Table of Contents
- Background and Guide - Spain Golden Visa Programme
- Why Invest in Spain Business or Property, in 2023?
- Investment Requirements - Spain Golden Residence Permit
- Benefits of the Spain Residence Permit
- Supporting Documents for a Spain Golden Visa
- Processing Times after Purchase of Real Estate
- Contact VisaConnect for Spain Golden Visa Advice and Assistance
Background and Guide - Spain Golden Visa Programme
On 27th September 2013, the Spanish Government passed a law to encourage High Net Worth Individuals, who are non-EU nationals to invest in Spain for Residency purposes, Law 14/2013 to support Entrepreneurs and globalization. The new law allows for High Net Worth Immigration to Spain for Investors who purchase a property, with an investment of €500,000 Euros or more to apply for a Residency visa.
The Residency Permit grants the right to reside and work in Spain, as well as travel in Europe (Schengen Area). In 2023, contact VisaConnect's specialist Consultants, together with our partner Spanish Lawyers or visit us in our offices in Brisbane, Australia, Singapore, Hong Kong, London, UK and Lisbon, Portugal. VisaConnect's Consultants can provide advice and assistance with your Spain Golden Residence Visa to obtain a Residency Permit in Spain!
Why Invest in Spain Business or Property, in 2023?
- Spanish Passport - 3rd Ranked Passport in 2023 - The Henley Global Passport Ranking Index in 2023 Q1 ranked Spain as the 3rd highest ranked passport in the world, with access to 190 Visa-free countries.
- 2nd Largest Country in Western Europe - Spain's unique geographical location, on the Iberian Peninsula, with the Mediterranean Sea to the east and Atlantic Ocean to the South, makes Spain very attractive to foreign investors
- EU Member Country - Spain has been an EU Member Country since 1 January 1986, which allows for free movement of people, goods, services, and capital within the internal market. In addition, Spain is a Schengen Area member, since 1995, and has maintained the Euro currency since 1 January 1999
- Mediterrranean Climate - The Mediterranean climate is very attractive, with mild winters and hot and dry summers which encourage visitors and potential business customers
- Gross Domestic Product - In the second quarter of 2022, Gross Domestic Product of Spain grew 1.1% compared to the previous quarter. This rate is 9-tenths of one percent higher than the figure of 0.2% published in the first quarter of 2022. The year-on-year change in GDP was 6.3%, and there is no change since last quarter.
- Growing Economy - Since joining the Eurozone in 2002, Spanish economic growth has been much higher than the EU average. Spain is the eighth largest industrialised economy in the OECD (Organisation for Economic Co-operation and Development)
- 2nd Most Visited Country in World - The government of Spain has revealed that a total of 30.2 million international travellers were registered entering the country in the first six months of 2022, recovering about 80 per cent of pre-pandemic levels.
- Stable Political Situation - Spain is a member of NATO and the EU, which provides a stable political situation and diplomatic relations guarantee development opportunities for organisations doing business in Spain
- Low Cost of Living - In 2022, cost of living in Spain is one of the lowest in Western Europe, even in the cities. Leaving aside rent or mortgage payments—and depending on your lifestyle—a couple could easily live on $20,000 to $22,000 USD a year and still eat out regularly. Once you know where to go, a meal for two with wine or beer can cost as little as $30 USD.
- Healthcare in Spain - Spain has a high quality healthcare system, guaranteeing universal coverage for all residents. Over 90% of Spaniards use the public healthcare system. According to the Bloomberg Healthiest Country Index, Spain is ranked as the healthiest country in the world
- Public Universities - There are many internationally recognized public Spanish universities, which offer low tuition fees, such as the Autonomous University of Madrid, the Autonomous University of Barcelona, the University of Salamanca, and the University of Alcal de Henares
- Rising Property Prices in Q1 2022 - The Spanish Property Price Index (the Tinsa IMIE) for the first quarter of 2022 finds that house prices rose by 6.6% compared to the same period in 2021. In quarterly terms, the increase is 2.3%. Madrid stands at the top of the leader board for price hikes when it comes to autonomous regions in Spain. Real estate values in the region went up by 11.3% between January and March. The Balearics and Andalusia didn’t quite make double-figure increases, but both still ranked near the top. The property went up by 8.4% on the islands of Mallorca, Menorca and Ibiza, and by 7.7% in Andalusia, home to the Costa del Sol.
- Excellent Infrastructure - New Projects in 2022 - the five largest construction projects initiated in Spain during Q1 2022, according to GlobalData’s construction projects database are as follows: a. Madrid Metro Expansion – $2,790m; b. Las Lomas del Higueron Residential Complex – $696m; c.Xerta-Senia Canal Development – $448m; d. C43 Biofuel Production Plant – $223m; and e. Monforte de Lemos to Lugo Railway Line Renovation – $132m.
- Foreign Companies in Spain - There are no restrictions applied to foreign citizens planning to set up businesses in Spain. Also, there are low employment costs and compared to the EU average, the employment costs are 16% lower
- Spanish Culture - Spain has a rich culture, including food specialties, such as tapas, festivals and fiestas, Flamenco dance, 3rd most UNESCO World Heritage sites in the world, and famous Artists from Francisco de Goya to Pablo Picasso