There are a number of reasons why you may want to acquire a Golden Visa in Spain. Some of the most common include having full coverage healthcare, being able to invest in real estate, and being able to renew your residency permit.
Investing in real estate
If you’re interested in buying property overseas, you may be interested in the Golden Visa program. This type of visa gives a non-European citizen the right to live and work in the country of his or her investment.
The requirements vary from country to country. In Portugal, for example, you must make a minimum EUR500,000 investment to qualify for the Golden Visa. There are also restrictions on how the property can be used.
You cannot use your home country as a deposit when you buy a property in Portugal. It is important to check tax treaties before making an investment. Buying property in Portugal might result in double taxes.
If you are planning to invest in property, you can use a mortgage to purchase the property. Alternatively, you can pay the full amount. Whether you decide to use a mortgage or not, you will need to have the funds to pay the stamp duty.
While it is possible to buy an apartment in Portugal using a mortgage, there are certain limitations. Non-residents will not be able to obtain a loan from a Portuguese bank. They can also get a mortgage from a foreign bank, but they will have to pay a percentage of the financing value.
If you’re considering purchasing property in Portugal, you should also consider applying for permanent residency. You can do this by completing a five-year residency program.
Once you’ve fulfilled the requirements, you can apply for citizenship. Once you become a citizen, you will have the same rights as a resident. You can study, get healthcare, and travel to other countries.
Real estate investment is one of the most popular ways to get a Golden Visa. Most countries allow you to purchase a property, but the requirements differ.
Before making an investment, you should talk to a lawyer. He or she can help you with the rest of the process. Several developers target Golden Visa applicants. Having a professional guide you through the process can save you a lot of time and money.
Depending on the level of real estate you want to invest in, you can choose between a residential or commercial property. Commercial properties can be rented out for most of the year. However, you’ll need to make a substantial investment for a high-density area.
Having full-coverage healthcare
If you are an expat and you are considering relocating to Spain, it is important to know the basics of the local healthcare system. Depending on where you move to, you may be required to take out private medical insurance. But for the most part, Spanish public healthcare is free.
Healthcare in Spain is split into two categories. The first is private, and the second is public. Those on a tight budget may opt for the cheaper option. However, not all health insurance plans in Spain will cover all your costs. You will be expected to pay a portion of your prescriptions and any other expenses.
The good news is that the public healthcare system in Spain is generally high quality. It is a national scheme that is funded by social security contributions from all workers. And there are free family doctor consultations.
Not only are there a lot of free services, but you can also get full coverage by paying the minimum monthly contribution. All you have to do is make sure to carry your personal health card.
Although it is not as comprehensive as other countries, Spain has a solid network of hospitals. Whether you want a quick checkup or a more complicated procedure, you will likely find a doctor in your area.
In addition to being a source of free or cheap medical services, the government offers a number of other free or inexpensive goodies. These include travel and car insurance, and medical assistance for the aged.
For a small cost, you can also take advantage of the many global events that happen in Spain. Plus, you can network with other foreigners and locals alike in person and online.
Even if you don’t have any plans to move to Spain anytime soon, it’s a good idea to invest in some type of travel health insurance. Most visas require you to show proof of healthcare.
There are other similar options, such as the Golden Visa. This is a residency permit for non-EU citizens who are making a major investment in Spain. Though the golden visa is only available to foreigners, it does make the process of relocating to Spain easier.
Requiring health insurance
If you are planning to move to Spain, you need to consider a few things including health insurance. Spanish public health care is one of the best in the world. The country’s national healthcare system, called Sistema Nacional de Salud (SNS), guarantees universal coverage for all citizens.
Unlike many countries, a free public health care system is available for all. Registered residents can access the system for free, but those who work may have to pay a portion of the bill.
The Golden Visa (also known as the entrepreneur visa or the Investor Permit) is a unique residence permit that enables non-EU citizens to reside in Spain for up to two years. This residence permit allows for freedom of movement within the Schengen zone.
Depending on your situation, you might want to consider getting a European Health Insurance Card (EHIC), a document that offers free medical treatment for up to three months. However, if you plan on staying in Spain for a long period of time, you might want to get a private health insurance policy.
There is also the RETA scheme. If you’re an EU citizen, you can request a health card from Spain, but you need to have a valid passport to qualify. It’s a great way to obtain free medical treatment in Spain, but you need to register with the country’s social security agency to get started.
Another good option is to take out an expat health insurance plan in Spain. Although it is optional, it can help you avoid delays in the Spanish public health system.
A comprehensive private health insurance plan may be more expensive than the monthly costs, but it might cover all your expenses. As for the cost-effective one, you can find a list of providers online. Also, don’t forget to buy travel insurance if you plan on visiting Spain for longer than 90 days.
For the best options, you can check prices online, or contact an agent in Spain for a quote. Some even offer free quotes. Regardless of the plan, you should be covered for the most important medical needs, such as emergency treatment, prescriptions, and treatments for chronic conditions.
Renewing your residency permit
The Spanish Golden Visa is the quickest way to get residency in Spain. It is available to non-EU nationals who make significant investments in the Spanish economy. This visa can also lead to citizenship. You will be able to travel from Spain to other EU countries and have free access to the Schengen Zone.
To apply, you must be over 18 years old and have no criminal record. A recent passport-size colored photograph is required. In addition, you must show proof that you have made a financial investment. Applicants can also include a spouse or civil partner. Having a valid health insurance policy is mandatory.
To get the Spanish Golden Visa, you will need to apply in person. You must submit your application documents and pay the government application fee. You can also designate a representative to collect your documents. If you need further information, you can ask the Spanish Embassy for further clarification.
There is no minimum stay requirement when applying for the golden visa. However, the primary applicant must reside in Spain. They must visit the country at least once a year for biometric data to be taken.
If you are planning to purchase a property in Spain, you will also need to apply for a two-year residency permit. Once you have your permit, you can renew it every two years.
When you live in Spain for five years, you can then apply for permanent residency. You will then be able to work in any member state of the European Union. After ten years, you can apply for citizenship.
During the initial five years, you can also renew your residency permit for another five years. Your NIE (foreigner identification number) will remain active for one year.
Depending on your situation, you will have to pay taxes. These fees vary from country to country. Also, the government requires that you have a valid Spanish bank account. Having a bank account will make it easier to conduct business in Spain.
Lastly, you may have to submit additional documents depending on the Spanish embassy’s requirements. For example, you may have to translate your birth certificate into Spanish.