The fast track to attaining the right of residency and the freedom to come and go as one pleases from Spain is to take advantage of what is now commonly referred to as the “Golden Visa”. While the possession of such a visa does not come with a requirement to spend any specific length of time in the country, it does come with a number of stipulations and a price tag. In order to obtain such a visa a person needs to make an investment in property in Spain valued at no less than 500,000€.

Application for the visa can only be made after the property has been purchased in Spain, and must be initiated in the person’s current country of residence. Applications are received at the Spanish Embassy or Consulate only. While initial application cannot be made in Spain, renewal of an existing visa may be processed there.

When making application for the “Golden Visa” a person must present their birth certificate, a valid passport and provide proof of having purchased property in Spain to the net value, after taxes and any outstanding charges, of 500,000€ or more. When a couple makes application for the “Golden Visa” each is required to satisfy the same criteria. In other words they would each have to purchase separate properties valued at no less than 500,000€, or one property together valued at no less than 1,000,000€. Visas for other family members such as a spouse and the applicant’s children may be applied for at the same time.

While there may be a mortgage on the property the value of the mortgage cannot reduce the net investment amount to where it falls below 500,000€. If the property is purchased by more than one person each party must make application for the visa and the 500,000€ minimum investment amount is required from each individual. i.e. If 3 people purchase a property in Spain together, each would have to apply for the visa and the property value cannot be less than 1,500,000€ and the same rule regarding mortgages and other outstanding charges still apply.

Acceptable proof of property purchase is a legally registered deed to the property, clearly stating the purchase costs, accompanied by a certificate declaring that the property purchased by the visa applicant has not had further mortgages attached to it. All documentation must be legalized and should either be originally written in Spanish or translated into Spanish by a sworn translator.

In addition to the property investment requirement of not less than 500,000€ all applicants must provide a legally issued declaration stating that they do not have a criminal record. Such a declaration must be provided for both the last country of residence, and if different, the country of origin of the applicant. Applicants must also provide a bank-issued certificate stating that the applicant currently has at least 25,000€ deposited into an account with that bank.

The “Golden Visa”, once approved, is good for one year from the date of issue. There is a small charge for processing the paperwork, payable at time of application. Provided all documentation and application requirements have been satisfied, the applicant should receive his or her visa within one to two weeks, and may then enter and leave Spain as often as they wish.

Initial visas are issued for one year and must be renewed before the expiration date. Renewals can be done within Spain. At the time of renewal, provided the visa holder still satisfies the aforementioned criteria, a new visa will be issued valid for a period of two years.

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