Thousands of people per year decide to leave their home countries to settle abroad. Even though many European countries are the top destination for Americans, Spain has become, throughout the past years, one of the favorites. In that sense, moving abroad has an important legal requirement: getting a valid residency card. Many available options exist, and according to the specific situation of the foreigner, one would be more advisable than the other.

In this post, we will tell you why the Spanish Golden Visa leads the podium of the most chosen.

Current data

The number of Americans who expressed their desire to leave the country chaired by Trump, is a record. During the presidencies of Obama and Bush, the percentage of United States residents leaving the country was 10%. However, in recent years this percentage increased to 16%.

The vast majority are young people looking to settle in Europe. In that sense, how do they do it?

Some opt for the non-profit or retirement visa, if they are not willing to work in their new country. Others embark on the tedious process of getting a work permit. Nevertheless, there is one alternative that tries to make the life of the expat as easy as possible: the Golden Visa; which has gained huge popularity in the past years.

What is “Golden Visa” about?

The golden visa is an investor residence permit in Spain. It allows free movement through most countries of the European Union except those countries not adhered to the Schengen Treaty. Since the promulgation of the Entrepreneurs Act in 2013, thousands of applicants acquired the Golden Visa to be able to reside in Spain.

Its requirements are simple: you just need to invest €500.00 in real estate, and the residency will be yours. In that sense, you can also opt for a mixed investment distribution; meaning that you can purchase two different properties which value ads up over the required amount.

Furthermore, there is also the possibility to invest in Spanish debt, bonds, or shares of Spanish companies (but in those cases, the required amount raises to 1 or 2 million euros).

Who can request it and how long does it last?

The visa acquired by investment is valid for two years. It is designed only for non-EU citizens.

An extension of residence can then be requested for five more years, time after he can request the permanent residency and stay indefinitely in the country.

It is also important to mention that you can realize a joint application, meaning that the same investment will be valid to get a residency card for the applicant, his spouse, and children under 18 years old. Anyone who meets the requirements can apply for the Golden Visa.

What alternative exists if I do not want to make an investment?

There is also a type of visa called “non-lucrative” that grants temporary residence to foreigners living in Spain for more than 90 days. However, it does not authorize the individual to perform any remunerated activity. If you want to travel to Spain and not work for at least one year, this is the easiest visa to get for sure.

What benefits does it provide?

Any person who wants to reside in Spain and has the funds to stay in the country without working. It is also a popular destination for people who wish to retire or who are looking for a place of passage before settling in another country of the European Union. The best benefit you get with this visa is the possibility of long-term residence that can then authorize you to apply for Spanish citizenship. It also allows you to study and practice, travel freely in Europe and get residence for your partner and children very easily.

Here we tell you the best alternatives if you want to reside in Spain, do not forget to legally consult with specialists. To learn more about forming a nonprofit, visit this website

Paul Petersen