In 2023, the Spanish Golden Visa can be obtained on the same grounds as before. The most common way is to purchase real estate, in second place are investments in deposits or financial assets, in third place is opening of an innovative business.
The Current Conditions for Obtaining the Spanish Golden Visa in 2023
- Real Estate Investment: buying a property (residential or commercial, one or more properties) amounting to at least 500,000 €. This amount is the net investment from own funds, excluding related taxes and expenses. Attracting third-party funding is allowed over the established limit.
- Investments in Financial Assets: purchasing of Spanish government bonds in the amount of 2,000,000 €, purchasing of shares in Spanish companies, participation in investment funds, including those that work with high-risk assets, or placing a deposit in any Spanish commercial bank – totaling in the amount of 1,000,000 €.
- Innovative Business: the implementation of an innovative business project of social/economic importance and job creation (without any restrictions or investment requirements) in Spain.
The investment volumes are indicated per one investor. If, for example, both spouses are planning to obtain a Golden Visa, each of them is obliged to invest the required amount in the Spanish economy on their own behalf.
Other Requirements for Obtaining the Spanish Golden Visa in 2023
A foreign citizen applying for the Spanish Golden Visa in 2023 must meet the following requirements:
- Be a citizen of a country outside the EU and the Eurozone.
- Be of legal age.
- Not to have entered or stayed illegally in Spain.
- Have no record of criminal offenses in Spain or other countries of residence during the previous 5 years.
- Have no entry prohibition records in Spain or other countries with which Spain has signed an agreement to that effect.
- Have full medical cover from an insurance company authorized throughout Spain, providing all medical services without co-payments, including hospitalization and repatriation.
- Have the sufficient means of subsistence (we will review this requirement in more detail below).
- Pay the necessary state duties.
Rules and Deadlines for the Submission of Applications for the Spanish Golden Visa in 2023
As before, documents for obtaining the Spanish Golden Visa in 2023 can be submitted both through the Spanish Consulate in the country of permanent residence of the applicant, and in Spain itself. In Spain, the entire procedure for applying, reviewing and issuing a decision takes place in electronic form.
If the documents are submitted through the Consulate, then, in case of a positive decision, the applicant gets an annual visa, which gives the right to live and work throughout the country without geographical or sectoral restrictions. A year later, the visa can be modified into the residency permit for investors for a period of 3 years.
If documents are submitted directly in Spain (this happens if the applicant can legally enter the country, for example, on a tourist visa or on the basis of a residence permit of another type), then the investor’s residence is initially issued for a period of 3 years.
These terms – 1 year or 3 years – should be paid close attention, because this is important for calculating the funds that you need to have in your account and confirm with a bank statement.
Simultaneously with the investor, closest relatives can apply for the Golden Visa for family members: spouses or cohabitants, as well as children and parents who are dependent on him. The composition of the family will also affect the calculation of the amount required.
Economic Requirements for the Spanish Golden Visa in 2023
So, how much money do you need to show on your family account in order to get the Spanish Golden Visa in 2023?
Let’s start with the fact that all issues related to obtaining and extending the Golden Visa in Spain are regulated by a special law – The Law number 14/2013 issued on 27 September for the Support and the Internationalization of Entrepreneurs (Entrepreneurial Act). And this regulation only states that the investor must have enough funds for the entire period of residence in Spain, both for himself and for his family members. But what is meant by the phrase «enough funds»?
In this case, the Migration Service of Spain is guided by the regulations applicable to a residence permit without the right to work. According to these regulations, the main applicant must have 400% of IPREM per month, and additionally 100% of IPREM per month for each subsequent family member.
IPREM is a multifunctional income indicator used to calculate various entitlements. In 2023, in Spain, IPREM is 600 € per month. Thus, by performing simple arithmetic operations, we have the following results:
For obtaining the Spanish Golden Visa for 1 year:
- For one investor – 28,800 €;
- For a family of two – 36,000 €;
- For a family of three – 43,200 €;
- For a family of four – 50,400 €.
For obtaining the Spanish Golden Visa for 3 year:
- For one investor – 86,400 €;
- For a family of two – 108,000 €;
- For a family of three – 129,600 €;
- For a family of four – 151,200 €.
These funds should be held in the bank account, confirmed by relevant certificates and bank statements. The law does not define that the money should be kept exclusively in the accounts of Spanish banks, but practice shows that this option is the most preferable.
In 2023, we recommend applying for the Spanish Golden Visa for Russians directly in Spain, and not through consulates in Moscow and St. Petersburg.
