Should you still consider moving to Spain after the cancellation of the Golden Visa? Absolutely! The Entrepreneur Visa offers a strong alternative for individuals looking to invest in Spain through innovative business ventures. This visa provides a clear pathway to residency for entrepreneurs who want to contribute to Spain’s economy. In this guide, we’ll cover everything you need to know about the Entrepreneur Visa, including eligibility, requirements, key benefits, and why it stands as the ideal alternative to the Golden Visa.
The cancellation of Spain’s Golden Visa program marked a significant legislative shift in 2024, with the transition period over as well.
This decision officially ends all Golden Visa pathways, including the widely-used real estate investment route, which required a minimum investment of €500,000. The cancellation is part of Spain’s broader strategy to reduce speculative property purchases and refocus on more sustainable and impactful residency options, such as the Entrepreneur Visa, the Non-Lucrative Visa, or the Digital Nomad Visa.
Spain Entrepreneur Visa Guide: Golden Visa Alternative
The Entrepreneur Visa is tailored for non-EU citizens who aim to establish innovative businesses that make a substantial contribution to the Spanish economy.
Requirements for the Entrepreneur Visa
To apply for the Entrepreneur Visa, applicants must meet the following key requirements:
1) Innovative Business Plan:
- Your business venture must present unique products or services, demonstrating innovation with significant potential to contribute to the Spanish economy.
2) Professional Profile:
- Applicants should possess relevant qualifications or substantial experience in their business sector, ensuring the ability to successfully launch and manage the venture.
3) Financial Resources:
- Applicants must demonstrate sufficient funds to support both the business initiative and their personal living expenses in Spain. This includes proof of financial stability through bank statements or investments.
4) Clean Criminal Record:
- A clean criminal record from Spain and any previous countries of residence is required.
Who Can Apply Alongside You?
Immediate family members, including spouses and dependent children, are eligible to apply for residency alongside the main applicant. Additionally, dependent parents or other relatives in the ascending line may also be eligible, provided they can demonstrate financial dependence and the family relationship.
Important: All foreign documents must be legalized or apostilled and, where applicable, submitted with an official translation into Spanish.
How Long is the Visa Valid?
The Entrepreneur Visa is initially valid for one year, with the option to renew for additional years, provided the business remains operational and continues to meet the set criteria. To renew, applicants must demonstrate that their business is actively contributing to the Spanish economy and meeting the goals outlined in the initial application, such as economic impact, job creation, and business growth.
The cancellation of Spain's Golden Visa has opened the door to alternative residency options, such as the Entrepreneur Visa. These pathways provide viable solutions for non-EU citizens seeking to live and work in Spain, with each offering unique advantages tailored to specific professional profiles.
At UTRUST, we specialize in guiding individuals through Spain's residency application processes, ensuring full compliance with legal requirements.
Contact us at help@utrust.es to schedule a consultation and discuss the best residency strategy for your situation.