The Spain Golden Visa, officially concluded on April 3, 2025, under Organic Law 1/2025, has been a popular route for non-EU citizens to obtain residency by making investments like real estate or business ventures. Although the program has ended, existing visa holders and applicants who filed before the deadline can still enjoy the benefits, including renewals. For those Pakistanis who missed the cutoff, there are now other viable options like the Non-Lucrative Visa or Digital Nomad Visa. Let’s explore the final details, eligibility, and the next steps.
Investment Options Under the Spain Golden Visa
Here are the investment options that qualified individuals could pursue before the deadline:
- Real Estate: Invest €500,000 in property (residential or commercial, no mortgage allowed).
- Government Bonds: Invest in €2 million worth of Spanish treasury bonds — a secure option with consistent returns.
- Business Investment: Invest €1 million in Spanish companies or create a business that hires locals or stimulates innovation.
- Bank Deposits: Deposit €1 million in a Spanish bank account for a low-risk investment.
Eligibility Criteria
To qualify for the Spain Golden Visa, applicants needed to meet the following conditions:
- Citizenship: Non-EU citizens (including Pakistanis) were eligible.
- Age: Applicants must be at least 18 years old.
- Financial Means: Proof of sufficient income to support yourself (€28,800/year) and family (€7,200/year per member).
- Criminal Record: A clean record, confirmed by authorities, was required.
- Health Insurance: Proof of private or public health insurance valid in Spain (€500–$1,000/year).
- Schengen Restrictions: No bans from Spain or other Schengen countries.
Required Documents
Before the deadline, applicants had to provide the following documents:
- Valid Passport: For the applicant and family members, valid for at least 6 months.
- Proof of Investment: Property deeds, bond purchase receipts, or bank deposit confirmation.
- Clean Criminal Record: Certified by authorities in Pakistan (Cost: $20–$50).
- Health Insurance: Insurance coverage for Spain and the Schengen area ($500–$1,000/year).
- Proof of Income: Bank statements showing at least €28,800/year for the main applicant, plus €7,200/year per family member.
- Translated Documents: All documents must be translated into Spanish and notarized ($50–$100 each).
- Application Form: To be submitted at the Spanish Consulate or in Spain, with a €80 application fee.
Application Process
Here’s how the process worked:
- Choose Investment: Decide between real estate (€500,000), government bonds (€2 million), business investment (€1 million), or a bank deposit (€1 million).
- Open Bank Account: Open a Spanish bank account remotely (takes 1–2 days, costs $50–$100).
- Gather Documents: Collect passport, criminal record, proof of insurance, proof of income, and investment documents, all translated and certified.
- Submit Application: Submit the application at the Spanish Consulate in Pakistan or in Spain for a 3-year visa. Pay the €80 fee.
- Biometric Visit: Travel to Spain within 3 months to provide fingerprints and photos.
- Visa Issuance: The residence card will be ready in 20–60 days, valid for 1 year (Consulate applications) or 3 years (applications in Spain), renewable for 5-year periods.
Benefits of the Spain Golden Visa
- Visa-Free Travel: Enjoy visa-free travel to 29 Schengen countries (France, Germany, Italy) for 90 days in any 180-day period.
- Family Inclusion: Bring your spouse, children under 18, dependent adult children (18–26, unmarried), and parents over 65.
- No Stay Requirement: No mandatory residency; just visit Spain once during the first year and maintain your investment.
- Path to Citizenship: After 10 years of residency, you can apply for Spanish citizenship and gain an EU passport, with visa-free access to 194 countries.
- Education & Healthcare: Access Spain’s excellent schools and world-class healthcare system.
- Tax Benefits: Pay taxes only on Spanish income unless residing in Spain for over 183 days/year.
Challenges to Consider
- Program Closure: No new applications will be accepted after April 3, 2026.
- Processing Time: Expect a processing time of 20–60 days, but late applications may face backlogs.
- High Costs: Besides the €500,000–€2 million investment, applicants should budget for $5,000–$10,000 in additional fees (translations, legal help).
- No Direct Citizenship: You must live in Spain for 10 years to qualify for citizenship, which is a longer wait than in other EU countries like Portugal or Malta.
Alternatives for Pakistanis
For those who missed the Spain Golden Visa deadline, consider these alternative visa options:
- Non-Lucrative Visa: Requires proof of €28,800/year income, no work permitted. Ideal for retirees or those with passive income.
- Digital Nomad Visa: Freelancers or remote workers can live in Spain with an income of €2,762/month.
- Other EU Golden Visas: Portugal (€250,000 investment) and Malta (€300,000 property) offer similar benefits and pathways to citizenship.
Tips for Pakistanis
- Check Your Application Status: If you applied before April 3, 2026, contact your lawyer or the Spanish Ministry of Foreign Affairs to track your application.
- Explore Alternatives: Look into Portugal or Malta’s Golden Visas, which are still open and offer faster citizenship paths.
- Act Fast: If you already hold a Golden Visa, make sure to renew it every 2–5 years to keep all benefits intact. Consult agencies like Get Golden Visa for professional advice.
- Plan Finances: Be ready to set aside an extra $5,000 for legal and travel expenses when processing your application.
- Spread the Word: Let others know about the Digital Nomad Visa and other opportunities via WhatsApp and social media.
What’s Next?
With the Spain Golden Visa program officially closed, the pathway to residency through investment has ended. However, current holders can still renew their visas under the original terms. For Pakistanis, other options like the Digital Nomad Visa, as well as programs in Portugal and Malta, offer similar benefits. While Spain’s decision to close the program aims to control housing costs, its appealing culture, robust economy, and stunning beaches continue to make it a desirable destination for investors.
