Who qualifies for Golden Visa in Spain?

Spain’s Golden Visa program, officially known as the residence visa for investors (Visado de Residencia para Inversores), has historically offered a route for non-European Union (EU), non-European Economic Area (EEA), and non-Swiss nationals to gain residency in Spain through significant investment. This visa grants the holder and their qualifying family members the right to live, and sometimes work, in Spain, along with visa-free travel within the Schengen Area.

However, it’s crucial to note that the landscape of the Spanish Golden Visa is currently undergoing significant changes, particularly concerning the popular real estate investment option. In April 2024, the Spanish government announced plans to abolish the Golden Visa pathway linked to real estate investment. While the exact timeline and status of other investment routes remain subject to final legislation and confirmation, this guide outlines the general eligibility criteria and investment options as they have existed, emphasizing the need to verify the most current information.

Who is Eligible for the Spain Golden Visa?

To qualify for the Spanish Golden Visa, the main applicant must meet several general criteria:

1. Nationality: Be a citizen of a country outside the EU, EEA, or Switzerland.
2. Age: Be at least 18 years old.
3. Legal Status: Be legally present in Spain or apply from their country of origin/residence through a Spanish consulate. They must not have entered or stayed irregularly in Spanish territory.
4. Clean Criminal Record: Possess a clean criminal record in Spain and in any countries where they have resided for the past five years. Certificates must be provided.
5. No Entry Bans: Not be listed as ‘undesirable’ in the territorial space of countries with which Spain has signed an agreement to this effect (e.g., Schengen Information System).
6. Health Insurance: Have public or private health insurance authorized to operate in Spain, providing coverage equivalent to that offered by the National Health System.
7. Sufficient Financial Means: Prove they have sufficient financial resources to support themselves and any dependent family members during their period of residence in Spain.
8. Investment Proof: Provide evidence of having made the qualifying investment and meeting the specific requirements for the chosen investment type.
9. Fee Payment: Pay the relevant visa application processing fee.

Qualifying Investment Options

Historically, the program required a substantial investment in one of the following categories. Remember: The real estate option is reportedly being eliminated.

1. Real Estate Acquisition (Likely No Longer Available):
   • Investment: A minimum investment of €500,000 (excluding taxes and fees) in one or more properties in Spain.
   • Status: The Spanish government has announced plans to remove this option. Prospective applicants interested in property investment should seek immediate legal counsel regarding the current status and potential deadlines or cessation of this route.
2. Capital Transfer Investments:
   • Spanish Public Debt: An investment of at least €2 million in Spanish government bonds.
   • Shares or Equity: An investment of at least €1 million in shares or equity participations of Spanish capital companies with actual business activity.
   • Investment Funds: An investment of at least €1 million in investment funds, closed-end investment funds, or venture capital funds established in Spain.
   • Bank Deposits: A deposit of at least €1 million in Spanish financial institutions.
   • Status: While the focus of the recent government announcement was on real estate, applicants considering these routes must verify if they remain unaffected by current or future legislative changes.
3. Business Project:
   • Investment: Developing a business project in Spain considered to be of “general interest.” There’s no fixed minimum investment amount, but the project is evaluated based on criteria such as:
     • Job creation (especially local employment).
     • Significant socioeconomic impact in the region where it will be developed.
     • Relevant contribution to scientific and/or technological innovation.
   • Status: This route requires substantial justification and approval based on its merits. Its status should also be confirmed in light of potential broader program changes.

Including Family Members

Successful Golden Visa applicants can typically include the following family members in their application:

• Spouse or civil partner.
• Minor children (under 18).
• Dependent adult children who are financially reliant on the main applicant and have not formed their own family unit.
• Dependent ascendants (parents or parents-in-law) who are financially reliant on the main applicant.

Proof of relationship and dependency is required for family members.

Key Benefits of the Spain Golden Visa

• Residency in Spain: Live legally in Spain. Initial visas are often valid for 1 year, followed by residency permits renewable for 2, then 5 years, provided the investment is maintained.
• Work Rights: The main investor and dependents may be allowed to work depending on the specific permit type obtained (often linked to the residency permit following the initial visa).
• Schengen Area Travel: Visa-free travel throughout the 27 countries of the Schengen zone for up to 90 days in any 180-day period.
• Minimal Stay Requirement: Unlike some residency permits, the Golden Visa generally does not require extended periods of physical presence in Spain to maintain residency status (often just needing one visit per year for renewal purposes).
• Path to Long-Term Residency/Citizenship: After five years of continuous legal residency, holders may apply for long-term Spanish residency. After ten years (or less in specific cases, e.g., citizens of Ibero-American countries), they may be eligible to apply for Spanish citizenship, subject to meeting integration requirements (like language proficiency) and potentially renouncing previous nationality.

Important Considerations and Disclaimer (2025 Update)

• Legislative Changes: The Spanish Golden Visa program, particularly the real estate investment route, is facing significant changes following the government’s announcement in April 2024. The exact implementation details and impact on other investment routes are critical.
• Verify Current Status: Do not rely solely on historical information. Before making any investment or application decisions, it is absolutely essential to consult official Spanish government sources (Ministry of Foreign Affairs, Ministry of Inclusion, Social Security and Migration) and experienced Spanish immigration lawyers for the most up-to-date and accurate information on eligibility requirements, available investment options, and application procedures.
• Professional Advice: Navigating the complexities of investment visas, especially during periods of legislative change, requires professional legal and financial advice tailored to your specific situation.
•  

While the Spain Golden Visa has been an attractive option for non-EU investors seeking European residency, its future, especially concerning real estate investment, is uncertain. Potential applicants must meet stringent personal criteria and, historically, make a substantial qualifying investment. Given the announced changes, thorough research and consultation with official sources and legal professionals are more critical than ever to understand who qualifies under the current, evolving regulations in 2025.