After Brexit, many British nationals have been exploring options to stay connected with the European continent. One popular option is participating in the Golden Visa program. Spain is one of the European Union countries that have one. The main requirement to take part is to make an investment of at least €500,000.
We’ll provide an overview of the Span Golden Visa program and outline various investment options.
How to Obtain Golden Visa in Spain After Brexit: Complete Guide
What is a Spain Golden Visa?
Spanish Golden Visa is a program that allows non-EU nationals to get a residence permit in Spain in exchange for significant investment in the country’s economy. The investors may buy real estate, open a deposit in a Spanish bank, or choose another investment option.
Brexit has significantly impacted UK citizens regarding obtaining the Spanish Golden Visa. Before Brexit, UK nationals, like other European citizens, had the right to live, work, and travel freely throughout the EU. However, this privilege ceased for UK nationals after the Brexit transition ended on 31st January 2020.
Investment options for obtaining a Golden Visa
The Spanish government offers several routes to qualify for this golden opportunity. One of them is by purchasing property worth at least €500,000.
Any price beyond this threshold may be subjected to financing, but the first half-million euros must remain unencumbered. The property must be paid entirely for without mortgages or financial obligations.
Besides real estate investment, other ways exist to qualify, such as business investment or opening a deposit in a Spanish bank.
Investment options under the Spain Golden Visa program
Requirements for UK investors to obtain Spain Golden Visa
The investor applying for the Spain Golden Visa has to meet several requirements besides making an investment:
The Spanish Golden Visa is available to non-EU nationals. It includes UK citizens following Brexit.
Applicants must demonstrate that their investment money comes from abroad and legal sources.
Applicants must have valid health insurance that covers them in Spain.
Applicants must have a clean criminal record in their home country and any countries where they have resided for the past five years.
The investor’s family members, including spouses, dependent children and parents, can also apply for the Golden Visa. Dependent children include minors and adults who are economically dependent on the primary applicant and unmarried.
The process of acquiring a Spain Golden Visa
The whole procedure of Spain Golden Visa obtainment takes at least 5 months and consists of 5 steps.
2 weeks
Select an investment option and make the investment
Decide on the type of investment you wish to make in Spain. The most common option is to invest at least EUR 500,000 in real estate, but there are also options to invest in shares of Spanish companies, bank deposits, or Spanish bonds.
Once you have selected your investment, the next step is to make the investment. It typically involves finding a property, making an offer, and completing the purchase transaction for real estate purchases.
Decide on the type of investment you wish to make in Spain. The most common option is to invest at least EUR 500,000 in real estate, but there are also options to invest in shares of Spanish companies, bank deposits, or Spanish bonds.
Once you have selected your investment, the next step is to make the investment. It typically involves finding a property, making an offer, and completing the purchase transaction for real estate purchases.
4 weeks
Prepare documentation
You will need to prepare several documents for your application.
It includes proof of investment, proof of financial means to support yourself and any dependents during your stay in Spain, a clean criminal record from your home country and any countries where you have resided during the past five years, and valid health insurance that covers you in Spain.
You will need to prepare several documents for your application.
It includes proof of investment, proof of financial means to support yourself and any dependents during your stay in Spain, a clean criminal record from your home country and any countries where you have resided during the past five years, and valid health insurance that covers you in Spain.
1 day
Submit application
The application can be submitted at a Spanish Embassy or Consulate and will be reviewed within 5+ months.
The application can be submitted at a Spanish Embassy or Consulate and will be reviewed within 5+ months.
5+ months
Receive Golden Visa
If your application is approved, you will receive the Golden Visa, which grants you the right to live and work in Spain for one year.
If your application is approved, you will receive the Golden Visa, which grants you the right to live and work in Spain for one year.
After 1 year, then after 2 years
Renew visa
After the initial one-year period, you can exchange your Golden Visa for a residence permit valid for two years and renewable for five years after that, provided you maintain the minimum required investment.
After the initial one-year period, you can exchange your Golden Visa for a residence permit valid for two years and renewable for five years after that, provided you maintain the minimum required investment.
Why the UK citizens choose to obtain Spain Golden Visa after Brexit
The Spanish Golden Visa has become an attractive option for UK nationals keen to own real estate in Spain and secure their rights as residents or even as EU citizens in the long term.
UK citizens may choose to obtain the Spanish Golden Visa for various reasons.
Residence and travel rights. The Spanish Golden Visa grants UK nationals the right to reside in Spain long-term without being restricted by needing to leave after 90 days. It also allows them to travel freely within the EU’s Schengen Zone.
No minimum stay requirement. Golden Visa holders are not required to reside in Spain to maintain their visa, making it an attractive option for individuals who want the flexibility of living in Spain part-time or maintaining business interests in other countries.
Path to citizenship. After 10 years of uninterrupted residence, Golden Visa holders can apply for Spanish citizenship, provided they meet certain requirements.
Property ownership. The Spanish Golden Visa is an attractive option for UK nationals keen to own real estate under the Spanish sun.
Under the Golden Visa program in Spain you can rent your real estate out, then it is possible to earn rental income or capital gains from property appreciation
The path towards permanent residency and citizenship
If your long-term plan includes settling down permanently, there’s good news. After five years under this status, provided all requirements are met, including maintaining original qualifying investments, investors may be eligible to apply for Permanent Residency status.
It offers more stability than temporary visas initially issued under the Program. Besides that, it opens up potential pathways toward full-fledged citizenship if desired.
Getting Spanish citizenship is more complex. Besides maintaining your investment and living in Spain for at least ten years, you must pass Spanish language proficiency and cultural knowledge tests.
You must also demonstrate good civic conduct and no criminal record within Spain and internationally during the entire period of residence leading up to the application submission date.
If your primary goal is securing a European Union passport in the shortest time possible, another route might be more suitable. Other countries offer similar programs with faster routes towards obtaining EU passports, such as the Greek Golden Visa or Cyprus Permanent Residency Program.
Conclusion
The Spain Golden Visa program offers affluent UK individuals a route to residency and potential citizenship through real estate investment or other alternative options. The program provides a range of benefits, such as visa-free travel within Europe’s Schengen Area and ownership of properties in Spain.
Download our complete guide to learn everything you need about 9 popular Golden Visa programs.
Benefits
Investment options
Eligibility requirements
Processing times
