Golden Visa Spain: Requirements, Benefits & Current Status

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Spain has established itself over the last decade as one of the preferred destinations for non-EU investors seeking not only economic profitability, but also the security, lifestyle, and freedom of movement offered by the Schengen Area. The so-called "Golden Visa" or residence visa for the acquisition of real estate (and other investments) has been the fast-track route par excellence to obtain legal residency in our country. However, the legislative landscape is changing drastically due to government announcements regarding the abolition of this scheme, which has generated a huge sense of urgency among international investors wishing to secure their status before the final reform is approved.

What is the Golden Visa and what is its current legal status?

The Golden Visa is a visa and subsequent residence authorization created under Law 14/2013, of September 27, on support for entrepreneurs and their internationalization (Ley 14/2013, de 27 de septiembre, de apoyo a los emprendedores y su internacionalización). Unlike the authorizations regulated in the Organic Law 4/2000, of January 11, on the rights and freedoms of foreigners in Spain and their social integration (Ley Orgánica 4/2000, de 11 de enero, sobre derechos y libertades de los extranjeros en España y su integración social), commonly known as the Ley de Extranjería (Immigration Law), and its Regulations, the Golden Visa has its own much more flexible regulatory framework, managed by a specialized unit: the Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE - Large Business and Strategic Collectives Unit).

Currently, the Government of Spain has initiated the legislative procedures to eliminate the Golden Visa for real estate investment, arguing the need to guarantee access to housing for Spanish citizens and curb speculation in stressed areas. However, *as long as the reform of Law 14/2013 is not definitively approved by the Cortes Generales (Spanish Parliament) and published in the Boletín Oficial del Estado (BOE - Official State Gazette), the law remains fully in force*. This means that applications submitted right now continue to be processed and approved under the current criteria. It is the time to act for those who meet the requirements.

Requirements and investment routes to obtain residency

To access this special residency scheme for investors, the non-EU foreign applicant must make a significant investment in Spain. The regulations establish various investment routes, each with specific minimum amounts that must be completely free of charges and encumbrances:

1. Investment in real estate assets (The most common route)

• Acquisition of real estate in Spain with a minimum investment of €500,000 per applicant.
• The investment must be free of all charges or encumbrances. Any amount exceeding €500,000 may be subject to mortgage financing.

2. Investment in financial assets

• A minimum of €2,000,000 in Spanish public debt securities.
• A minimum of €1,000,000 in shares or social participations of Spanish capital companies with an active business activity.
• A minimum of €1,000,000 in investment funds, closed-end investment funds, or venture capital funds incorporated in Spain.
• A minimum of €1,000,000 in bank deposits in Spanish financial institutions.

3. Business project of general interest

There is no legally established minimum amount, but the project presented to be developed in Spain must meet at least one of the following conditions:

• Creation of jobs.
• Making an investment with a significant socio-economic impact in the geographical area where the activity is to be developed.
• A significant contribution to scientific and/or technological innovation.

Exclusive advantages of the Golden Visa compared to the general Immigration regime

The success of the Golden Visa lies in the extraordinary privileges it grants to its holders compared to the traditional visas of Organic Law 4/2000:

• No obligation of effective residence: Unlike the residencia no lucrativa (non-lucrative residency), which requires residing in Spain for at least 183 days a year (which makes the foreigner a tax resident), the Golden Visa only requires visiting Spain 1 time a year to maintain and renew the authorization.
• Right to work: The visa and residence authorization enable the holder and their adult family members to reside and work in Spain, either as an employee (cuenta ajena) or as a self-employed person (cuenta propia), without the need for additional procedures.
• Simultaneous family reunification: The investor can apply for the visa or residency for their spouse or pareja de hecho (de facto partner), minor children, adult children who are financially dependent on the holder, and dependent ascendants, jointly and simultaneously.
• Free movement within the Schengen Area: It allows travel without a visa through the 29 countries of the Schengen Area for a maximum of 90 days within any 180-day period, in line with European Union regulations on free movement.

Step-by-step practical procedures to apply for the Golden Visa

The process to obtain the Golden Visa consists of well-defined phases that require strict documentary preparation. Below are the details of the steps for the real estate route, which is the most requested:

1. Obtaining the NIE and opening a bank account: The foreign investor must apply for the Número de Identidad de Extranjero (NIE - Foreigner Identification Number) at the Spanish consulate in their country of origin or in Spain, and open an account in a Spanish bank to channel the funds.
2. Acquisition of the property: The purchase and sale of the property or properties is carried out for a minimum joint value of €500,000. The corresponding taxes must be paid, such as IVA (VAT) or Impuesto de Transmisiones Patrimoniales (ITP - Property Transfer Tax).
3. Registration and certification from the Property Registry: It is essential to obtain a certificate with continuous ownership and encumbrance information from the Registro de la Propiedad (Property Registry). This certification must have been issued within 90 days prior to the submission of the application.
4. Preparation of the application file: Gather general documentation (passport, apostilled criminal record certificates from the countries where you have resided in the last 5 years, private health insurance without co-payments contracted with an authorized entity in Spain, and proof of sufficient financial means to support the family).
5. Submission of the application:

• If you are outside Spain: You apply for the Investor Residence Visa at the Consulate of Spain in your country of origin. It has a duration of 1 year.
• If you are legally in Spain (for example, on a tourist visa): You apply directly for the Investor Residence Authorization online before the UGE-CE. This initial authorization has a duration of 3 years.

1. Fingerprinting and obtaining the TIE: Once the residence authorization is approved, the investor and their family members must go to the National Police Station for fingerprinting and to apply for the Tarjeta de Identidad de Extranjero (TIE - Foreigner Identity Card).

