1. What is a Golden Visa?
A Golden Visa is a type of residency by investment program that allows individuals to obtain permanent residence in a foreign country by investing in the country’s economy. The term “Golden Visa” is commonly used in countries such as Spain, Portugal, and Malta, which offer these programs to attract foreign investment and stimulate economic growth. Other countries may have similar programs with different names.
2. How do I qualify for a Golden Visa in Spain and Portugal?
In Spain, to qualify for a Golden Visa, you must meet the following requirements:
1. Real Estate Investment: Make a minimum investment of €500,000 in Spanish property. This could include residential, commercial or land.
2. Bank Deposit: Make a deposit of €1 million in a Spanish financial institution.
3. Business Investment: Invest at least €1 million in a Spanish company or create business activities that generate jobs or economic growth.
4. Government Bonds: Purchase sovereign Spanish bonds worth €2 million.
Additionally, you must not have any previous criminal record or be listed as an undesirable individual in any country.
In Portugal, to qualify for a Golden Visa, you must meet the following requirements:
1. Real Estate Investment: Make a minimum investment of €500,000 in Portuguese property. This could include residential, commercial or land.
2. Capital Transfer: Transfer at least €1 million into Portugal’s banking system.
3. Job Creation: Create at least 10 jobs in Portugal.
4. Research Activities: Invest at least €350,000 towards research activities conducted by accredited institutions in Portugal.
5. Entrepreneurship: Invest at least €350,000 towards entrepreneurial activities that contribute to Portuguese economy and job creation.
6. Funds Donation: Donate at least €250,000 towards cultural heritage preservation or arts projects.
Like Spain, you must also not have any previous criminal record and cannot be listed as an undesirable individual in any country.
3. What are the main differences between the Golden Visa programs in Spain and Portugal?
There are several key differences between the Golden Visa programs in Spain and Portugal:
1. Investment Amount and Types of investments: Spain’s Golden Visa program requires a minimum investment of €500,000, while Portugal’s program requires a minimum investment of €350,000 for real estate or €1 million for other types of investments such as business ventures or job creation. Additionally, Portugal offers the option to invest in research activities or make a capital transfer of at least €350,00 instead of purchasing real estate.
2. Duration: The Spanish Golden Visa is valid for one year initially, with subsequent renewals every two years, while the Portuguese Golden Visa is valid for five years and can be renewed twice, for a total of 10 years.
3. Residency Requirements: In Spain, Golden Visa holders are required to spend an average of at least one week per year in the country to maintain their residency status. In Portugal, there is no minimum stay requirement.
4. Citizenship Pathway: Both Spain and Portugal offer a pathway to citizenship through their respective Golden Visa programs. In Spain, investors can apply for permanent residency after 5 years and citizenship after 10 years. In Portugal, investors can apply for permanent residency after 5 years and citizenship after 6 years.
5. Language Requirement: There is no language requirement for the Spanish Golden Visa program. However, in order to apply for Portuguese citizenship through the Golden Visa program, applicants must demonstrate basic knowledge of Portuguese.
6. Family Reunification: Both countries allow investors to include their family members (spouse and minor children) in their application for residence permits under the Golden Visa program.
7. Real Estate Investment Options: In Portugal, there are no restrictions on property type or location when it comes to real estate investments. However,in Spain investors must purchase a residential property worth at least €500,000 in order to qualify for the Golden Visa.
8. Tax Implications: Both Spain and Portugal offer favorable tax regimes for non-residents who become residents through their respective Golden Visa programs. However, the specifics of each program may differ. It is important to consult with a tax professional to understand the tax implications in both countries.
9. Schengen Zone Travel: As a member of the Schengen area, Portugal allows investors and their families to travel freely within the 26 European countries without any additional visa requirements. Spain, on the other hand, requires Golden Visa holders to obtain a separate visa if they wish to travel outside of Spain for an extended period of time.
10. Investment Opportunities: While both programs offer opportunities for real estate investment and business ventures, Portugal’s program also includes options for investment in research activities or making a capital transfer, providing more diverse investment opportunities for potential investors.
