Pedro Sánchez, in an event held in Seville, has announced the elimination of the Golden Visa by the Government. But what does this program imply, who benefited from it and what were the requirements to obtain it?

The Golden Visa is a permit for foreigners interested in entering Spain through a capital investment. There are several ways to obtain it.

One of the ways, determinant in the Government's decision to abolish it, was to acquire real estate properties valued above 500,000 euros. However, it is necessary that the property be free of debts.

What is the origin of the Golden Visa?

The Golden Visa was established in 2013, when the People's Party was in power. This law was aimed at investors, as well as spouses and children under 18 years of age.

The law streamlines the application process, establishing a 10-day resolution period for all visas included therein and 20 days for the residence authorization. In addition, administrative silence is considered positive, unlike other immigration procedures.

Therefore, the Golden Visa allowed to reside in Spain for one year without the need to obtain a foreigner's identity card. According to the law firm, the renewal of the residency could be done even with absences of more than six months per year.

However, this applies mainly to residence visas and authorizations for foreign investors, or foreign workers whose companies have their base of operations in Spain, even if they carry out activities abroad.

What are the requirements?

There are several conditions to obtain the Golden Visa. First, the applicant must not be residing irregularly in Spain and must be over 18 years of age. In addition, he/she must not have a criminal record in Spain or in other countries where he/she has lived in the last five years.

He or she must also be in good standing with countries that have rejection agreements with Spain, and must have public or private health insurance. In financial terms, you must have sufficient resources for yourself and your family during your stay in Spain, as well as pay the visa application fee.

In addition to the purchase of property in excess of half a million euros, the Golden Visa could be obtained by investing 2 million euros in Spanish public debt, being the sole holder of the investment for at least five years.

If the investment was in shares, investment funds, bank deposits or business projects in Spain, the amount required was one million euros. According to the Ministry of Foreign Affairs, since its implementation in Spain, 6,420 people have obtained this residence visa after investing at least half a million euros in property.

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