Spain Citizenship by Investment and Golden Visa

David Davies

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March 23, 2025

The terms citizenship by investment and golden visa are often confused, leading to misunderstandings. Citizenship by investment schemes grant full citizenship—and therefore a passport—in return for financial investment in a country, whereas golden visas provide residency rights rather than citizenship or a passport. This article explores whether citizenship by investment in Spain is an option for those seeking a second or alternative passport and examines the Spanish Golden Visa as a route to residency and, ultimately, citizenship through naturalisation.

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Acquiring citizenship by investment in Spain is not possible in the same way it is in some other countries, such as those offering Caribbean CBI programmes. Instead, Spanish citizenship is granted after an extended period of residency. However, Spain does provide a golden visa programme, allowing applicants to gain residency in exchange for investment in the country.

The Spanish Golden Visa offers several advantages short of full citizenship, enabling holders to fulfil the lengthy residency requirement necessary for citizenship by naturalisation. Since its introduction in 2013, the programme has been highly sought after, with over 15,000 visas issued. Given that Spanish residency grants visa-free access to the EU Schengen zone, along with Spain’s excellent quality of life, strong education and healthcare systems, and pleasant climate, its appeal is clear.

However, the Spanish government has announced that the Spanish Golden Visa programme will be discontinued on 3 April 2025, meaning prospective applicants must act quickly to benefit from it. Once secured, Spanish citizenship grants the freedom to live, work, and travel throughout the EU, along with visa-free or visa-on-arrival access to nearly 190 countries.

Does Spain Offer Citizenship by Investment?

Simply put, it does not. Citizenship can, however, be obtained by a process of naturalisation after a residence period of at least ten years, and this residency requirement can be met by obtaining a Spanish golden visa.

Residence comes with the following main benefits:

Visa-free travel within Europe’s Schengen area for up to 90 days within a 180-day period
Ability to live, work and study in Spain
Possibility to extend residency and then apply for permanent residency and citizenship after a total of ten years or residency
Availability of similar benefits to family members

Once obtained, citizenship then comes with the additional benefits of being able to live work and study throughout the European Union.

What is the level of investment required?

There is a range of investment options for obtaining a Spanish golden visa. These need to be maintained for the first five years for the golden visa to be maintained. The options are as follows.

Investment of at least EUR 500,000 in one or more residential or commercial properties in Spain
A bank deposit in a Spanish bank of at least EUR 1,000,000
Investment of at least EUR 1,000,000 in shares in Spanish companies or funds
Investment of at least EUR 2,000,000 in Spanish government bonds
Establishing a business in Spain, creating new jobs, contributing to technical or scientific innovation, or having a strong socio-economic impact.

How long does the process take?

Once an application is submitted, a decision is required to be made on the issue within 20 working days, but applicants will also need to factor in the time necessary to prepare the application and make the appropriate investment.

How much does it cost?

The costs of obtaining a Spanish golden visa typically range from EUR 4-5,000 when considering the costs of translation and legalisation of documents, etc., and the cost of renewal is around EUR 3-4,000. Applicants are required to have comprehensive health insurance, so this cost should be taken into account.

Can family members also obtain a golden visa?

Yes, applicants can include in their golden visa application a spouse or domestic partner of over two years, children under the age of 18, children over the age of 18 or parents, provided in each case that they are financially dependent upon the applicant.

How long is the golden visa issued for?

The Spanish golden visa has an initial period of validity of three years if the application is submitted in Spain and one year if submitted outside of Spain. It may be extended for further periods of five years, provided the investment is maintained during this period. After five years of residency, the applicant can apply for permanent residency and citizenship after ten years. Upon obtaining permanent residency or citizenship, the investment requirement no longer applies, and the investment can be liquidated.

Do I need to spend time in Spain?

No. There is no requirement for any time to be spent in Spain to hold or renew a golden visa. However, to apply for citizenship, an applicant will need to spend a significant amount of time in Spain.

How is citizenship in Spain obtained?

Obtaining citizenship of Spain is not related to the golden visa programme, other than as part of compliance with the required residency periods. Applicants can obtain citizenship in Spain through what can be considered standard paths, such as birth, descent, and marriage, as well as by naturalisation.

The main criteria for citizenship by naturalisation are as follows:

Proof of Spanish residency. The period required is ten years of residency (with at least six months of each such year being physically present in Spain). There are shorter periods for specific categories, such as refugees or persons from certain countries.
Proof of ability to speak, write and read basic Spanish and of Spanish constitutional and sociocultural knowledge
Swearing an oath of allegiance to Spain
Clean criminal record in Spain and the applicant’s home country.

Is Dual Citizenship Allowed in Spain?

In general, no, applicants will be required to give up their original citizenship upon becoming a citizen of Spain. There are some limited exceptions to this general rule, such as for citizens of certain Spanish-speaking countries.

