Acquiring citizenship of any country has been conventionally a very drawn-out process. In fact, it was only recently countries started switching to processes that enabled a quicker acquisition of citizenship provided certain conditions are met. One such manner in which this is possible is through investment. In case you already know about this method, then you must be aware of the various countries that operate programs that provide for the same. Those who don’t know about it should keep reading this article because I will be explaining a bit through the example of Spain’s citizenship by investment program.
Spain is a highly developed country that is a part of the European Union. It is known for its long, influential history, culture, modern lifestyle, and high living standards. Having access to Spain means you have access to many prominent countries in the neighborhood. So, citizenship would be a good option if your circumstances and resources allow it.
Today, we shall know about a few things on the Spanish Citizenship by Investment Program.
- An introduction
Such programs, in general, are called Golden Visa Programs. Under the programs, anyone can become a resident/citizen of a country provided he makes certain levels of investment and satisfies other eligibility conditions such as clean background records. Spain’s Golden Visa program was started in the year 2013 and is extended to a non-EU national upon the investment of a certain sum in the Spanish economy. Upon the fulfilment of these conditions, citizenship is granted through an expedited process, and the successful applicant is able to enjoy all the benefits incidental to citizenship. - What kind of investment you need to make
Under the program, the applicant is given the option to invest in myriad manners. Broadly speaking, there are five avenues of investment for the applicant. He can invest in real estate but not less than €500,000, invest a minimum of €2,000,000 in the Spanish public debt, purchase stocks in a company, deposit at least €1,000,000 in a local bank, or invest in a business that makes certain contributions such as job creation, technological advancement, and whatnot. The investor can choose any of these for satisfying the investment requirement under the program. - Other eligibility conditions
Every Golden Visa Program undertakes due diligence and hence, a number of other eligibility conditions have been coupled with the investment requirement. To make an application under the program, you must be a minimum of 18 years of age, must not have had any criminal antecedents, have a legal source of income, and have health insurance in Spain. Now, it may happen that there are additional conditions imposed but that depends on the context. Only after you have cleared all these requirements that the application process is fast-tracked and citizenship is granted. - What are the perks
Obviously, no one would invest such a hefty amount for nothing. The biggest draw of Spain’s Golden Visa program is that it allows the successful applicant to enjoy all the benefits of citizenship. The benefits include visa-free travel to EU and Schengen Zone countries, the extension of benefits to family members, non-compulsion to stay in the country for renewal of the residence permit, eligibility to legally work in Spain, and access to public services such as public education. You can take along your family members, as evident from above, and have them enjoy the same benefits as you. However, note that the purview of family members covers your spouse, underage or dependent children, and dependent parents. - When do you get citizenship
Now, the first step is to get a residence permit but those of you who want to become citizens would have to wait a little longer. To acquire citizenship under the program, you are required to stay in Spain for a minimum of 10 years; to be very specific, you are required to live a minimum of 6 months in a year for every 10 years. Moreover, you will have to show the authorities that you understand the local language and have cultural and social ties with the country. Only after having proven these conditions should you be issued a passport.
