Foreign real estate investors can now take advantage of the law approved by the Spanish government commonly known as “Golden Visa”, concerning the granting of residence permits and citizenship for non-EU citizens when they invest in real estate in Spain. The golden visa program in Spain is very flexible in terms of family options. Government fees are low and the process is quick.
The Golden Visa applications are processed by the Consulates and granted within 10 days of filing. The Residency Permit applications are processed electronically and granted within a maximum time limit of 20 days from filing.
The applicant needs to have committed to the investment prior to applying for the visa. An application can be made once a contract for sale has been signed and prior to completion of the sale at the notary. However the funds must be ready for investment in a bank account in Spain.
The initial visa is valid for 2 years and can be extended and renewed as a Residency permit every 5 years. If the initial visa is applied for through the consulate or Embassy then the initial period is 1 year, with first renewal of 2 years, and following renewals of 5 years.
No minimum stay in Spain is required during the first year (Golden Visa) or during the further periods of 2 and 5 years (Residency Permit). The investor is not required to travel to Spain and the extension can be made by a representative.