If you are considering buying property in Spain and want residency to come with it, the Golden Visa is worth knowing about. Buy a property worth 500,000 euros or more, and you get automatic residence in Spain.
The property can be residential, commercial, a plot of land, or a mix of different types, as long as the total investment reaches that threshold.
One big advantage over the Non-Lucrative Visa: the Golden Visa does not require you to actually live in Spain for a minimum number of days each year. It gives you the right to reside here without forcing you to.
How the process works
- You start looking for a property.
- A tourist visa is issued so you can visit and handle the purchase.
- You sign the deposit contract for the property you have chosen.
- You apply for the Golden Visa.
If you need more time to complete the purchase, the authorities can grant a six-month permit to allow the process to finish properly.
Once your Golden Visa application is approved, you receive a visa valid for one year. Unlike most other visas, you can submit this application while you are already in Spain, which makes the process considerably more convenient.
After that first year, the visa can be renewed, as long as you still own the property. Sell it, and the basis for the visa disappears.
