One of the most popular nations in Europe is Spain. In terms of history, culture, lifestyle, modernity, and everything else that makes a country wholesome, Spain is quite among the frontrunners. It is one of the highly developed countries in the country, among the top 15 economies in terms of GDP, and is part of many notable international organizations. As a result of all of these, Spain remains a highlight in the continent and beyond. If anything happens in Spain, the rippling effect is generally felt by the world. So, understandably, investors are drawn towards it.
As the title of the article suggests, my focus will be to offer a basic guide about the method by which investors can invest and engage in a well-rounded living experience. A quick, reliable, and beneficial method to achieve it is through the country’s Residence by Investment scheme. In this article, you will know 5 things about the scheme so that a reasonable decision could be made for the same.
- A basic introduction
Let me start with a basic introduction to what exactly Spain’s residence by Investment Scheme is. In the simplest terms, the scheme allows the issuance of a residence permit to any person who is not a member of the European Union (EU) and who aims to invest in the country’s economy. Once the requisite eligibility criteria are met, the successful applicant is offered a residence permit that is indefinitely renewable and could be a step towards acquiring citizenship. The scheme is intended to attract investors by offering them benefits that residents ordinarily enjoy within the country.
- What is the eligibility conditions
If you have read anything about these schemes, you will notice that the general eligibility conditions are anyway mostly similar. Under the Spanish Golden Visa scheme, the applicant must be at least 18 years old, possess no criminal antecedents, and have health insurance in Spain. When it comes to investment, the applicant is usually required to make investments in real estate in Spain; the minimum amount being €500,000. However, there are other alternative routes recognized under the scheme. For example, the applicant can invest €2,000,000 in Spanish public debt or buy shares in a Spanish company. There are many sub-conditions to these conditions which need to be looked into as well.
- What about your dependents
Now one of the biggest concerns of investors is that there are schemes that do not extend benefits to their dependents. However, such is not the case in Spain. The Spanish Golden Visa scheme includes family members. Once you make a successful application, the scheme will cover your spouse, children below the age of 18 or dependent children above the age of 18, and dependent parents. Your dependents will be extended residence permits and allowed to enjoy the underlying benefits of the scheme.
- What benefits you get
Of course, this is the most fundamental point. Why would you invest such a large sum when there is nothing to gain back? The benefits are plenty but I will enumerate them broadly: there is no stay requirement so you need not stay here to have your permit renewed unless you want to acquire citizenship in the future; you can legally work in the country; your dependents can come along with you and enjoy similar benefits; you and your dependents will be extended access to public services such as education and healthcare. One of the most attractive aspects of this scheme is that it offers mobility across the EU and the Schengen Area.
- What documents you need to submit
Of course, there is a string of documents you will have to submit as part of the process. You start with the Visa application form. You must submit a copy of a valid passport, proof of health insurance in Spain, proof of the payment of visa fee, proofs that indicate your financial health and ability to invest the requisite amount under the scheme, and police records stating no criminal antecedents. There may be other documents that you can be asked to furnish depending on the case at hand. Also, note that all your documents must be translated into Spanish.
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