Spain launched its Golden Visa program in 2013. To obtain residency in Spain under the Golden Visa program, an investor has to provide a significant benefit to the economy of the country in one of the forms below:
First of all, investors will receive investor visa for one year. During their first year, by visiting Spain once, they can acquire a two years renewable residency permit. After the first five years, the residency permits can be renewed every five years.
If the investor is willing to permanently reside in Spain, then at the end of the five year period, the investor may acquire a permanent residency status in Spain. To obtain and maintain permanent residency status, one should not be away from Spain more than 10 months within a 5 year term, or be away from Spain for 6 consecutive months. Investor residents may be eligible to apply for Spanish citizenship after 10 years of residency. However, it must be noted that dual citizenship is allowed only to certain country nationals, particularly to those who speak Spanish.