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Advantages and Disadvantages of Obtaining Golden Visa in Spain

Advantages and Disadvantages of Obtaining Golden Visa in Spain

Golden Visa algorithms are standard in Europe. However, the Spanish scheme is trendy among them. Foreigners more and more often choose this region to obtain a special permit. Read below about what influences this choice, what Spain Golden visa benefits await applicants, and the disadvantages of the scheme.

Overview of Spain’s Golden Visa Program

The process and conditions for obtaining a Spanish permit are simple and quite fast. Using Golden Visa guides, it is not difficult to understand the procedure and collect the necessary documents. However, My Golden Visa Kenley Henderson specialist still recommends that you seek the assistance of licensed agents who accompany the client, from gathering the papers to obtaining the permit. It is possible to become a holder of a document allowing residence in the state through impressive financial support of the economy. Migrants buy stocks or purchase housing.

Spain Golden Visa Advantages

In addition to the residence permit, holders of a Spanish Golden visa also receive other essential advantages of a Spanish Golden visa. They relate to travel, work, use of public services, and several other factors. Applicants can submit individual applications and applications from the whole family. Getting a permit is a step on the way to becoming a citizen.

Several Ways to Obtain a Golden Visa

There are several ways to invest in the terms of the program. The applicant must choose one option to receive the documents:

  • purchase of commercial real estate or residential apartments of 500 thousand euros or more;
  • buying securities for an amount of 2 million euros or more;
  • purchase of shares or opening bank deposits in the minimum amount of 1 million euros;
  • 1 million euros to start a business and create jobs.

Different variants of the scheme realization and the possibility of choosing a suitable method independently attract many foreigners.

Permission to Live and Work in Spain

The golden visa allows you to live in the state’s territory and carry out professional activities. Initially, the permit is granted for one year. However, if all the program conditions and the investor’s obligations are preserved, the document can be extended for another 2 years. The maximum validity period is 5 years.

Ability to Move Freely Around Spain and the Schengen Area

The permit allows not only to reside and move around the state’s territory but also to travel to all regions of the European Union. Foreigners can travel and go on business trips; no additional permits are required. Many entrepreneurs seeking to reach the international level realize this idea through obtaining a permit. Freedom of movement allows you to travel quickly to complete a deal.

Spain Golden Visa Disadvantages

The program has disadvantages that stop foreigners from applying. Spain’s starting amount of financial contributions is much higher than in other regions. Compared to Portugal, this amount is double. The minimum price of a Maltese permit is only 150 thousand euros. It is not easy to get your money back. You can do this only by obtaining a long-term residence permit, which can be denied if you have not lived in the region for these five years. The authorities have recently tightened their checks on applicants, so the number of applications approved has decreased.

High Taxes

The state has high taxes. In addition to purchasing apartments worth half a million euros, making impressive tax payments for the purchase will be necessary. The status of tax resident allows you to take advantage of the perks of the law and not pay tax on global income. Moreover, you can make deductions at a tax rate of 24% on profits earned on the state’s territory. However, only persons who work under a contract or are directors of local companies with a share of at most 25% are eligible, and most applicants still need to meet this requirement. The region has an inheritance and gift tax, the interest rate of which is also very high.

Spanish Citizenship Only After 10 Years of Living In

A golden passport can be a step toward getting what you want, but this way is not fast. It takes ten years to become a full member of the state. The foreigner must maintain a temporary residence permit for the first five years and the next five years – for a long-term one. Only after ten years can investors apply for a citizen’s passport if all the requirements and conditions of the legislation are met.

High Cost of Living

High prices for consumer goods and services are one of the disadvantages of the region. Security and tranquility are some weaknesses of the state. The measured and hospitable Portugal, which is nearby, is the complete opposite of Spain. The level of theft and robbery here is relatively high compared to neighboring regions.

Conclusion

Spain offers different ways of obtaining a document. The region has both pros and cons. You should carefully decide on the application form, having assessed all the risks and pros. Despite the Spanish Golden visa pros and cons, many foreigners apply yearly, move to the comfortable Mediterranean climate, and enjoy the stunning scenery. The country of your dreams is already waiting for you – get your visa now! One has only to seek help from a specialized agency!

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