UGLOBAL . COM 79
During the last few years , Spain has become one of the most sought-after destinations to live and invest in . This influx of foreign investors results from a fast-track path to legal residence through its golden visa program and the high quality of life that the country offers . Additionally , the living costs are very affordable in Spain compared with other European Union ( EU ) countries offering similar investment programs .
AMONG THE OLDEST PROGRAMS IN EUROPE
The program is one of the oldest in Europe and offers direct access to legal residence in Spain . It was launched 10 years ago to attract foreign capital after the 2013 economic crisis and is part of Law 14 / 2013 of Sep . 27 that year .
There are different routes to qualify for the legal residence through the golden visa Program in Spain :
• Purchase of real estate for at least 500,000 anywhere in Spain .
• Deposit of at least 1 million euro in the investor ’ s own personal bank account in Spain .
• Acquisition of government bonds for at least € 2 million or 1 million stock purchase in a Spanish company .
The real estate option is currently the most popular option for foreign nationals . Some keep their properties for personal enjoyment , while others rent them out for profit . Given Spain is one of the most popular tourist destinations in the world , this route is very attractive as it confers an additional benefit besides legal residence .
THE GOLDEN VISA WITH THE SHORTEST PROCESSING TIME
The Spanish golden visa Program has the shortest processing time of all investment programs worldwide . By law , the application must be approved or denied within 20 working days and is granted for three years , as stated in the country ’ s official gazette BOE ( Boletín Oficial del Estado , Article # 76 of Law 14 / 2013 ).
As previously mentioned , due to the political or economic uncertainty in many countries , this established time frame has provided great confidence among applicants who seek
“ The real estate option is currently the most popular option for foreign nationals . Some keep their properties for personal enjoyment , while others rent them out for profit .
”
to relocate their families to a safer country quickly , as other investor visa programs take years to resolve .
ADVANTAGES OF THE SPANISH GOLDEN VISA PROGRAM
The main benefits that have boosted the number of investor applications for the Spanish visa are summarized as follows :
1 . No physical presence requirement
The law does not require living in Spain to maintain and renew the legal residence status . This has been an important factor , considering that many investors are not ready to relocate but want to secure a plan B for the future .
2 . No need for consular processing
Investors can apply and obtain their legal residence while visiting Spain . Citizens from 60 + countries , including Latin America and the US , can visit Spain for up to 90 days without a visa . After filing , the administration has 20 working days to approve or deny the application . Thus , foreign nationals can purchase the property , file for residence , and obtain their three-year residence card in a single trip to Spain . The