Since 2013 investors who meet the requirements can apply and obtain a Golden Visa or a Non Lucrative Visa in Spain. One of these requirements is the need of a mandatory health insurance for non-EU citizens which is also needed to get a NIE number (Foreigner Identification Number).
Data shows a large number of Chinese, American, Russian, Brazilian, Indian, Venezuelan and Mexican citizens obtained a Golden Visa during the first five years since the program is running. In fact, Spain is the European country with more visas granted (24,095) until 2018. The average time to be granted a visa after the application is sent is less than one month.
There are regulatory issues which could affect your application (like offences in your criminal record) while other technical issues could be related to the mandatory health insurance and the type chosen.
If you are thinking about applying for such visas it is very important to contract the right product for your medical insurance otherwise your application might be rejected. We at Cogesa Expats can help you speed up the process of taking out your medical insurance as a non-EU expat and ensure the procedures run as smoothly as possible while taking into account all the details.
The Golden Visa Program
The Golden Visa in Spain can be applied by anyone who:
- is hired as a highly qualified professional by a company in Spain
- wants to start a business project considered of special economic interest
- invests at least € 500,000 in real estate
- invests € 2 million in debts
- invests € 1 million in stocks
- deposits € 1 million in a Spanish bank account
This visa allows the investor free movement in Spain and other European countries belonging to The Schengen Agreement and the possibility of working in Spain. Permanent residency is possible after 5 years and Spanish citizenship can be applied for after 10 years.
Once the visa is obtained the near relatives: spouse, domestic partner, children and dependent ascendants can live and work in Spain if the investor applies for the permit for them.
Health Insurance Requirements for a Golden Visa or Non Lucrative Visa
The following list details the requirements for your health insurance in Spain as a Golden Visa or Non Lucrative Visa applier.
- the medical insurance should be with no co-payment (or deductible)
- the provider of the medical insurance must be authorized to operate in Spain
- the waiting period for hospitalization should be 6 months or less
- travel insurances will not be accepted
If you need more information about your particular situation and would like to get a free quote for your medical insurance in Spain in connection with your visa application let us know by contacting our team of experts or filling the form below.