For many British nationals, the UK leaving the European Union has put a spanner in the works when it comes to travelling and living abroad. Since the EU parliament ratified the Withdrawal Agreement in February 2021, securing residency in European countries has become that much more challenging for Brits.
However, while Brexit has been a long and grueling procedure, it has allowed for the prospect of Golden Visas for British Nationals.
These handy visas, originally aimed at affluent Russian, Chinese, and Iranian nationals, enable non-EU citizens to gain residency in Spain in exchange for an investment in property, treasury bonds or shares in Spanish companies.
The main advantage for British nationals is that they can enter and move visa-free through the Schengen Area. But, there are plenty more benefits to be had.
Let’s take a look more closely at exactly what the Golden Visa enables you to do.
The pros of a Golden Visa
- To clarify, the Golden Visa scheme was set up to cut through red tape and streamline the visa procedure for affluent non-EU nationals. Holders of a Golden Visa can travel in Europe entirely visa-free. (You can travel without a visa for 90 days out of every 180 days within the Schengen Area.)
- You can live and work in Spain, and Europe more broadly.
- The visa guarantees investors a two-year Spanish residency permit, which is renewable for a further 5 years. There’s also no need to become a resident: you only have to visit Spain once to get or renew the residency permit, and there is no minimum stay requirement. In fact, you don’t even have to become a tax resident, or live in Spain at all.
- Securing a 2-year residency permit can pave the way for Spanish citizenship. You can secure long-term residency status after 5 years of continuous residence, and citizenship after 10 years.
- You can bring your family. Holders of a golden visa can gain additional permits for their spouse and children under 18 years. Also, dependent parents of main investors are now included in the deal.
- Underaged children can live and study in Europe, if accompanied by your partner, while you work and earn money in other countries.
So, how do I get a Spanish Golden Visa?
Here is a list of general requirements that investors must comply with to secure an investor visa.
- It goes without saying, but you must be a non-EU national, and be of legal age (18 years or older.)
- You cannot hold a criminal record in Spain, or the country where you resided for the last five years.
- It’s imperative to have access to private medical insurance.
- You must also have sufficient financial means to support both yourself and your family while in Spain – and be able to prove it.
- It’s also necessary to pay an application fee.
Now, for the more specific requirements:
Non-EU residents can apply for a Spanish residency permit in return for any of the following:
- Make an investment of €500,000 in real estate. The investment can be in any real estate in Spain, such as houses, apartments and hotels. The catch is that the investment has to be maintained in order to keep the visa – that is, you can’t buy the property and then sell it on or mortgage it.
- Invest in at least €2,000,000 in Spanish Treasury Bonds.
- Invest at least €1,000,000 in shares of Spanish companies.
- Deposit at least €1,000,000 in Spanish bank accounts.
It’s also possible to make a ‘major’ business investment – in accordance with the following three criteria:
- Meaningful job creation (as a direct result of the investment).
- Technological or scientific impact
- Socio-economic impact in the geographical location where the investment will be made
We’ve put together a brief FAQ here to answer any questions you may have on Spain’s Golden Visa.Read quetions about golden visa >>