In recent years, several countries in Europe have made it easier for foreign investors to obtain residence permits by investing money. The Spanish Golden Visa, introduced in 2013, is a residency by investment program that offers non-EU citizens the chance to purchase real estate in Spain and eventually become naturalized residents. The program has been a successful attraction for foreign millionaires looking to invest in the country. It has even been copied by other European countries, including Portugal, Malta, and Greece.
The residence permit granted to those who obtain a golden visa allows free movement within the Schengen area. The holder is also allowed to work and study in Spain. They must, however, visit the country at least once a year to maintain their residence permit. In addition, they are allowed to bring their family members along with them. This is one of the main differences between this type of permit and other types that require employment or self-employment.
If you are interested in obtaining a Spanish golden visa, you should know that there are a number of requirements that must be met. The most important are the capital investments that you must make. These include investing in public debt, social shares in Spanish companies, bank deposits in Spanish financial institutions, and the acquisition of real estate assets in the country.
You must also submit a variety of documents when applying for this type of residency. These include property registry filing certificates or notarized deeds of the real estate you are buying. If you are investing in a listed share or equity, you will need a statement of investment filed with the Investments Register. Similarly, you will need to provide proof of the amount you are investing in public debt or unlisted shares. Finally, you will need to prove that you have bank deposits worth at least EUR1 million.
Another requirement that you must meet is that the investment must be made for at least one year. You must also visit Spain at least once a year to maintain this residency. This is a different requirement than the one for other types of residence permits, which normally require that the holder spends at least 183 days in the country per calendar year.
The government of Spain is considering raising the minimum amount of investment required or abolishing the Golden Visa program, according to a report in El Pais. The leader of the left-wing Mas Pais party, Inigo Errejon, has argued that the program encourages speculation in housing prices and pushes the local population out of their homes. The government has disputed the claims, arguing that the program benefits the economy while creating jobs. However, some economists have criticized the program for failing to create jobs and reducing the quality of life in Spain. The government has defended the program by saying that it can be revoked if there is evidence that the investment is not in line with national interest. golden visa spain