Legal deadlines and resolution of the application

One of the greatest attractions of the Golden Visa is the speed of its processing due to the principle of positive administrative silence (silencio administrativo positivo) established in Law 14/2013:

• Visa resolution period (Consulate): The Consulate has a maximum period of 10 working days to resolve the visa application.
• Residence authorization resolution period (UGE-CE): The Large Business Unit has a maximum period of 20 business days to resolve. If, after this period, the Administration has not issued an express response, the application is understood to be approved by positive administrative silence.

Practical investment examples

To better understand how the rules of economic allocation and financing apply, we analyze two common scenarios:

Example 1: Joint purchase by a married couple

> Jean and Marie, a married couple of Canadian nationality, decide to acquire a luxury villa on the Costa del Sol for an amount of €950,000. The property is acquired under the joint property regime (50% each). Since the investment of each of them is equivalent to €475,000 (a figure lower than the legal minimum of €500,000), they cannot apply for two independent Golden Visas as main investors. However, Jean can appear as the main investor (contributing €500,000 of his share and completing it with €25,000 from Marie's share) and Marie can obtain her residency simultaneously as a reunited family member, enjoying exactly the same residency and work rights.

Example 2: Purchase of multiple properties and use of financing

> Li, an investor of Chinese nationality, buys a commercial premises in Madrid for €350,000 paid in cash with his own funds. A month later, he acquires a residential apartment in the same city for €280,000. For this second acquisition, Li contributes €150,000 of his own funds and requests a mortgage with a Spanish bank for the remaining €130,000. Li's total investment with his own funds amounts to €500,000 (€350,000 for the commercial premises + €150,000 for the apartment). Having reached the minimum required threshold free of charges, Li is fully eligible to obtain the Golden Visa, proving that multiple properties can be combined and financing can be used for the excess amount.

Mistakes you must avoid when applying for the Golden Visa

• Using external financing for the first €500,000: The law strictly requires that the minimum investment amount comes from own funds and is free of charges. The use of mortgages or loans to cover this first tranche of €500,000 is not permitted.
• Submitting criminal record certificates without legalization or translation: All foreign documents must be duly apostilled (Hague Convention) or legalized through diplomatic channels, and translated into Spanish by a sworn translator (traductor jurado) authorized by the Spanish Ministry of Foreign Affairs, European Union and Cooperation.
• Failing to prove the availability of sufficient funds for maintenance: In addition to the investment, you must prove that you have financial resources to reside in Spain without the need to work. For the main investor, 400% of the monthly IPREM (Indicador Público de Renta de Efectos Múltiples - Public Income Indicator) is required, and 100% of the IPREM for each dependent family member.
• Buying the property through a company not directly controlled: If the investment is made through a legal entity, the applicant must hold, directly or indirectly, the majority of its voting rights and have the power to appoint or dismiss the majority of the members of its administrative body.

Frequently Asked Questions (FAQ)

Can I lose my Golden Visa if I do not reside in Spain permanently?

No. This is one of the great advantages of Law 14/2013. Unlike the general immigration regime, a minimum stay of 183 days per year is not required to renew the authorization. It is only necessary to maintain the investment and make at least one visit to Spain during the validity period of the card.

Does the Golden Visa grant the right to obtain Spanish nationality?

Yes, but under the rules of the Spanish Civil Code. A Golden Visa holder can apply for nationality by residence after 10 years of legal and continuous residence (or 2 years if they are a national of an Ibero-American country, Andorra, the Philippines, Equatorial Guinea, Portugal, or of Sephardic origin). However, for this time to count towards nationality, the interested party must meet the requirement of effective residence (living in Spain for more than 183 days a year).

What will happen to my Golden Visa if the Government finally approves its abolition?

By virtue of the principle of legal certainty and the non-retroactivity of restrictive provisions on individual rights (enshrined in Article 9.3 of the Spanish Constitution), the future law of abolition will not affect those who have already been granted their Golden Visa or who have submitted their application before the entry into force of the new regulation. Their residency and renewal rights will be maintained, respecting the conditions under which they were granted.

Can I buy several cheap properties to add up to €500,000?

Yes. Spanish legislation does not require the investment to be made in a single property. It is perfectly valid to acquire, for example, three apartments of €170,000 each, provided that the total sum of the investment free of charges reaches or exceeds €500,000.

What type of health insurance is required for the Golden Visa?

A health insurance policy, public or private, contracted with an insurance entity authorized to operate in Spain is required. This insurance must offer coverage equivalent to that of the National Health System (full coverage, with no waiting periods or co-payments) and be active throughout the entire period of residence.

In summary

• Current validity: The Golden Visa by real estate investment remains fully in force and operational in Spain until the legal reform that abolishes it is officially approved and published.
• Minimum investment: The minimum threshold for the acquisition of real estate is €500,000, which must be completely free of charges and encumbrances.
• Residency flexibility: It does not require a minimum stay of 183 days in Spanish territory for its renewal, which avoids the automatic obligation of becoming a tax resident in Spain.
• Work permit: It enables both the main investor and their reunited family members of working age to work as employees or self-employed individuals anywhere in the national territory.
• Positive silence: Residence authorization applications submitted to the UGE-CE enjoy a fast resolution period of 20 business days with the effect of positive administrative silence.

General legal information, not personalised legal advice. For your specific situation, ask your question for free at AbogadoAI — answers grounded in Spanish law (BOE), in English.

This is general information, not legal advice. Verify on the BOE or consult a lawyer for your specific case.