- Residency by Investment
Spain is a country located in southwestern Europe with population of 46.5 million People. The country has 505,990 km2and is an EU member state since 1986. Spain with its cultural diversity is one of the most visited countries in the world. In recent years a lot of EU member states had a real estate crisis. One of the most efficient ways to eliminate this kind of crisis was to launch new investment residency program which encouraged investors outside the EU to invest in real estate, job creation and public debts.
Spain launched its investment visa program in 2013 and undergone several changes in 2015. According to this program, the investor and his/her family members can obtain golden visa (temporary visa)immediately after he/she buys a real property of any kind (commercial, land, living etc…) worth more than 500,000 Euro. The visa falls into a temporary category and is renewable in every two years.Spanish golden visa is a way to permanent residency after 5 years and to citizenship after 10 years. During the golden visa period investor is not obliged to reside in country. After five years, when investor obtains permanent residency then he/she is obliged to reside in Spain minimum 183 days per year. One of the disadvantages of this program is that an investor is obliged to reside in Spain after obtaining permanent residency. Therefore a lot of investors prefer to apply Portuguese Golden Visa program, as it does not require staying in the country.
Key facts and Application Procedure:
- The application can be submitted immediately after signing the purchase agreement of the real estate.
- The investor must put the necessary funds in Spanish Bank.
- The investor must have a clear criminal record, must not have any previous refusal of Schengen visa or entry to Schengen zone.
- After all of these issues mentioned above, the application procedure just takes 10-15 days.
- The Spanish Golden visa gives investor and his/her family member’s free access to all EU and Schengen zone countries.
The program stipulates that spouse and children under 18 years old can also apply for the program. Children, who are more than 18 years old, can only apply if they are dependent on their parents.
Investor does not have to pay taxes for their worldwide income, if they do not reside in Spain for more than 183 days per year. For those who does not reside in the country, the income tax is 24,5 % for any income derived in Spain (For example rental income). The program also stipulates that, in case if applicants want to live in Spain on full time basis, he/she and his/her family members will be entitled to enjoy medical insurance and public schooling. In addition, it has to be mentioned that majority of the schools are based on Spanish curriculum, but there are a lot of English language schools too.
Located in the continent of Europe, Spain shares land borders with 5 countries: Morocco, Gibraltar, Andorra, France, Portugal.
Euro[f] (€) (EUR)
Unitary parliamentary constitutional monarchy
CET (UTC+1) WET (UTC), Summer (DST) CEST (UTC+2) WEST (UTC+1) Note: Spain observes CET/CEST, except the Canary Islands which observe WET/WEST
Reasons to choose Spain?
- Amazing history, culture and food
- Visa free travel for the applicant and his/her family members in EU and Schengen zone
- No mandatory stay requirement in the country
- The applicant does not need to become a tax resident in Spain
- Only investment, no contribution
- The investor golden visa will be issued on investors family members (children up to 18 years old)
- Opportunity to get permanent residence permit in 5 years (mandatory rule is that the investor must live more than 6 months per year in Spain
- Citizenship can be applied after 10 years
- Process is very straightforward and government fees are low
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Electronic Authorization: Australia, Canada, Gabon, Guam, India, Kenya, Myanmar, Norfolk Island, Northern Mariana Islands, Puerto Rico, Sri Lanka, Turkey, U.S. Virgin Islands, United States
Visa required prior to arrival: Afghanistan, Algeria, Angola, Azerbaijan, Belarus, Benin, Bhutan, Burundi, Cameroon, Central African Republic, Chad, China, Congo Republic, Cuba, Côte d'Ivoire, Democratic Republic of the Congo, Equatorial Guinea, Eritrea, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Mongolia, Nauru, Niger, Nigeria, North Korea, Pakistan, Russia, Rwanda, Saudi Arabia, Sierra Leone, Somalia, South Sudan, Sudan, Syria, Turkmenistan, Uzbekistan, Yemen
Entry denied: Libya