Lawyer Raymundo Larraín highlights the main advantages of Spain’s Golden Visa.
Spain has undergone a spectacular property boom over the last 8 years, only marred by the Covid pandemic in 2020. In coastal areas and large cities, properties have almost tripled in price since 2015.
During this time, the Spanish Government introduced two new immigration schemes which have rocked the game board: Beckham’s Law in 2015 and the Digital Nomad Visa in 2023. Both mirror each other; the former is devised for EU nationals and the latter for non-EUs. They introduce a swathe of enticing tax advantages with an aim to attract foreign talented individuals, both from the Union and non-EU. Over 10,000 people benefit from Beckham’s Law lenient tax breaks (which apply nationwide, regardless of where you settle down in Spain).
We learned in a post-pandemic world that working remotely is not only a possibility, but frankly a necessity for many. For those who are able to escape the foul weather of their home countries, and seek the warmth and light of milder climates, all year round, coupled with ultra-low taxation, these new immigration schemes prove a temptation too hard to resist. So, why even fight temptation? It’s simply smarter to give in.
Starting life anew abroad is a compelling idea that lurks in the minds of millions day to day. But in reality, only a handful musk the courage to break away from the constraints of narrow-minded traditional work moulds that hearken back to previous centuries. Working remotely from the Costa Blanca on your laptop with 21 degrees, whilst paying little to no tax, is no longer an unreachable dream, it’s a reality made true for thousands of individuals. Break away from the heavy chains of social conventionalisms, and carve your own path in life, embrace a new lifestyle befitting of the 21st Century.
However, despite the roaring success of the above two immigration schemes, the undisputed king of all visa permits still remains to this day the coveted, and often elusive, Golden Visa, introduced in 2013. It is the only visa in Spain which does not make you automatically tax resident on attaining it. The unmatched freedom and choice it confers its privileged applicants cannot be overstated enough. It’s a blue-ribbon visa that throws the red rug at their feet allowing them unfettered access to Spain and the Schengen Area beyond (27 countries). Over 5,000 golden visa permits have been issued since 2013, of which almost half were granted to Chinese nationals. The second nationality is Russians, with 20% of all applications.
10 reasons to apply for a Golden Visa in Spain.
- Tax – A Golden Visa does not automatically make you tax resident in Spain, unlike every other visa in Spain. This is a unique trait exclusive only to GVs. No other visa in Spain shares this unique (tax) advantage. Only for this reason, affluent investors find it most appealing.
- Freedom – Allows you to override the 90/180-day that limits stay in Spain (and by extension the Schengen Area/European Union).
- Autonomy – Allows unfettered access to Spain. You can enter and leave the country as you please, even overriding Covid flight bans, as you will hold a select residency permit that (very) few people have.
- Choice – No minimum stay is required. You can spend as little as one day, or the full year-round in Spain, at your choice.
- Clear rules – Initially on a 3-year stay, then on 5-year renewals.
- Family – all are included as dependents.
- Fast-tracked. Golden visa applications are greatly expedited by rapport to standard visa applications. Golden visas are granted in 3 weeks.
- Work – You can work in Spain. Unlike other visas, which ban you from working in Spain, it allows you and your family the right to work in Spain (optional).
- Leads to permanent residency (optional).
- Leads to Spanish citizenship (optional)
