The Spanish Golden Visa program offers non-EU nationals a path to residency in Spain through a significant investment. One of the most popular investment routes is purchasing real estate worth at least €500,000. Despite recent news about plans to terminate the program, it is still active and accepting applications as the law has not been amended yet.
The Main Requirement to the Spanish Golden Visa Program
The most important requirement to the Spanish golden visa program, for those who want to go through the route of purchasing real estate, is to invest at least €500,000 in unencumbered Spanish property without any outstanding debts or mortgages. The property can be residential or commercial. Married couples can make a joint €500,000 investment to obtain golden visas. Remember that there is a 6% transfer tax for purchases, so a €500,000 real estate investment will yield a €30,000 transfer tax fee. Add an additional €2,000 for other costs, such as notary, gestor, etc.
Step-by-Step Guide
Once you have the funds to purchase real estate in Spain, here’s a step-by-step guide in getting a golden visa:
- Get a NIE (Numero de Identidad de Extranjero) from the Spanish consulate where you reside
- Get a Schengen visa to be able to come and view properties in Spain. If you want to skip this step, you can also hire a property consultant like us who can show you possible properties for sale in Spain through videos of the apartments and the corresponding neighborhoods.
- Open a Spanish bank account in Spain
- Sign the sale and purchase contract for the real estate property (e.g. Contrato de Arras – to reserve the property; and Escritura de Compraventa – to purchase the property). If you are not in Spain, you can assign a specialist like us to sign this contract in your behalf.
- Secure the Certificate from the Land Registry that the property you purchased is unencumbered without any mortgage.
Application for Spanish Golden Visa
Once you have already purchased the property, you can then submit your application for a golden visa to the Spanish consulate in the country where you reside. You will need the following documents:
- Visa application form
- Recent passport size photographs
- Valid unexpired passport with minimum validity period of at least 1 year
- Proof of investment (for real estate, the certificate from the Land Registry showing that you have unencumbered property worth at least €500,000
- Proof of financial means, such as bank certificates and employment contracts to show that the source of your investment was legitimate and not a product of money laundering
- Police clearance
- Private health insurance
- For dependents: proof of family relationship (birth certificate and/or marriage certificate). In the case of adult children, proof of financial dependent and civil status. For parents or grandparents, proof that they are under the investor’s care.
Applications are submitted in person (or via representative) at the Spanish consulate in your home country’s jurisdiction. Processing typically takes 3-4 weeks once you’ve submitted all required documents.
The Spanish golden visa through property investment offers an appealing residency option for non-EU nationals interested in living in Spain. If you are interested in obtaining a golden visa, I help you process this for a flat fee of €1,500 for the principal and €200 per additional dependent. For property consultancy service in Madrid, there is a flat fee of €600 for the review of a maximum of 15 units in Madrid.
If you are ready to move to Spain using the golden visa, send us a message now at kpborra@borralaw.com
