Which is the Best Golden Visa program for Filipinos?

Which is the most golden of all the Golden Visa programs for Filipinos? Several EU countries have quite successful programs, offering investors the possibility of obtaining a visa without the usual hassles and some extra benefits. Of course each program has its own advantages and disadvantages so there is no one size fits all. However, upon closer inspection, the Spanish program does seem especially suited for Filipinos. Why is that? Keep reading our blog to find out more.

1.- Which are the general conditions to be eligible for the visa?

The law has considered three conditions which can render an investor eligible for the visa (meeting one of them is enough to qualify the applicant):

1.- Buy real estate with a minimum value of € 500,000 (the first € 500,000 must be free of liens);

2.- Invest € 2 million in Spanish bonds; € 1 million in shares of Spanish companies; € 1 million in investment funds or venture capital funds; or deposit € 1 million in a bank account;

3.- Undertake a business project of general interest to be executed in Spain.

2.- Are there any limitations as to the buying of real estate?

The only limitation is that each applicant must invest at least € 500,000 and the property must be free of liens and encumbrances. All types of property are eligible and may be used or leased freely.

3.- For how long is the investor’s visa valid? Can the investor apply for a residence permit?

The investor’s visa is valid, initially, for one year. The investor can apply thereafter for a residence permit which is valid for 2 years initially and then renewable for 5-year periods.

4.- So why is the Spanish program of greater interest to the Philippines?

It all comes down to citizenship. As a general rule, after a ten-year residence period residents can apply for Spanish citizenship. However, Filipinos just need a two-year residence period and can keep their citizenship of origin.

5.- How do other Golden Visa programs compare?

Requirements for citizenship are much stricter in other EU countries.

Portugal: minimum residence of 6 years;

Malta: minimum residence of 5 years;

Cyprus: minimum investment of € 2.5 million.

6.- What other benefits are there?

The Golden Visa allows its holder to live and work in Spain. Reunification is possible for the following family members: spouse or de facto partner; children under legal age (18) and over legal age if they are economically dependent on their parents; sponsor’s parents (if they are over 65 years old) and spouse’s parents (if they depend economically on the sponsor).