Spain Golden Visa vs Italy Golden Visa: which is more advantageous?

For those who have always dreamed of living the Mediterranean lifestyle, with its pleasant climate, delightful cuisine, and warm culture, this article is for you. Learn about how Spain and Italy`s Golden Visa programs can make this dream a reality. Continue reading for an explanation of Golden Visas more generally, followed by a discussion of some of the key similarities and differences between the programs. 

What is a Golden Visa? 

A Golden Visa refers to a type of residency permit that is acquired by making a qualifying investment. These residency-by-investment schemes make it possible for individuals who are not citizens of the European Union, European Economic Area or Switzerland to acquire a residency permit that confers several benefits, depending on which country issues it.

Which countries offer Golden Visas? 

There are several countries in Europe that offer different versions of a Golden Visa. This article will provide information regarding Spain and Italy`s programs. For information on other countries, our specialized team in Immigration Law will be delighted to provide you with additional information and personalized guidance.

Why obtain a Golden Visa? 

Spain and Italy`s Golden Visas offer several benefits such as: 

• Live, study and work: Golden Visa holders in both Spain and Italy have the ability to live, study, and work in the country for which they have obtained the visa
• Family inclusion: Both programs allow the applicant to bring their family
• No tax residency requirement: Neither program requires that the individual establish tax residency
• No minimum time requirement: There`s no obligation to spend a minimum amount of time in the country 
• Schengen zone travel: Having a Golden Visa allows holders to travel freely in the Schengen zone, making European travel much simpler without the need to apply for any additional documentation 

Who`s eligible for a Golden Visa? 

The key eligibility requirement for the Golden Visa is a qualifying investment. In addition to the investment, there are some general eligibility requirements as well. The type of investments that qualify and the requisites amount are discussed in more detail below. 

To apply for a Golden Visa in either Spain or Italy, the applicant must be 18 years or older and not a citizen of the EU or EEA, or Switzerland. *Italy also currently prohibits Russian and Belarussian citizens from applying. 

Additional Requirements: 

• Clean criminal record: a clean criminal record is required for all applicants
• Spain also requires applicants to prove that they have sufficient economic means to support themselves
• The applicant also must possess private health insurance

What investments qualify for a Golden Visa? 

Both Spain and Italy offer several different investment opportunities. However, before discussing further, please note that Spain has recently announced changes to its program which will impact the qualifying investments. 

Spain`s president recently announced that he plans on ending the purchase of property as a qualifying investment. While the president has publicly made this statement, it has not yet been passed by Congress so it is uncertain when the change will go into effect. For the time being, it is still possible to use a real estate purchase as a qualifying investment. 

The current investment options in Spain are: 

• Real Estate Purchase *≥ €500.000
• Deposit into Spanish Bank Account ≥ €1.000.000
• Purchase of Spanish stocks or investing in private investment funds ≥ €1.000.000
• Purchase of Spanish Public Debt ≥ €2.000.000

The investment options in Italy are: 

• Investment in an Italian Start-up ≥ €250.000
• Investment in an Italian Company ≥ €500.000
• Philanthropic Donation ≥ €1.000.000
• Purchase of Italian Bonds ≥ €2.000.000

How long is the residency authorization valid for and is it possible to eventually obtain citizenship? 

Both countries grant Golden Visa holders the opportunity to establish permanent residency, and eventually citizenship. However, they have different timelines. 

In Spain, the first residency authorization permit that the applicant obtains will be valid for 3 years. At the end of these 3 years, the applicant may then renew the permit which will be valid for 5 more years. If the applicant desires, they may apply for permanent residency after 5 years. Citizenship may be applied for after 10 years of residency in Spain, with exceptions allowing for citizenship application after one year, two years, or five years of legal and permanent residence in Spain. 

In Italy, citizenship by residency can be obtained after 10 years of legally residing in Italy. 

Can the investor`s family members also qualify for the Golden Visa? 

Yes! Both Spain and Italy allow for the primary applicant to include qualifying family members on the application.

For Spain, family members who meet the requirements include: the spouse, minor children, dependent adult children, and dependent parents over 65 years of age. 

Italy allows the visa to be extended to one`s spouse, minor children, and children 18+ if they are dependents (due to disability), and dependent parents. 

If you want to take advantage of current Golden Visa opportunities in Spain or Italy, our expert attorneys at Gentile Law can address your concerns and assist you in the process of obtaining the visa swiftly and securely. At Gentile Law, our team of highly qualified professionals will provide you with the guidance you need to feel confident in your investment and ensure a smooth process.