Obstacles in Getting a Golden Visa in Spain as a Filipino
The Spanish golden visa program offers an exciting opportunity for Filipinos looking to migrate to Spain. This program grants a one-year residence visa to non-EU investors such as Filipino who invest in Spanish real estate, stocks, or other assets. It provides a path to citizenship while also allowing investors and their families to live, work, and study in Spain.
For Filipinos seeking to relocate abroad, the golden visa is an attractive option. It provides visa-free access to the EU Schengen area and gives investors freedom of movement in Europe. However, while the golden visa presents a good opportunity on paper, there are some obstacles Filipinos face in obtaining it. Given the high investment amount, the road to getting the golden visa as a Filipino investor is not always smooth.
In this blog, I will outline the major obstacles Filipinos encounter when navigating the Spanish golden visa program as an immigrant investor. I will also provide tips on how to overcome these challenges based on my experience as an immigration lawyer assisting clients with investments and visas in Spain. The goal is to provide a realistic picture of the hurdles involved so Filipino investors can come prepared and increase their chances of success.
Obstacles
High investment requirement
The Spanish golden visa requires a substantial investment of €500,000 in real estate. For most Filipino investors, raising such a large amount presents a huge financial hurdle. The high property prices and investment thresholds put the golden visa out of reach for many.
Limited financing options
Filipino investors often have limited financing options available to them to make the sizeable investment for the golden visa. Local banks in the Philippines rarely provide funding for investments abroad. This leaves investors to finance through their own savings. Spanish banks will not loan this amount to the prospective investor for the golden visa. Most of my clients sell a property in the Philippines to finance their golden visa in Spain.
Joint Investors’ Limitations
When two or more people want to invest in real property in Spain for purposes of the golden visa, each individual must still put up €500,000 as part of their share in order to be eligible for the golden visa.
The Final Amount of Investment
Though the golden visa in Spain requires an investment of €500,000 in cash for the purchase of real estate, there are other hidden costs related to the investment. The €500,000 simply refers to the cost of the real estate. Other fees such as taxes, notary, and other buyers’ costs can range from an additional €32,000 (for a €500,000 property). This excludes government costs and other legal fees related to the application for a golden visa.
Despite these obstacles, the Spanish golden visa presents an excellent opportunity for Filipinos seeking to gain citizenship in the EU for their families. For Filipinos, only two years of legal residency is required to apply for Spanish citizenship. The journey to getting a golden visa ultimately opens doors for Filipinos and their families to relocate abroad. Once obtained, the benefits of visa-free travel, working rights, and access to citizenship make the efforts worthwhile.
With proper understanding and planning, the Spanish golden visa can turn the dream of living in Europe into reality. For my free ebook on Filipino migration to Spain, click here.