Spain’s Golden Visa program has become an attractive option for non-EU nationals seeking to live and invest in the country. The program provides residency in Spain through significant financial investments, opening the door to European residency benefits, including ease of travel within the Schengen Area. For Pakistanis, the Spain Golden Visa offers an exciting opportunity to relocate, live, work, and eventually, apply for citizenship in Spain. In this guide, we explore how Pakistanis can secure a Spain Golden Visa in 2024 and the various investment options available.

What is the Spain Golden Visa Program?

The Spain Golden Visa is a residency-by-investment program introduced by the Spanish government in 2013. It is designed to attract foreign investment by offering residency permits to individuals and families who make qualifying investments in Spain. The visa provides various benefits, including freedom of movement within Schengen countries and the opportunity to live and work in Spain.

Applicants can also include their immediate family members (spouse, children, and dependent relatives) under a single visa, making it a popular option for families looking to relocate to Spain.

Key Benefits of the Spain Golden Visa

• Residency: You can live and work in Spain legally.
• Family Coverage: The visa covers your spouse and dependent family members.
• Travel within Schengen: The visa allows visa-free travel across 26 countries in the Schengen Area.
• Pathway to Citizenship: After 10 years of legal residence, you may apply for Spanish citizenship.
• No Minimum Stay Requirement: You are not required to live in Spain to maintain the visa, but it’s necessary for citizenship applications.

Spain Golden Visa Requirements for Pakistanis

To qualify for the Spain Golden Visa, Pakistani nationals need to meet several criteria. Below are the main eligibility requirements:

• Age: Applicants must be over 18 years old.
• Non-EU National: The applicant cannot hold EU, EEA, or Swiss nationality.
• No Criminal Record: Applicants must not have any criminal record in Spain or the country of origin within the last five years.
• Sufficient Financial Resources: Proof of having sufficient financial means to support themselves and their dependents during their stay in Spain.
• Health Insurance: Private or public health insurance valid in Spain.

One of the key conditions of the Golden Visa program is the investment. The applicant must make a substantial investment in one of the qualifying categories outlined by the Spanish government.

Investment Options for Pakistanis Applying for Spain Golden Visa in 2024

There are several investment routes that Pakistani applicants can pursue to qualify for the Golden Visa in Spain. Each option has a specific minimum investment threshold that must be met.

1. Real Estate Investment

Investing in Spanish real estate is one of the most popular paths for obtaining a Golden Visa. Pakistani investors are required to invest at least €500,000 in real estate. This can include the purchase of residential properties, commercial properties, or land.

• Real Estate Options: You can buy multiple properties or one single property as long as the combined investment equals or exceeds €500,000.
• Benefits of Real Estate Investment: Property in Spain can be a lucrative investment, with the possibility of generating rental income or future capital gains.

2. Capital Investment in Spanish Businesses

Another investment route is through capital investment in Spanish companies or businesses. The minimum investment required is €1 million, and this can be in the form of:

• Shares in a Spanish Company: Investing in a business already established in Spain.
• Creation of a Business: You can also set up a new business venture in Spain, provided it generates local employment and contributes to the country’s economic development.

3. Government Bonds Investment

You can qualify for a Golden Visa by investing in Spanish government bonds. The minimum required investment is €2 million. This option is ideal for investors seeking lower risk while still benefiting from Spanish residency.

4. Bank Deposit in Spain

Applicants can also invest €1 million in a Spanish bank deposit to qualify for the visa. This is a straightforward option for those who prefer to keep their funds liquid and secure, while still meeting the investment requirement.

5. Business Projects in Spain

Another less conventional option is to launch or invest in a business project in Spain. The project must meet certain conditions, such as:

• Creating employment opportunities in Spain.
• Having a significant socio-economic impact on the region.
• Contributing to scientific or technological innovation.

There is no fixed investment amount for this category, but the Spanish government carefully evaluates the project to ensure it aligns with national interests.

The Application Process for Pakistanis in 2024

Applying for the Spain Golden Visa involves several steps that require careful attention to detail. Below is an overview of the general process:

Step 1: Select Your Investment Option

Decide which investment option you will pursue: real estate, capital investment, government bonds, or business projects. Ensure that you have the necessary funds and legal advice to proceed.

Step 2: Gather Documentation

You will need to prepare the following documents:

• Valid passport.
• Proof of investment (e.g., property purchase, bank deposit, or shares).
• Proof of financial means (bank statements, tax returns).
• Proof of health insurance.
• Criminal background check from Pakistan and any other country of residence.

Step 3: Submit Your Application

Submit your application at the nearest Spanish consulate in Pakistan or through a legal representative in Spain. It’s recommended to work with an immigration lawyer or consultancy to ensure that your application meets all legal requirements.

Step 4: Receive Your Visa

Once your application is approved, you will receive your Golden Visa. The initial visa is valid for two years and can be renewed for five-year periods, provided you maintain your investment and meet the residency requirements.

Step 5: Residency Renewal and Citizenship

After five years, you can apply for permanent residency in Spain. If you live in Spain for 10 years, you become eligible for Spanish citizenship. Note that Spain does not allow dual citizenship with Pakistan, so you may need to renounce your Pakistani citizenship if you pursue Spanish nationality.

Final Considerations for Pakistanis Applying for a Spain Golden Visa in 2024

The Spain Golden Visa is an excellent pathway for Pakistanis who want to enjoy the benefits of European residency while making a sound investment. Whether through real estate or other financial ventures, the program offers a unique opportunity for global mobility, economic growth, and a higher quality of life. We recommend consulting with a professional legal advisor who specializes in Spain’s residency-by-investment programs to ensure a smooth application process. contact us