Spain Golden Visa is expensive but it has numerous benefits which you can reap by getting it. Today we are going to take a look at the major benefits of the Spain Golden Visa as well as some of the drawbacks so you know what you are getting before investing your hard-earned money.

1. Permanent Residency and the advantage of citizenship

The Spain Golden Visa allows the person to get temporary residency in Spain and allows you to live there and after five years of living you can apply for permanent residency. Moreover, you can become a citizen after 10 years of living and can get a Spanish passport which has its own benefits like traveling visa-free to The United Kingdom, The United States, Hong Kong, and many other countries.

1. No Restrictions

Even if the borders are closed for tourists the Spain Golden Visa holder can enter Spain which is a huge benefit in case of emergency situations like a pandemic.

1. Schengen zone opened

With Golden Visa, you can travel to the Schengen zone without the need for a visa. There are 27 European countries where you can travel without the requirement of a visa. The major benefit is that you don’t have to go through lengthy paperwork and you can save a lot of time and money when you travel to those countries.

1. Whole Family

The investor can bring his/her whole family to Spain. The unmarried children, the spouse, and the dependant parents they can enter and live in Spain with the help of a Golden Visa.

1. You don’t have to reside in Spain

If you are not interested in living in Spain and only want to have the freedom the country of Spain offers you can get that as you don’t have to live in Spain. You and your family members only need to visit Spain when you want to extend your residency. Moreover, it gives a lot of freedom to those investors that needs a lot of traveling and don’t want to live in place for a longer period of time.

1. More Business

The golden Visa holder of Spain can do business in Spain without worrying about the lengthy paperwork. Moreover, the people who want to move their business in Spain can do it without any extra charges.

1. Work opportunities

This is one of the major benefits. The Spain Golden Visa holder can work anywhere in Spain and can do any type of work there are no restrictions so it does not matter which field you are you can find the job and work according to your own terms.

1. Can Get European Health and Educational Benefits

The medical services are top-notch in Europe and with the Spanish Golden Visa, you can get access to it. That's not it your whole family can attain the benefits of the Medical and educational system. There are numerous high-quality schools, colleges, and Universities in which your children or you can enroll for studies.

1. No language test needed

With Spain Golden Visa you don’t have to learn Spanish You don’t have to pass any sort of tests to get inside Spain.

1. Excellent weather

The weather in Spain is excellent. It gets more than 3000 hours of sunshine so, if you are from a cold country you are surely going to enjoy the pleasant weather of Spain.

Drawbacks of Spain Golden Visa

Above we have listed the benefits of Spain Golden Visa. Like any other good thing there are drawbacks as well for everything so, let’s take a look at the drawbacks of the Spain Golden Visa.

1. Expensive

Spain's golden visa is among the most expensive visas. The cost starts from 500,000 euros so, if you don’t have that much money you are surely going to avoid this one.

1. Very Strict Due Diligence

The due diligence is very strict even with a minor offense your application can get rejected. Yes due diligence is a good step but the Spanish due diligence is very strict as mentioned even a minor offence can be used to reject your application. So, ensure that there are no offences even a minor one can harm you.

1. Long wait time for Citizenship

Even after investing a huge sum of money, you have to wait for a long period of time to get permanent residency and citizenship. The permanent residency you can get after 5 years and to get a Spanish passport you have to wait 10 years which is a lot if you compare it with other investment programs.

1. Renouncing your current Citizenship

If you are looking to get Spanish citizenship you have to renounce your current citizenship. As Spain does not allow dual citizenship so unless you are from a country that is on their white list meaning from the country that allows you to keep your current citizenship you have to renounce your current citizenship. And note that there are only a handful of countries they allow to have dual citizenship.

Wrapping it up!

So, the Spanish golden visa has more benefits than drawbacks but they are still there you have to be very careful when you decide to invest your hard-earned money. The Spain golden visa offers numerous benefits but the drawbacks like its expensive cost and high wait time for citizenship can be off-putting.

We are going to conclude this article by stating that the Spain Golden Visa is a good investment option if you have enough money to invest as you can open many doors for you like working in your field expanding your business in Spain and Europe easy traveling and better healthcare and educational opportunities.