Spain has some of the best beaches and cuisine in the world, so it’s not surprised that it attracts high-net-worth individuals from all over the globe. The country’s Spanish Golden Visa program allows non-EEA nationals to acquire a residence permit and eventually become naturalized citizens in the European Union.

The Spanish Golden Visa is a residency-by-investment program launched by the government in 2013. The scheme is designed to attract foreign investment and boost tourism, and it offers pathways to permanent residency and eventual citizenship for qualified applicants and their family members.

One of the most popular routes toward a Spain Golden Visa is through real estate investments. Applicants can invest up to EUR500,000 in a new-build property, including land, apartment, or home, or in a development project. They can also build a villa on their own plot of land or purchase an existing house that they plan to renovate. However, the investment cannot include the expansion or significant repair and renovation work of an already existing property. Alternatively, applicants can also invest in alternative assets, such as shares of Spanish companies or bank deposits in Spanish financial entities.

The program’s benefits are attractive for many potential investors, especially those from China and Russia. The number of applications has risen exponentially since the launch of the Spanish Golden Visa. In fact, the Spanish government has started to take note of this and has even taken steps to regulate the number of residence visas issued.

In addition to real estate, another popular option is starting a business in Spain. Under this, the applicant will have to submit a business plan with details about the proposed venture, market research, marketing strategy, financial projections, and staffing. They will also need to meet the minimum investment amount of EUR1 million.

The golden visa is valid for two years and can be renewed indefinitely. After ten continuous years, the visa holder can apply for permanent residency. They can also choose to become a citizen after a further five years of residing in the country and meeting other requirements. It is worth noting that the Spanish government taxes Golden Visa holders only on income earned in the country, so they are not penalized for leaving the country. This is a big advantage of the programme over other countries that offer similar schemes. In addition, a Spain Golden Visa holder can travel visa-free throughout the Schengen Zone. This is a major benefit for high-net-worth individuals who want to enjoy the country’s excellent lifestyle and weather.