Caribbean Citizenship by Investment as the Best Alternative

As you can see from the above, obtaining citizenship in Spain is a long process, expensive, and requires periods of residency and learning the language. In comparison, Caribbean citizenship by investment countries offer a faster and more certain alternative with a lower level of commitment from the applicant and a lower financial requirement. For details of these CBI programmes, click here [link to landing page to be inserted]

Final Thoughts

Obtaining citizenship by investment in Spain alone is not an option, as it is under other schemes, such as those in the Caribbean CBI programmes. Rather, citizenship is obtained by a long period of residency. The Spanish golden visa programme is worth considering if you do not require full citizenship (at least for a long time) as it brings visa-free travel to the European Schengen area and the right to live, work and study in the country and allows an applicant to meet the residency requirements for the path to citizenship. However, applicants will need to be very agile to apply prior to the programme being discontinued in April 2025. For investors looking to obtain a passport (rather than residency) for global mobility, wealth, and tax planning within a short period of time, it is unlikely that Spain is the right option for you.

What types of investment qualify for the Spanish golden visa programme?

Investments in Spanish companies or funds or government bonds, bank deposits, or the creation or maintenance of jobs by investment into Spanish companies.

How much do I have to invest to obtain a Spanish golden visa?

The required amount ranges from EUR 500,000 to EUR 2,000,000, which must be maintained throughout the period that a golden visa is held.

How long does it take to process an application for a Spanish golden visa?

This is dependent on how quickly an applicant can source and make the investment and prepare the relevant paperwork. Once submitted, the authorities are required to make a decision within 20 working days, and if no decision is made within that time frame, the application is deemed to be approved.

How long does it take to obtain citizenship of Spain?

With some limited exceptions, an application for citizenship may be made after ten years of residency. The processing time varies by region from a couple of months to around one year.

What documents are required to apply for a Spanish golden visa?

Documents required include a passport, proof of investment and the source of such funds, proof of medical insurance, a recent medical certificate, and a clean criminal record. All government-issued documents need to be legalised. An applicant will also need to show that they can financially support themselves during the period of the visa and will need to open a Spanish bank account.

Can family members be included in the application for a Spanish golden visa?

Yes, the spouse, domestic partner of at least two years, children under the age of 18, dependent children over the age of 18 and dependent parents of the applicant can be included in the application.

Are there any residency requirements for applicants for a Spanish golden visa?

There are no residency requirements for obtaining or maintaining a golden visa. However, if the applicant wishes to apply for citizenship, they must have spent at least six months in Spain in each of the prior ten years in Spain.

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David Davies

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David Davies

Antigua and Barbuda enjoys a tropical maritime climate, characterised by warm temperatures year-round, with an average of 27°C (81°F). The islands have a relatively dry season from January to April, with a wetter season from May to November. The islands have robust infrastructure and emergency systems in place to manage such events.

Originally inhabited by the Arawak and Carib peoples, the islands were colonised by the British in the 17th century. The cultural landscape is a blend of African, British, and indigenous influences. This rich history is reflected in local music, dance, and festivals, with calypso, reggae, and steelpan music being particularly popular. Cricket, a legacy of British rule, is the most popular sport, and sailing is also popular, reflecting the islands' strong maritime culture.

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Antigua and Barbuda have a stable democratic government based on the British parliamentary system. The country is generally regarded as having a manageable level of bureaucracy, with a reasonably straightforward process for interacting with government agencies. Retirees will find that essential services like renewing a driver’s licence, paying taxes, or obtaining necessary permits are relatively simple, although some processes can be slow due to limited resources. The government has been making strides in digitising services to reduce in-person visits and streamline processes.

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Dominica has a tropical rainforest climate, with high humidity and heavy rainfall, particularly on the windward side of the island. Temperatures are warm year-round, averaging 26°C (79°F), with cooler conditions in themountainous interior. The island’s lush greenery is a result of its abundantrainfall.

Dominica's culture is a vibrant mix of indigenous Kalinago heritage, African traditions, and European colonial influences, particularly French and British. The island was originally settled by the Kalinago people, and their influence is still present today, especially in the Kalinago Territory. African traditions have also left a profound mark, particularly in the island’s music, dance, and festivals. Dominica’s outdoor sports are heavily influenced by its rugged terrain, with hiking and diving being popular among locals and expatriates alike, although there is of course cricket for those with more sedentary dispositions.

Known as the "NatureIsland," Dominica is characterised by its rugged terrain, rainforests ,waterfalls, and geothermal activity. The island is home to the UNESCO-listed Morne Trois Pitons National Park, as well as numerous rivers and lakes. Dominica’s unspoiled natural beauty is a major draw for retirees who appreciate ecotourism and outdoor adventures.

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Dominica hosts several unique cultural events, including the World Creole Music Festival and Carnival. The island’s festivals are deeply connected to its Creole heritage, offering retirees a chance to immerse themselves in local traditions and music. Dominica’s Independence celebrations also feature traditional dances, music, and cuisine.

Grenada has a tropical climate with relatively consistent temperatures throughout the year, averaging around 28°C (82°F). The dry season runs from January to May, while the wet season is from June to December. Although Grenada is located on the southern edge of the hurricane belt and is less impacted the another Caribbean islands, it is not immune to these storms as has been seen recently with Hurricane Beryl. The island has since improved its hurricane preparedness and infrastructure resilience and the value of these improvements has led to greater preparedness for such events.

