Spain, renowned for its rich cultural tapestry and breathtaking landscapes, offers a variety of visa options to non-EU citizens. Among these, the Golden Visa and Non-Resident Visa stand out, each tailored to different groups and needs. Understanding these options is crucial for anyone considering a move to Spain.
Eligibility criteria: Who can apply for each visa?
Golden Visa Spain: Targeted at wealthy investors from non-EU countries, this program requires a significant investment in Spanish real estate, government bonds, or business ventures.
Non-Resident Visa: Ideal for individuals planning to stay in Spain for specific purposes such as work, study, or family reunification. Unlike the Golden Visa, it doesn’t require a large financial investment.
Case Studies: Real-Life experiences with both visas
A study featured on the LSE Business Review website explores the economic impact of Golden Visa programs in the EU, including Spain:
These programs generally contribute less than 0.3% to GDP and are not substantial enough to significantly affect real estate markets, except in certain cases like Greece.
Investment requirements: Comparing financial commitments
Golden Visa Spain: Demands a minimum investment of €500,000 in real estate or higher amounts in other areas like government bonds or business ventures.
Non-Resident Visa: No direct investment required. Applicants must, however, demonstrate sufficient financial means for their stay in Spain.
Duration and renewability: How long can you stay?
Golden Visa Spain: Offers initial two-year residency, renewable for five years as long as the investment is maintained.
Non-Resident Visa: Typically valid for one year, renewable based on ongoing eligibility and adherence to visa conditions.
Rights and benefits: Living, working, and traveling
Golden Visa Spain: Provides residency rights, work permits, and visa-free travel within the Schengen Zone. Family members can also be included.
Non-Resident Visa: Offers specific rights based on the type of visa, such as working, studying, or joining family members in Spain.
Application process: Steps to secure each Visa
Golden Visa Spain: Involves selecting an investment, preparing documentation, and applying through the Spanish consulate or immigration office.
Non-Resident Visa: Requires gathering documents like work contracts or university admission letters and applying through the Spanish embassy or consulate in the applicant’s home country.
Family Considerations: Bringing loved ones to Spain
Golden Visa Spain: Allows family inclusion in the application, offering similar residency rights.
Non-Resident Visa: May permit family reunification, but this often involves a more complex process.
Tax implications: Resident vs non-resident status
Golden Visa Spain: Staying over 183 days in Spain could result in tax residency, implying global income tax liability.
Non-Resident Visa: Typically, holders are taxed only on their Spanish-source income.
