If you’re a UK resident wanting to move to Spain, you’re probably considering the Golden Visa. This type of visa not only allows you to live and enjoy a Spanish lifestyle but can also help you invest in this growing economy.
Before you apply, you’ll first need to get to grips with what it is, how you know your eligible and any costs for applying.
What Is The Spanish Golden Visa?
The Spanish Golden Visa, launched in 2013, allows you to get residency by investing. This has become an especially appealing option since Brexit, which has meant UK passport holders can no longer live and work freely in Spain.
The visa is designed to attract investors who will plug money into the Spanish economy in exchange for residency.
If you get the visa, you also get:
- Free movement across Schengen countries.
- A visa for your immediate family, including elderly parents.
- Ability to work and study in Spain.
Another huge benefit is the processing time. Unlike neighbouring countries, you can be approved in as little as 20 working days – which is much quicker than other golden visa options.
Who Is Eligible For The Spanish Golden Visa?
Not everyone can apply for the golden visa, however it is open to most British adults as long as they are:
- Make the necessary investment.
- Are over 18.
- Have no criminal record.
- Are not yet an EU national (ie have a passport in another EU country)
- Have the finances to support themselves and their family, so as not to rely on state benefits.
- Have health insurance in Spain.
If you hit all of the points above, then you’re good to go with applying.
What Investments Do You Need To Make?
When it comes to the investment you need to make for the golden visa, you have a few options:
Property investment:
- Minimum investment: €500,000.
- You can choose between residential, commercial or even a mix of properties.
- The property can be rented out for income, it doesn’t have to be your primary residence.
Capital Investments:
-
- €1 million in Spanish companies
- €1 million deposited in a Spanish bank.
- €2 million in Spanish government bonds.
However, it’s worth noting that the property option might be scrapped in future, so it’s always worth checking the latest guidelines.
More from Guides
- What Tech Do iPhones Have To Prevent Theft?
- 6 Alternatives To Mailchimp For E-mail Marketing
- What Is A Residential Proxy Server?
- 5 Marketing Strategies For Cat Food Businesses
- The Rise of ESG Traders: What Recruiters Need to Know
- How Does CRM Data Drive Personalisation?
- 6 Reasons Why Entrepreneurs Love VoIP
- 6 Alternatives To Notion For Project Management
What Other Costs Are Involved?
Apart from your investment, which could be up to €1 million euros, there are some other fees you need to plan for:
The visa fee is €4,000–€5,000. If you need to renew it, that will cost €3,000–€4,000. You will need to renew it once after the first year, and then again every 5 years. Whilst you won’t need to invest the same amount each time, you will have to prove that the capital has remained in the investment you applied with. This stops investors buying in and then quickly selling once the visa has been approved.
If you are buying a property as part of your application, expect to pay between 6-10% in taxes, as well as legal fees on top. Whilst this cost might vary, it usually sits between 1-2%.
You will also need to buy health insurance and translation services for all documents, so make sure you have some money set aside for them too.
How To Apply For The Golden Visa in Spain
To apply, here are the steps you have to go through:
1. Choose Your Investment
First, think about the investment option that works best for you. If you are buying a property, you might want to visit Spain to start looking around.
If you are going for share Capital, knowing which businesses are doing well in the economy is a good place to start.
2. Get Your Documents Together
Before you apply, get organised. You will need:
- A passport
- Proof of your investment (a property deed, share certificate or bank deposit)
- Proof of a clean criminal record.
- Proof of income to cover you and your family.
- Proof of healthcare insurance in Spain.
- All application forms completed.
It’s worth noting that as part of the process, all of your documents must be translated to Spanish.
3. Submit them!
You can either submit through the Spanish consulate in the UK or in Spain if you’re there already.
It takes 20 working days to process, so you should have your answer by then.
Once you have the visa, you can enter Spain and start living there.
Moving To Spain On A Golden Visa
If you want to start enjoying Spanish life, the golden visa is a great option. It’s not just a good investment choice, but a lifestyle choice too.
As long as you can invest the right amount and are organised from the start, you can start living in Spain within a month!
