People looking to relocate to Europe frequently choose Spain as their destination. The nation boasts a vibrant culture, a pleasant environment, and a strong economy. Applying for a Golden Visa is a popular choice among those who desire to live permanently in Spain. Non-EU nationals can live in Spain for an extended amount of time with the help of a Golden Visa. The advantages of the Golden Visa Spain and the criteria to apply will be covered in this post.
A Golden Visa is what?
Non-EU nationals can live in Spain for an extended amount of time with the help of a Golden Visa. In order to encourage foreign investment in Spain, the visa was launched in 2013. Individuals who invest a minimum of €500,000 in Spanish real estate or €1,000,000 in Spanish government bonds, equities, or bank deposits are eligible for the Golden Visa.
The advantages of a Golden Visa
Getting a Golden Visa has several advantages. It offers a route to obtaining permanent residency in Spain, which is one of the key advantages. People can seek for permanent residency after staying in Spain for five years on a Golden Visa. People can seek for Spanish citizenship after 10 years.
The ability to travel freely inside the Schengen Area is another advantage of the Golden Visa. A collection of European nations known as the Schengen Area have done away with passport checks and other forms of border control at its shared borders. This indicates that holders of Golden Visas are exempt from the visa requirement for 26 European nations.
The Golden Visa also enables people to work in Spain and launch a company. Additionally, it enables them to enrol their children in Spanish-speaking schools and gives them access to the Spanish healthcare system.
The criteria for receiving a Golden Visa
A Golden Visa is only granted to those who fulfil specified standards. The first prerequisite is that the person must invest in Spain. Investments may be made in the form of stocks, bonds, real estate, or bank deposits. For real estate, the investment must be at least €500,000; for other assets, it must be at least €1,000,000.
The second prerequisite is that the person have a spotless criminal history. A Golden Visa is not available to anyone who have been convicted of certain crimes, such as drug trafficking or terrorism.
The third condition is that the person has health insurance that protects them while they are travelling in Spain.
The applicant must demonstrate that they have the resources to sustain themselves and their family while they are in Spain, which is the fourth criteria. The sum of money needed will vary depending on the situation of the individual.
The sixth prerequisite is that the applicant cannot have previously entered or resided in Spain unlawfully.
A Golden Visa application might take up to three months to complete. An application must be sent to the Spanish consulate in the applicant’s home nation. The application must be accompanied by documentation of investments, a clear criminal history, health insurance, and adequate finances.
For those who wish to settle permanently in Spain, the Golden Visa is a useful tool. It offers a route to citizenship and permanent residency in Spain, as well as access to the Spanish healthcare system and unrestricted travel throughout the Schengen Zone. However, it’s crucial to remember that those applying for the Golden Visa must make a sizable investment and fulfil specific standards. It is crucial to get expert guidance if you’re thinking about applying for a Golden Visa to make sure you satisfy all requirements and that the application process goes well.