Spain is one of the best locations in Europe thanks to its quality of life and access to healthcare. With that aspect into consideration, it is quite understandable that you are seeking to live there permanently. Getting a visa can sometimes be a tedious task depending on where you are from. However, if you have a bit of money to invest, you may get a Spanish Golden Visa which will be given to you faster than any other visas.
Table of Contents:
- What is the golden visa?
- Am I eligible for the golden visa?
- Is my family allowed to settle down with me?
- How long is it valid for?
- How can I find accommodation in Spain?
What is the Golden Visa?
The Spanish Golden Visa is a visa that gives investors the possibility to live and work in Spain given that they invest their money in a way that benefits the country. Visas are usually very hard to get. People that get visas that enable them to live and work permanently in a place usually have to wait for years and justify thoroughly how them being there would benefit the country. However, the Golden Visa makes the process a lot simpler and less time-consuming. The goal is to attract wealthy investors to help stimulate growth in Spain. That being said, the sum of money that has to be invested is significant. In order to receive the said visa, investors have to invest:
- A minimum of 500,00€ in real estate; or
- A minimum of 1€ Million in Spanish company shares; or
- A minimum of 2€ Million in treasury bonds; or
- A minimum of 2€ Million towards reducing public debt.
95% of people who have been given the Golden Visa have obtained it through real estate.
Real estate seems like the best option because investors have to spend less money. In addition to this, real estate prices in Spain have kept increasing over the years and such investment is relatively risk-free. With an investment in real estate, the applicant gets a great house and a permanent resident status in Spain.
Am I eligible for the Golden Visa?
As previously mentioned, you must be able to invest in one of the above-mentioned categories. If you have done that and can prove that your money comes from legal activities, then you must make sure that you also meet the following criteria:
- You must be at least 18 years old.
- You must be a resident of a country located outside of the European Union.
- You must have no criminal record.
- You must be able to prove that you will have the means to support your costs of living in Spain.
- You must get private medical insurance.
Spain is looking for wealthy individuals who will be able to support themselves financially and help the economy. As a result, you must have a lot of funds to receive the visa. In addition to this, you may also get a permanent resident status in Spain if you create a business that:
- will create jobs.
- Is innovative.
Is My Family Allowed to Settle down with Me?
The short answer is yes. The long answer is that only your immediate family is allowed to settle down with you. They will receive their permanent resident cards just like you. With that comes the benefits of being a EU resident such as being able to move in the EU Schengen zone without a passport nor a visa.
Your immediate family is described as:
- A married partner (Husband/Wife)
- Children that are 18 or younger
- Children or parents that are dependent due to severe illness.
How Long is the Golden Visa Valid For?
The Golden Visa is only valid for a period of one year. You will receive this document at the embassy and will be forced to enter Spain within the one-year period in order to exchange your Golden Visa for a permanent resident card. The PR card will be valid for two but can be renewed indefinitely. The only requirement is that you maintain your chosen investment.
Keep in mind that you are not allowed to use bank loans to finance your 500,000€ home. The money must come from you.
If you would like to buy a bigger and more expensive house, you have to put down the 500,00€ and may get a loan for the rest of the remainder. Do not forget about the taxes on real estate which vary from one community to another.
How Can I find accommodation in Spain?
Finding accommodation in Spain is not very hard. There are many agencies or websites you can go to in order to secure your new home. You will realize that 500,000€ does not get you a huge luxurious home in big cities. In Madrid, you might get a nice 3-bedroom apartment for 500,00€. That being said, spending this much money can be a minimum requirement if you have a large family and want to live in the city-centre. If your pockets are running empty after the Golden Visa investment, you may want to consider winning a house. Cloverhut is a start-up that aims to help people become homeowners for the moderate sum of 2€. The great thing about Cloverhut is that there are no strings attached. What you see is what you will get. All you have to do is join the next house raffle in order to get a chance at winning your new Spanish beach home. For even more perks, make sure to join CloverClub! Being a member will grant you discounts, free tickets, opportunities to win trips for two and more. Do not waste any more time! Claim your new Spanish beach house now by joining Cloverclub from here.
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