The island was originally inhabited by the Arawak and Carib peoples before being colonised by Europeans. Grenadian culture is characterised by a strong sense of community, vibrant music, and dance traditions, such as calypso and soca. French influence on the island is evident in its place names and culinary traditions. Cricket and football are the most popular sports, and sailing and water sports are also widely enjoyed.

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Saint Kitts and Nevis has a tropical climate, with temperatures ranging between 24°C (75°F) and 31°C (88°F) throughout the year. The islands have a dry season from December to April and a wet season from May to November. Located within the hurricane belt, Saint Kitts and Nevis is vulnerable to hurricanes, especially between June and November, but the islands have strong building codes and disaster response plans in place to reduce the impact of the senatural events.

The cultural heritage of Saint Kitts and Nevis is shaped by its history of indigenous Carib and Arawak inhabitants and European colonisation. Saint Kitts was the first Caribbean island to be colonised by the British, and Nevis has a rich history as a major sugar producer. The islands' cultural roots are a blend of African, British, and French influences, reflected in the local cuisine, music, and festivals. Cricket and football are deeply ingrained in the local culture and, along with sailing and hiking, are integral to the islands' cultural life.

The twin islands of Saint Kitts and Nevis are known for their volcanic mountains, rainforests, and beaches. The islands are home to the UNESCO World Heritage site of Brimstone Hill Fortress and offer stunning views from places like Mount Liamuiga. The islands’ natural beauty is one of their strongest appeals to retirees.

Saint Kitts and Nevis operates under a stable parliamentary democracy, with governance structures similar to those of other Commonwealth countries. The islands have a relatively low level of bureaucracy, and dealing with the government on a day-to-day basis is generally straightforward. Most routine administrative tasks, such as obtaining permits, paying taxes, or registering property, are manageable, although some processes can take longer than expected due to limited staffing. The government is trying to modernise its operations, including digitising more services, which should help reduce delays and improve overall efficiency.

The islands of Saint Kitts and Nevis host several vibrant festivals, including Carnival, the Saint Kitts Music Festival, and Culturama, which is unique to Nevis. These events celebrate local culture, music, and heritage, offering retirees plenty of opportunities to engage with the community and enjoy local traditions.

Saint Lucia enjoys a tropical climate with warm temperatures year-round, typically ranging from 25°C (77°F) to 30°C (86°F). The dry season extends from December to May, while the wet season is from June to November. Saint Lucia is situated near the edge of the hurricane belt, making it prone to hurricanes and tropical storms but less so than those further north. The government has invested in improving hurricane preparedness and infrastructure resilience to protect the island from future storms better.

Saint Lucia's culture is a unique blend of African, French, and British influences, reflecting its complex history of colonisation. The island was originally inhabited by the Arawak and later the Carib people, before being contested by the French and British for centuries. The French influence is particularly strong in the island's Creole language, cuisine, and Catholic traditions, while British colonial rule has left its mark on the legal system and sports, particularly cricket. The island’s dramatic landscapes, including the iconic Pitons, provide a stunning backdrop for outdoor sports like hiking and diving, which are popular among locals and retirees alike.

Saint Lucia is famous for its dramatic Pitons, volcanic peaks that rise sharply from the sea. The island’s landscape includes rainforests, beaches, andSulphur Springs, the Caribbean’s only drive-in volcano. Saint Lucia’s natural beauty is among the most striking in the Caribbean, attracting retirees who enjoy outdoor activities and scenic views.

Saint Lucia’s government is a parliamentary democracy, and the country has a reputation for a relatively efficient bureaucracy compared to other Caribbean nations. For retirees, dealing with the government is typically hassle-free for most day-to-day tasks like renewing a driver’s licence, paying taxes, or obtaining residency permits. Saint Lucia has been proactive in improving its e-government services, allowing for easier access to information and quicker processing of certain requests online.

Saint Lucia is famous for its Jazz and Arts Festival, which attracts international artists and music lovers. The island’s Carnival is another major event, featuring parades, music, and dancing. Additionally, the La Rose and La Marguerite festivals celebrate the island’s unique cultural heritage, offering retirees a rich cultural experience.

Spain Citizenship by Investment and Golden Visa

Does Spain Offer Citizenship by Investment?

What is the level of investment required?

How long does the process take?

How much does it cost?

Can family members also obtain a golden visa?

How long is the golden visa issued for?

Do I need to spend time in Spain?

How is citizenship in Spain obtained?

Is Dual Citizenship Allowed in Spain?

Caribbean Citizenship by Investment as the Best Alternative

Final Thoughts

What types of investment qualify for the Spanish golden visa programme?

How much do I have to invest to obtain a Spanish golden visa?

How long does it take to process an application for a Spanish golden visa?

How long does it take to obtain citizenship of Spain?

What documents are required to apply for a Spanish golden visa?

Can family members be included in the application for a Spanish golden visa?

Are there any residency requirements for applicants for a Spanish golden visa?

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