The Spanish investor residency policy, known as the "Golden Visa," was officially introduced in September 2013. The original scheme stipulated that citizens of non-EU countries could obtain a residence permit by investing more than 500,000 euros in real estate. The main applicant's spouse and children under the age of 18 could apply simultaneously; children aged 18 or older who are unable to support themselves due to health reasons could also accompany the main applicant, provided they submit supporting documentation.
This policy did not achieve significant results during its initial implementation, as it was limited to the immediate family, whereas neighboring Portugal offered a three-generation immigration policy with similar investment methods and thresholds. Consequently, in July 2015, Spain amended its regulations regarding family members accompanying investors: spouses or common-law partners, minor children, adult children who have not yet formed their own families and remain economically dependent on the applicant, and parents who are dependent on the applicant for economic or health reasons were all permitted to apply alongside the main applicant upon submission of supporting evidence.
As a result, the eligibility for accompanying family members was significantly broadened. Not only were spouses included, but common-law partners were also recognized; the definition of eligible children was expanded from minors to include unmarried adult students; and, most notably, qualifying elders could also apply, effectively transforming the program from a full-family scheme into a three-generation immigration program. The term "elders" was not restricted to direct ancestors; grandparents and the parents of the spouse (partner) were also recognized. Following this policy update, the number of Spanish investment immigration applications surged, with the number of investors in 2016 quadrupling compared to 2015.
Spanish immigration policy tightens, strict definition of family members
Recently, the Spanish Consulate in Beijing and the Spanish Immigration Office both provided updated official interpretations of the Spanish investment immigration act. The 500,000-euro real estate investment program is now limited to: the main applicant's spouse, the main applicant's children, and the main applicant's parents. It does not include: the parents of the main applicant's spouse (father-in-law, mother-in-law) or children from the spouse's previous relationships.
Previously, Spain allowed the main applicant to include the two aforementioned categories of family members. However, due to Spain's economic recovery in recent years and the surge in the number of investment immigrants, the policy has shown a tightening trend. Although no formal legal amendments have been published, official interpretations regarding family members have changed.
Worldway Group's Spanish investment immigration experts suggest that the change in official interpretation serves as a reminder for investors to seize the opportunity and apply for Spanish investment immigration as soon as possible. Furthermore, thanks to Spain's economic recovery, the country's economic growth is leading in Europe. While the policy is tightening, the appreciation potential of Spanish real estate is becoming increasingly prominent. Therefore, early investment not only captures policy dividends but also secures greater potential for appreciation.
Conditions for Spanish property investment immigration:
1. The main applicant must be at least 18 years old;
2. The applicant must have no criminal record;
3. Investment in real estate of 500,000 euros or more.