What are the basics to Get Golden Visa for Portugal and Spain?

 What is a Gold Visa?

"Golden Visa" is a residence permit system. The Golden Visa Program gives investors the right to reside in a country in exchange for a qualifying investment. Investment opportunities, benefits, and level of preference vary by country of issue. It is also a Non Lucrative VISA. 

 

Which Countries Offer Gold Visa Programs?

Portugal, Spain, and Greece have three of the most desirable investment residency programs in Europe. All three countries offer a "Golden Visa" program, under which foreigners are granted a residence permit in exchange for a qualifying investment. For all three programs, applicants do not have to be citizens of the European Union, EEA, or Switzerland.

 

Gold Visa Comparison: Portugal vs. Spanish

Although the programs are very similar in principle, they differ in several ways. Below we'll take a look at each program and make an in-depth comparison. First, let's take a quick look at the three programs.

 

Investment opportunity

Portugal and Spain have several investment routes leading to a Gold Visa residence permit. What they have in common is the opportunity to invest in real estate. It is also the most popular investment method in all three countries. This document will be very much required to get Portuguese and Spanish Nationality. 

Citizenship

The "Gold Visa" does not magically entitle the applicant to acquire citizenship in any country. However, each program gives applicants the right to apply for citizenship under the country's regular naturalization schedule. The requirements for applying for citizenship differ significantly between Portugal and Spain. The most important difference is the residency requirements.

 

Tax Regime

It is important to note that gold visa holders in Portugal or Spain do not require the applicant to be a taxpayer of that country. Only if the applicant spends more than 183 days a year in the country does he become a taxpayer. Residents of Spain and people with Portuguese Nationality by Sephardic Origin who spend less than 183 days a year in the country is exempt from tax on almost all foreign sources of income.

 

Release Date

The issuance time varies depending on the workload of the respective immigration office. Due to the COVID-19 pandemic, processing times were recently extended in all three countries:

• Portugal: 7-9 months
• Spain: 6-9 months

This is a typical range, but it is advisable to check the updated waiting times with your law firm before applying for a Golden visa in any of these countries.