Overview of Citizenship by Investment in Spain

Spain has historically offered a pathway to citizenship through its Citizenship by Investment program, commonly referred to as the Golden Visa program. This initiative was designed to attract foreign investment into the country, allowing non-EU citizens to obtain residency and eventually citizenship through significant financial contributions. The program has been particularly appealing due to Spain’s rich culture, favorable climate, and high quality of life.

Investment Requirements

• To qualify for the Spanish Golden Visa, applicants were required to make one of several types of investments:
• Real Estate Investment: A minimum investment of EUR 500,000 in real estate located anywhere in Spain.
• Business Investment: An investment of at least EUR 1 million in shares of Spanish companies or a deposit of EUR 1 million in a Spanish bank account for a period of five years.
• Government Bonds: An investment of at least EUR 2 million in Spanish government bonds for a minimum duration of five years.

These investments aimed not only to provide residency but also to stimulate economic growth through foreign direct investment.

Application Process

The application process for the Golden Visa involved several steps:

• Preparation of Documentation: Applicants needed to gather necessary documents such as proof of investment, a valid passport, health insurance coverage, and evidence of a clean criminal record.
• Submission of Application: Applications were submitted through designated forms along with the required fees and supporting documents.
• Biometric Data Capture: Applicants were required to visit Spain at least once during the first year to capture biometric data.
• Residence Permit Issuance: Upon approval, applicants received an initial residence permit valid for three years, which could be renewed every five years as long as the qualifying investment was maintained.

Pathway to Citizenship

Once granted residency through the Golden Visa program, individuals could apply for permanent residency after five years. After ten years of continuous residence in Spain, they became eligible to apply for Spanish citizenship. However, specific provisions allowed certain groups—such as Sephardi Jews and citizens from Latin America—to apply after just two years.

It is important to note that dual citizenship restrictions applied; most foreign nationals would need to renounce their original nationality upon acquiring Spanish citizenship.

Closure of the Program

As per recent developments effective January 2025, the Spanish Golden Visa program has been closed. This means that new applications for citizenship by investment are no longer being accepted. Existing residents under this scheme may still retain their status provided they meet renewal requirements.

Considering this closure, potential investors seeking similar opportunities may need to explore alternative programs available in other countries or consider different visa options within Spain itself.