Spain’s ‘Golden Visa’ Made Easier

The Spanish Government recently announced a relaxing of requirements for foreign investors to gain automatic residency via a ‘Golden Visa’.  Introduced in September 2013, 530 foreigners have been granted a visa so far, with the majority, some 490 people, doing this through the purchase of a luxury 500,000-euro-plus home.  Most of the property investors have been Chinese, Russian or Arab with business entrepreneurs coming largely from the United States.  It has earned the Spanish economy an estimated 700 million euros so far. 

Previously the visa was granted to the applicant, their spouse, children under the age of 18 and disabled children of any age.  This has now been extended to unmarried couples, economically-dependent relatives and children of any age.  Also, while the economic criteria remain the same, the path has been made smoother with applicants able to start the process upon arrival in Spain rather than applying from overseas.  The visa will also be given within six months even to those who haven’t formalised a property purchase, provided they’ve signed a contract and paid a deposit.