SPAIN
SPAIN
“I would sooner be a foreigner in Spain than in most countries. How easy it is to make friends in Spain!” – George Orwell
GDP
POPULATION: 46,770,000
Population Growth: 0.20%
29,863.18 USD
GDP (per capita)
GDP (purchasing power parity)
1,393 trillion USD (2013)
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VISA FREE COUNTRIES: 175
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LOCATION
South Western Europe
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CAPITAL
Madrid
TIME DIFFERENCE
UTC 0:00
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TOTAL AREA
505,990 sq. km
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AGE DEMOGRAPHICS
0-14 years: 15.43%
15-24 years: 9.56%
25-54 years: 45.24%
55-64 years: 11.91%
65 years and over: 17.85%
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LANGUAGES SPOKEN
Spanish 82%, Catalan 9%, Galician 5%, Basque 1%, Aranese 3%.
RELIGIONS WORSHIPPED
Roman Catholic 74%, No-Religion 24%, 2%Other
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GOVERNMENT TYPE
Constitutional Monarchy, Parliamentary
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CURRENCY
EURO
EXCHANGE RATE
1 USD = 1.06 EURO
Spain
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The Spanish Residence Permit Program, also known as the Spanish Golden Visa Program, was established in 2013 by the Spanish government to encourage investment from foreign investors outside the European Union (EU) for the country’s economic prosperity. To obtain temporary residency, investors will have to invest at least €500,000 in real estate, or alternatively, invest in shares, public debts or bank deposits.
Why Spain?
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“I would sooner be a foreigner in Spain than in most countries. How easy it is to make friends in Spain!” – George Orwell
Spain’s Golden Visa is one of the most successful citizenship by investment programs in Europe. With its world-class beaches, mouth-watering cuisine, rich culture and high living standards, Spain has become an ideal place to obtain residency for many.
Benefits
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Fast processing within 30-60 days upon submission
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Visa-free travel within the Schengen Zone
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Enjoy EU rights
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Inclusion of spouse and children under 18
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No language or history tests
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No mandatory stay required
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Easy renewal upon visiting Spain once a year
Eligibility Criteria
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On top of meeting the minimum investment requirements for any of the investment options below, applicants should also fulfill the following criteria:
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Be over 18 years old
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No criminal record in Spain countries lived in during the last 5 years for offenses stipulated under Spanish Law
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Not listed as objectionable in the territorial space of countries with which Spain has signed an agreement in this regard
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Hold an authorized public insurance or private health insurance
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No previous visa or entry refusal into the Schengen zone
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Possess sufficient financial resources to reside in Spain
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Provide proof of his qualifying investment among the following investment options
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Family members, including spouse and other qualifying dependents can also be admitted along with the applicant.
Minimum Investment Requirements
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The Spanish Golden Visa Program provides a variety of investment options for investors and entrepreneurs, which are summarized as follows:
Real Estate Investment
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Real estate investment is the most frequent option chosen by investors to obtain residency. The property invested can either be residential or commercial, or a combination of both as long as the investment amount adds up to a minimum of €500,000. Any amount exceeding the minimum investment can then be mortgaged out.
Capital Investments
Other than property investments, investors who wish to obtain a residence visa may make an initial capital investment in any one of the following options:
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€2,000,000 in Spanish public debt securities
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€1,000,000 in the shares of Spanish capital companies with actual business activities
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€1,000,000 in investment funds, close-end investment funds or venture capital funds constituted in Spain; or
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€1,000,000 bank deposits in the Spanish financial institutions.
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Business Investments
Further, entrepreneurs and investors can also qualify residency by engaging in an innovative business or business investments of particular economic interest, subject to satisfaction of the following:
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For entrepreneurs, the entrepreneurial activities shall be of special economic interest for Spain.
Whereas for investors, the business investments shall fulfill at least one of the following conditions, namely:
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Job creation;
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Production of significant socio-economic impact in the geographical area of investment; or
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Contribution to scientific or technological innovation
All investment options above requires a minimum investment period of 5 years. The initial residence visa granted will last for 1 year, which is then renewable every 5 years, under continued compliance with the relevant requirements. Permanent residency can be obtained upon living in the country for 5 years. Ultimately, citizenship can be acquired after a 10-year residence period.
Additional permits can be obtained for applicant’s spouse, children under 18, and other dependent family members. They will be able to enjoy the same benefits as the applicant. In general, a residence visa will be issued by the Embassy of Spain within 1-2 months. Government fees are payable upon application.