The allure of Spain as a destination for US investors and wealthy families is steadily increasing, with programs like the Spain Non-Lucrative Visa (Golden Visa) offering an enticing gateway to European living.
We delve into the key aspects that make the Non-Lucrative Visa an appealing option that combines lifestyle benefits with practical considerations.
Why is Spain a magnet for US investors?
The Spanish Non-Lucrative Visa stands as a compelling option for US investors and wealthy families seeking a European lifestyle. Beyond the practical aspects of cost, healthcare, and visa flexibility, the cultural richness, diverse landscapes, and multicultural tapestry of Spain make it an attractive destination that ticks all the boxes.
Individuals that want to embark on their journey to Spain must conduct thorough research, consider all the legal and financial implications, and seek advice from immigration experts or legal professionals well-versed in local tax and immigration laws.
American investors are lured to the Spanish quality of life
Spain, with its rich cultural heritage, delectable cuisine, picturesque landscapes, and vibrant traditions, provides a unique and appealing lifestyle for expatriates. With beautiful beaches and mountains, it is a socio-politically stable European country that offers the ideal relocation setting for wealthy families.
One of the most significant draws for US investors is the affordability of living in Spain. The overall cost of living in Spain, excluding rent, is at least 27% less than in the United States, resulting in substantial cost savings for expatriates.
Spain also boasts an exceptional healthcare system, making it the ideal option for those prioritizing top-tier medical services, a key consideration for affluent investors. Non-Lucrative Visa holders, have the opportunity to avail quality healthcare in Spain, a country that has the highest life expectancy in the EU, 83.2 years on average (2022).
Moreover, according to recent findings from the OECD, their over 65 population was found to have one of the lowest prevalence of disability in Europe, illustrating how effective Spain’s medical system is and how beneficial the Mediterranean lifestyle is for those that want to enjoy their golden years full of vitality.
Key aspects of the Spanish Non-Lucrative Visa
The Non-Lucrative Visa provides a pathway for wealthy foreign nationals to reside in Spain without engaging in work activities. Tailored for retirees or those with independent financial means, this visa offers flexibility and the opportunity to reside in Europe.
Navigating the visa application process can be a daunting task, but compared to some other residence by investment programs in Europe, the Spanish Non-Lucrative Visa application is considered straightforward and swift.
Eligible applicants can have their files processed in as little as two months, on the grounds that they meet all other eligibility criteria.
A Spanish residence permit grants holders’ access to the Schengen Area, enhancing their global mobility in Europe. While initially granted for one year, the Non-Lucrative Visa is renewable for successive periods if all conditions are met.
Another notable advantage of the Non-Lucrative Visa is its provision for family inclusion. Spouses, dependent children, and even economically dependent parents can be added under the visa application, fostering family unity and opening up the opportunity for the entire family to relocate to Spain.
Spain offers a family-friendly investment migration solution
As the US enters a politically tumultuous year with elections looming and bi-partisan rifts growing, many Americans are exploring moving abroad to jurisdictions that are politically stable, safe, and family-centered.
Spain has a significant expatriate community and an abundance of reputable international and bilingual schools for their children to attend, which makes the move across the pond a smoother transition.
For those families that choose to set up a permanent home in Spain, they can consider securing a second passport. Obtaining citizenship in Spain requires actual physical presence in the country for ten years, but there are other fast-track routes available to certain residents/foreign nationals such as those with ancestral lineage.
Citizens from former Spanish colonies including Latin American countries, the Philippines, Equatorial Guinea, and Andorra are also eligible to secure citizenship a mere two years after legally residing in the country.
According to the latest passport ranking index published by Henley & Partners, Spain holds one of the top spots, making it one of the most popular citizenships to have for those looking to diversify their portfolio of domiciles. The Spanish Golden Visa is likely to continue being one of the most sought-after European investment migration programs by high-net-worth individuals from across the world.
