This year, Portugal cancels the Golden Visa program – the country has put an end to obtaining a residence permit with the purchase of a property. This decision has been caused by the current housing crisis. The requirements for obtaining this visa, prior to termination, were so lax that it became one of the preferred countries for obtaining a European passport. After this decision, Spain is established as the country of preference for foreign investors.
Obtaining the Golden Visa in Spain allows buyers to:
1. Legally reside in Spain and stay in the country for long periods of time.
2. The right to work in the country.
3. Golden Visa holders have access to public services.
4. Allows free movement in most European countries.
What are the minimum requirements in Spain?
The golden visa is a visa that allows you to live and work in Spain. It can be applied for anyone who has bought a property without a morgage of more than 500.000€, people who have deposited 1 million euros in a Spanish bank or people who have bought shares for 1 million euros.
The Golden Visa is a residence visa for non-EU citizens who make a real estate investment in Spain equal to or greater than 500,000 euros.
Golden Visa Spain: Application Requirements
Portugal cancels the Golden Visa
In order to successfully apply for a Golden Visa during 2023, the applicant must meet the following requirements:
- You must be a resident of a country outside the European Union. You must not forget that it is intended for investors from outside Europe.
- Be over 18 years of age.
- Have no criminal record.
- Have a private medical insurance in Spain
- Demonstrate that you have sufficient financial means to live in Spain and support your family.
- Make the corresponding investment which, depending on which one it is, will be of one amount or another.
Here you have a list of all possible investments:
- Make an investment in public debt for an amount equal to or greater than two million euros.
- Make an investment in bank deposits in Spanish entities or in shares of Spanish companies worth more than one million euros.
- Buying a property in the country for a value greater than 500,000 euros.
- Start up a business in Spain
Portugal cancels the Golden Visa
What are the buying costs in Spain?
Find out everything you need to know about the process in Spain, what documents you need and full information about yearly taxes and community fees here.
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Source: https://www.housiders.com/en/home
Source: https://www.myspanishresidency.com/visas-spain/golden-visa/
