The so-called Golden Visas are privileged residence and work permits that allow for people who comply with special requirements to opt for a faster and easier application process.
In September 2013, the Spanish government passed a law to encourage foreigners to invest for residency purposes, the Law 14/2013, of September 27th, to support entrepreneurs and internationalisation.
The Golden Visa allows a non-EU citizen to apply for a residence and work permit, if they:
invest 500.000 € in real estate in Spain,
invest 2 million € in Spanish debts,
invest 1 million € in Spanish companies, stocks,
deposit 1 million € in a Spanish bank account,
are hired as a highly qualified professional by a company in Spain or
plan on realising a business project considered as of special economic interest.
Some of the main advantages of this kind of permit are that the holder does not have to spend a certain amount of time in Spain to maintain it and the application processes are a lot faster. In case of a visa, the Consulate has to decide within 10 working days and in case of a residence permit, the administration has 20 working days to issue a resolution. Furthermore, every Golden Visa comes with a work permit for the whole Spanish territory.