4. Can I invest in any type of property to obtain a Golden Visa in Spain and Portugal?
No, in order to obtain a Golden Visa in Spain and Portugal, the investment must be made in specific types of properties, such as residential or commercial real estate. The investment may also need to meet certain criteria, such as a minimum purchase price or location within a designated area. It is important to consult with a lawyer or reputable investment advisor before making any decisions regarding Golden Visa investments.
5. Is there a minimum investment amount required for the Golden Visa in Spain and Portugal?
Yes, both Spain and Portugal have a minimum investment amount requirement for their Golden Visa programs.
In Spain, the minimum investment amount for the Golden Visa is €500,000 in real estate. However, there are other investment options available, such as investing €1 million in Spanish company shares or government bonds.
In Portugal, the minimum investment amount for the Golden Visa is €500,000 in real estate. There is also an option to invest €350,000 in properties located in areas designated for urban regeneration or to invest €250,000 in properties located in low-density areas.
It’s important to note that both countries allow for co-ownership of property among multiple investors. This means that you can combine investments with family members or friends to meet the minimum investment amount requirement for the Golden Visa.
6. Do I have to live in the country to maintain my Golden Visa status?
No, you do not have to live in the country to maintain your Golden Visa status. However, most countries require you to spend a certain amount of time in the country each year in order to renew your visa. This can vary from a few weeks to a few months, depending on the specific requirements of the Golden Visa program you are participating in. It’s important to research and understand the requirements for maintaining your Golden Visa status before applying for one.
7. Are family members also eligible for a Golden Visa under the same investment?
Yes, family members (spouse, children under 18 years old, dependent children over 18 years old, and dependent parents) of the main applicant are eligible for a Golden Visa under the same investment. They must also meet the same requirements as the main applicant and be included in the initial application. Additional fees and proof of relationship may be required.
8. Can I obtain citizenship through the Golden Visa program in Spain and Portugal?
Yes, it is possible to obtain citizenship through the Golden Visa program in both Spain and Portugal. However, the specific requirements and process differ between the two countries.
In Spain, after holding a Golden Visa for five years, you can apply for permanent residency. After residing in Spain for an additional five years (for a total of ten years), you can then apply for Spanish citizenship. There are also options to expedite this process if you have made significant investments in Spanish properties or businesses.
In Portugal, after five years of holding a Golden Visa and meeting other requirements such as language proficiency and ties to the country, you can apply for Portuguese citizenship. However, it is important to note that holders of a Portuguese Golden Visa are only required to spend seven days per year in the country during the first five years, which means they need to actually reside in Portugal for 35 days each year. Additionally, there is an optional accelerated route to citizenship available after three years by investing more funds.
It is always recommended to consult with a qualified immigration lawyer or consultant for specific details and guidance on obtaining citizenship through the Golden Visa program in either country.
9. How long is the processing time for the Golden Visa application in both countries?
The processing time for the Golden Visa application can vary depending on the individual circumstances of the applicant and any potential delays that may occur during the process. In Portugal, it is estimated that the initial application process can take up to 3-6 months. Once the application is approved, it typically takes an additional 2-3 weeks for the residence permit to be issued. The entire process from start to finish can take between 5-8 months.
In Spain, the initial application process can also take up to 3-6 months. However, once approved, it takes approximately 5 working days for the residence permit card to be issued. The total processing time can take anywhere from 4-6 months.
It’s important to note that these are estimates and actual processing times may vary. It’s always recommended to consult with a lawyer or immigration specialist for accurate and up-to-date information on processing times for Golden Visa applications in both countries.
10. Will my children be able to attend school or university with a Golden Visa?
Yes, your children will be able to attend school or university with a Golden Visa. The Golden Visa allows you and your family members to live, work, and study in the country where it is issued. This includes access to education at all levels, from primary school to higher education. However, keep in mind that you will still need to meet the requirements and follow the procedures established by the educational institutions for admission.
