Spanish Citizenship in 2 Years: How and Should You Do It? | Spain Citizenship Fast Track Program | Summary and Q&A

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November 11, 2021
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Wealthy Expat
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Spanish Citizenship in 2 Years: How and Should You Do It? | Spain Citizenship Fast Track Program

TL;DR

Obtaining Spanish citizenship through the golden visa program can be done in just two years, but the high taxes in Spain make it a less attractive option.

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Key Insights

  • 👻 Spain's golden visa program allows investors to obtain Spanish citizenship, but it is a lengthy process.
  • 💨 Obtaining Spanish citizenship through marriage to a Spanish citizen is a faster option.
  • 🚕 Taxes in Spain, particularly personal income tax and capital gains tax, are high and may deter individuals from pursuing Spanish citizenship.
  • 🏤 The Portugal golden visa program provides more favorable tax conditions for those seeking European citizenship.
  • 💪 Obtaining Spanish citizenship through the golden visa program may be more suitable for individuals from countries that do not offer strong passports.
  • ⌛ The process for obtaining Spanish citizenship can be bureaucratic and time-consuming.
  • 🚕 Consideration should be given to the additional taxes imposed by different regions in Spain, such as the municipal wealth tax.

Transcript

spanish citizenship and european citizenship in just two years who qualifies and should you do it is it a great idea or a terrible idea let's find out spain is one of those countries that thinks they're better than they actually are a lot of spanish citizens want to get the heck out of spain they're tired of paying too much in taxes but a lot of pe... Read More

Questions & Answers

Q: How long does it take to become a Spanish citizen through the golden visa program?

The golden visa program takes 10 years to become a citizen through naturalization, but marrying a Spanish citizen can shorten the process to just one year.

Q: What countries qualify for Spanish citizenship based on past domination by Spain?

Citizens of Latin American countries, including Brazil, and Puerto Rico can qualify for Spanish citizenship. Even U.S. citizens born in Puerto Rico can obtain Spanish citizenship if they can prove their birthplace.

Q: What are the tax implications of obtaining Spanish citizenship?

Spain has high taxes, with personal income tax rates ranging from 46% to 51%. There are also capital gains taxes of up to 23% and a wealth tax for high net worth individuals.

Q: Is obtaining Spanish citizenship a good idea for high net worth individuals?

No, it is not recommended for high net worth individuals due to the high taxes in Spain. The Portugal golden visa program may be a better option, as it offers tax advantages.

Summary & Key Takeaways

  • Spain offers a golden visa program that attracts investors, but it takes 10 years to become a citizen through naturalization.

  • Getting married to a Spanish citizen can shortcut the process to just one year.

  • Citizens of countries previously dominated by Spain, including Latin American countries and Puerto Rico, can qualify for Spanish citizenship in about two to three years.

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