After you’ve taken a break from work, distracted yourself from daily problems, and maybe even placed a few successful bets at an online casino https://nationalcasino.com/, let’s dive into some news from Spain about changes to the “Golden Visa” program.
What are “Golden Visas” in Spain?
If you’ve ever dreamed of living in sunny Spain, enjoying its beaches, culture, and food, you might have heard about the “Golden Visa.” This is a special program for foreigners that allows you not only to live legally in the country but also to travel freely across the European Union. So, what is this visa, and how could it be obtained? Let’s take a closer look.
What is a “Golden Visa”?
The “Golden Visa” is a special type of residency permit granted to foreigners who are willing to invest in Spain’s economy. Launched in 2013, this program aimed to attract wealthy investors, boost the real estate market, and support the country’s economic development. In return for investments, holders received the right to live in Spain along with other benefits.
What were the benefits of a “Golden Visa”?
- Residency and work rights in Spain: You could move with your entire family—spouse, children, and even dependent parents.
- Visa-free travel: Holders could freely travel within the Schengen Zone.
- Quick processing: The process usually took only 2–3 months.
- No residency requirement: You only needed to visit Spain once a year to keep the visa active.
How could you get a “Golden Visa”?
To qualify, you had to meet one of the following criteria:
- Buy real estate worth at least €500,000. This could be a house, apartment, land, or commercial property.
- Invest in a business in Spain or create jobs.
- Invest in government bonds or a bank deposit of at least €1 million.
- Purchase shares in Spanish companies.
All funds had to be from legal sources, and supporting documents were required.
In summary, the “Golden Visa” program allowed non-EU citizens to gain Spanish residency in exchange for investments—such as buying property worth a minimum of €500,000, investing at least €1 million in Spanish company shares, or €2 million in government bonds.
Additional details:
- Language and exams: There was no requirement to learn Spanish or pass any cultural tests to qualify for the visa.
- Tax residency: If you spent more than 183 days a year in Spain, you would become a tax resident, meaning you’d need to declare your income according to local laws.
- Path to citizenship: After 10 years, you could apply for a Spanish passport if you met certain conditions.
Why was it attractive?
Spain is one of Europe’s most popular countries, offering a fantastic climate, high quality of life, affordable healthcare, delicious food, and friendly people. For many investors, this wasn’t just about financial returns but also improving their family’s lifestyle.
What’s changing in 2025?
Starting in April 2025, Spain will stop issuing “Golden Visas” (residency permits for foreigners in exchange for investments). The changes were published in the Official State Gazette (BOE).
- Existing visas: “Visas and permits issued to investors before this transition will remain valid for the period they were granted.”
- Pending applications: Investors and their family members who apply before the changes take effect can still receive visas under the rules in place on their application date.
