spain Golden Visa to get citizenship?

The Spain Golden Visa cost depends on what investment option you select. For the Spain real estate visa option, you will need to purchase real estate that costs €500,000 minimum. You can invest in residential or commercial property.

Another option would be to make a bank deposit of at least €1 million or invest €1 million in shares of Spanish businesses. You can also contribute €2 million in public debt securities.

How can I get permanent residence in Spain?

In order to be granted permanent residence in Spain, the applicant must have lived legally and effectively in Spain for five years. This means that the individual must not be abroad for over six consecutive months and must not exceed a total of ten months of absence from Spain during the respective years.

Do you get residency if you buy property in Spain?

Yes, making a real estate purchose worth €500,000 or more in Spain can qualify you for a Golden Visa, which grants residency. This visa allows residency for the buyer and their family, along with access to the Schengen Zone for travel.

What are my Spain Golden Visa property options?

You can choose residential, commercial, or a mix of property types. The property can be rented out, and multiple buyers can combine their investments in one property. Any amount above the minimum investment, which is €500,000, can be financed with a mortgage.

Can I buy a mix of properties individually and with bank loans?

As long as you invest €500,000 of your own funds, the rest can be financed by a bank of your choosing. E.g., if you buy a property for €1 million, you can invest €500,000 from your own funds and get a mortgage for the remaining €500,000.

Can I get a Spanish passport?

Provided that you fulfill the government’s criteria of residing in Spain for ten years and follow all the legal steps to acquire Spanish nationality, you may be eligible for a Spanish passport.

How long can you live in Spain with a Golden Visa?

You can choose to reside indefinitely in Spain with a Golden Visa. In fact, if you reside there for ten years, you’ll become eligible for an EU passport, which means you’ll no longer require a passport or have to submit a Schengen visa application to visit European countries in the Schengen Area.

Does Spain have a Golden Visa?

Spain has a Golden Visa program that grants foreign investors residency rights in exchange for a significant investment in the country’s economy.

What does a Spanish Golden Visa give you?

The Spanish Golden Visa is a Spanish visa that gives you full residency rights in Spain and access to the Schengen Area and other EU countries. It enables you to live and work in Spain, access the country’s national healthcare system, and more.

Who qualifies for the Golden Visa in Spain?

To qualify for the Golden Visa in Spain you must:

• Be over 18 years of age
• Be a non-EU, non-EEA, and non-Swiss national
• Make a significant investment as stipulated by the Spanish government
• Have a clean criminal record
• Be on the nation’s list of undesirable people
• Have valid medical insurance coverage and an official health certificate
• Have not previously been refused visas or entry into the Schengen zone
• Have sufficient funds to sustain themselves and their family while they reside in Spain

Is the Golden Visa in Spain worth it?

Considered one of the most successful investment programs in Europe, the Spanish Golden Visa offers applicants an array of advantages. Some of the program’s key benefits include the opportunity to make profitable investments in Spain, EU residency, visa-free travel in Europe, and a pathway to Spanish citizenship.

Is the Spain Golden Visa ending?

On 4 November 2024, the Spanish Congress’s Justice Commission took the first step toward changing the Spain Golden Visa program, suggesting its complete discontinuation, including all investment pathways. The process is still in its early stages, but if the law passes all required steps, the program will officially be canceled.

What are the disadvantages of the Golden Visa in Spain?

One of the biggest drawbacks of the Golden Visa in Spain is the cost. The visa has minimum investment requirements, which can be substantial for some people.

How much does it cost to get a Golden Visa in Spain?

The minimum investment required for the Spanish Golden Visa is €500,000 and that’s the main cost. Apart from that, there’s also the Golden Visa fee, which is 80€. For nationals of Australia, Bangladesh, Canada, the United States of America, and the United Kingdom, different rates are applied for reasons of reciprocity. 

What are Golden Visa schemes?

Golden Visa schemes are programs offered by various countries, granting residency or citizenship to foreign investors in exchange for substantial investment in the host country’s economy.

How much money do you need to get a Golden Visa in Spain?

The minimum investment of €500,000 is the main cost of the Spanish Golden Visa. Apart from that, there’s also the Golden Visa fee, which is 80€.

Is there a Spain Golden Visa for US citizens?

Yes, the Spain Golden Visa is available for US citizens. It offers foreigners temporary residency in Spain in return for an investment. After five years, it is possible to gain permanent residency and after ten years, Spain citizenship.