11. Are there any tax implications for having a Golden Visa in Spain and Portugal?
Yes, there are tax implications for having a Golden Visa in Spain and Portugal. As a resident, you will be subject to their respective tax laws and will have to declare any income or assets earned or acquired both in the country and abroad. You may also be entitled to certain tax benefits as a resident, such as deductions for real estate expenses or rebates on capital gains tax. It is important to consult with a tax advisor in both countries to ensure compliance with local tax laws.12. Can I work or start a business with a Golden Visa?
Yes, you can work and start a business with a Golden Visa. However, the specifics may vary depending on the country where you obtained your Golden Visa. It’s important to check with the relevant authorities in that country for more information and guidelines on working and starting a business. In general, most Golden Visa programs have specific requirements for investors who plan to work or start a business in order to maintain their residency status. These requirements may include minimum investment amounts, job creation targets, and/or demonstrating sustainable income from the business. It’s also important to note that some countries may have restrictions on certain types of jobs or industries for foreign investors.
13. Are there any language requirements for obtaining a Golden Visa in either country?
Yes, there are language requirements for obtaining a Golden Visa in both countries. In Portugal, applicants must pass a basic Portuguese language test at an A2 level. In Greece, applicants must demonstrate basic knowledge of the Greek language through a language certificate from an accredited institution or by passing an oral exam conducted by the Ministry of Foreign Affairs.
14. Can I apply for permanent residency through the Golden Visa program?
Yes, the Golden Visa program in Portugal allows for individuals to apply for permanent residency after five years of holding a temporary residence permit.
15. As an American, can I apply for both Spanish and Portuguese Citizenship by Investment at the same time?
No, you can only apply for one Citizenship by Investment program at a time. You will need to choose either the Spanish or Portuguese program and complete the application process before applying for the other country’s program.
16. Do I need to make multiple visits to Spain/Portugal during the application process?
It depends on your specific situation and the requirements of Spain/Portugal. Generally, you will need to make at least one visit to submit your visa application and possibly for an interview or biometrics appointment. If you are applying for residency, you may also need to make another trip to finalize the process once you have been approved. It’s best to check with the Spanish/Portuguese consulate or embassy for more specific information.
17. Can I invest in real estate outside of major cities to obtain a Golden Visa?
Yes, it is possible to invest in real estate outside of major cities for a Golden Visa. The investment amount and requirements may vary depending on the specific country’s Golden Visa program you are applying for. It is important to research and understand the requirements and regulations for investing in real estate in the specific country you are interested in.
18.Can I obtain residence permits for parents or grandparents through my golden visa investment?
It depends on the specific requirements and regulations of the country where you are applying for a golden visa. Some countries may allow residence permits for parents or grandparents as dependents if they meet certain criteria, such as being financially dependent on the investor. However, in most cases, only spouses and minor children can obtain residence permits through a golden visa investment. It is important to carefully review the eligibility requirements before making any investment decision.
19.Are there any restrictions on how long I can stay outside of Spain/Portugal with a golden visa?
There are no specific restrictions on the length of time you can stay outside of Spain or Portugal with a golden visa. However, most countries have their own immigration laws and regulations, so you should check with the respective embassy or consulate for any possible restrictions or requirements for your extended periods of absence. Generally, it is recommended to spend at least 183 days per year in Spain/Portugal in order to maintain your golden visa status and eventual eligibility for permanent residency or citizenship.
20.How does Brexit affect British citizens applying for a golden visa in either country?
The impact of Brexit on British citizens seeking a golden visa in either country will depend on the specific restrictions and requirements set by each country for their respective programs.
In Portugal, despite being part of the European Union, British citizens were already eligible for the golden visa program as non-EU nationals. Therefore, there will likely be minimal changes for them post-Brexit. However, they may have to go through additional bureaucratic processes if they are no longer considered EU citizens.
On the other hand, in Spain, British citizens may face stricter requirements and limitations post-Brexit as they will no longer have the freedom of movement within the EU. This means that they may need to obtain a visa or permit to live or work in Spain, including for obtaining a golden visa. They may also face tougher financial and investment criteria compared to EU citizens.
It is important for individuals considering a golden visa in either country to carefully review the requirements and restrictions set by each program and seek professional advice if needed.