The Spanish residency-by-investment-program or the Golden Visa Spain offers and grants the right to legally reside, work, and live in Spain in exchange for an investment in a property (or properties properties) for a minimum of €500,000. Due to its history and affinity with Spain as a former colony, the Golden Visa Spain is very popular with Philippines. As an investment with value added benefits, it sets one up for a better-planned future and comes in handy should the unexpected occur. Particularly for those with family and loved ones, it is a potential source of additional recurring income. In the following article we are going to tell you the all you need to know to get the Golden Visa Spain.
Essentials about the Golden Visa Spain
The Spain Golden Visa program is gaining popularity every year. Spain broke the record number of visas in 2018 for the fifth consecutive year. The Spain Golden Visa program was enacted within the framework of the Law to support entrepreneurs and their internationalization. With the intention of promoting and incentivizing foreign investment in Spain, Law 14/2013 was enacted, aimed to support entrepreneurs wanting to relocate to Spain. The law also establishes the different immigration benefits that a Filipino citizen can obtain by making a significant capital investment in Spain. It is thought to be for investors, entrepreneurs, highly qualified personnel, R&D&I training and intra-enterprise transfer. According to Spanish nationality law, the residence permit may lead to a permanent residency permit. Permanent resident card for 10 years then leads to Spanish passport citizenship. That also grants one citizenship within the European Union. Filipinos and citizens of other former Spanish colonies may be eligible to obtain a Spanish passport as early as two years after receiving the first residency visa.
If you are from the Philippines, the most practical way to obtain the Spanish Golden Visa is to make an investment of €500,000 (Philippine Peso 28.5M PHP) in real estate in Spain. To be eligible for the Golden Visa, the applicant must:
- be a Non-EU citizen
- over 18 years old
- an International investor
- present a no criminal record in any of the places you have lived in
- have no previously rejected Schengen visas
- have the necessary resources to face the expenses during your residency
- have valid health insurance
Alternatively, one may invest a minimum of €1M (57M PHP) in shares in a Spanish company or bank deposits.
Main benefits of the program
The Spanish Golden Visa offers a lot of benefits. Equivalent to Residence Permits, the primary applicant and their whole family (spouse, children under the age of 18, older dependent children legally or economically dependent on parents, dependent ancestors) are permitted to live in Spain. As residents of Spain, you and your family members can leverage Spain’s premier health and education system. The Golden Visa Spain will give your children the opportunity to learn in a school that leads the world rankings. Spain has been updating its educational system through new and innovative teaching methodologies to offer the best quality education to its Spanish and foreign students.
They will also be entitled to enjoy the privileges of traveling freely within the Schengen zone without the customs checks and to all Schengen zone countries visa-free up to 90 days in a 180-day period.
Additionally, one does not need to live in Spain to renew the Golden Visa. Should one choose to live in Spain, you become eligible for permanent residence after five years. The Spain Golden Visa is also a pathway to Spanish citizenship. Typically, you can apply for citizenship after ten years of residence. However, this timeline is shortened to two years for citizens of former Spanish colonies.
It is a sound and wise decision to apply for the Spanish Golden Visa once you have invested the required amount. You have to be committed to making the investment, although it does not necessarily need to be finalized. The earliest you are permitted to apply is three months in advance of your intended trip to Spain. You can apply for a Spanish Golden Visa from your country of residence, by submitting your application at the Spanish embassy or consulate. You can also file a visa application for a Golden Visa directly in Spain if you are here with another valid visa.
Lastly, as an investment decision, each client should carefully undertake due diligence on both the planned investment and the service provider they choose to work with. It is also wise to seek a professional opinion on the potential tax exposure in both their current country of residency and in Spain. If you have any doubt, do not hesitate to ask. We will be happy to help you throughout the process