Spain citizenship by investment is achieved by obtaining a golden Visa, it was introduced in the year 2013 to enable foreign investors and non-citizens to apply for a temporary residence permit for one year which can be renewed into a permanent residency after five years. This can also lead to citizenship when applied for, after ten years. In this article, we are going to disclose the requirements and other important details needed to obtain Spain citizenship by investment.
Benefits of Spain citizenship by investment
1. Spanish residency and Travel Permit
The applicant can reside in Spain and also can travel to any European country within the Schengen visa zone without the need for visa application as long as the applicant owns a Golden Visa.
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2. Family Visa
There’s a given privilege to family members like spouse, children below and above 18 years of age, and also dependent parents. The Golden visa makes family members entitled to its benefits.
3. Living Condition
The applicant can also work, travel, study and move freely anywhere within the European Union, you can live anywhere you choose to stay as long as it is a European Union Country, this applies to work and studying.
Application Requirements for Investment Visa
- A value of €500,000 is the least investment required from each investor.
- No record of any criminal offense.
- In cases where an applicant must have applied for entrance into the EU, such an applicant should have no record of the previous refusal of Visa.
- Medical Insurance is required and necessary if the applicant decides to reside in Spain.
- Financial records show evidence for applicants’ financial capability to sustain and enable you to stay in Spain.
Processing Spanish Citizenship and Passport
- The passport can be renewed every two years.
- Applicants can gain permanent residence after five years so far you have lived in Spain for more than six months each year.
- Applicants can also apply for Citizenship after 10 years, as long as the applicants have lived in the country throughout to enable the applicant to obtain Spanish passport and Citizenship.
- As soon as an Applicant gains Permanent Residence or Citizenship, the renewal of the Golden Visa is not necessary.
Investment Requirements for Golden Visa
Applicants can invest into any of the following for Spanish residency or Golden visa
- It is required that applicants who want to invest in real estate should have a worth of €500,000 and above, this is required for each applicant. The different number of properties can be added to form the €500,000 minimum investment and joint buyers can invest in a property.
- An investment in Spain public sector with a value of 2 million Euros and above, investment of one million Euros or more into shares in Spanish companies or bank deposits in the financial institution of the country.
- Certified businesses that will create jobs, contribute scientifically or technologically in the country or make a significant impact on the economies of the country.
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Processing Time and Fee
The processing time for the applicable visa is between 10-15 days. The payment fee varies according to family and period of application, and the Government processing fee is around 60-70 Euros.
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The process of applying for Citizenship by Investment is fast with low government fees, it is a direct process but obtaining the Spanish Golden Visa has limitations, and applicants must reside in Spain to enable them to gain citizenship.