Aim Global
IMI Official Partner
For Sephardic Jews seeking a connection to their ancestral homeland and a gateway to Europe, Spain’s Golden Visa program offers a unique opportunity.
Combining the benefits of the Golden Visa with Spain’s fast-track naturalization process for Sephardic Jews, descendants of this historic community can now reclaim their heritage while enjoying the advantages of European citizenship.
The Spanish Golden Visa program grants automatic residency to non-EU nationals who invest at least €500,000 in Spanish real estate. This allows them to live, work, and study in Spain and travel visa-free throughout the Schengen Area.
For Sephardic Jews, the Golden Visa can be the first step towards a deeper connection with their roots.
Spain is the optimal destination as Portugal amends the “law of return”
Portugal has recently amended its “law of return,” making it easier for descendants of Portuguese Sephardic Jews to register as Sephardic Jews in the country.
Under the revised law, applicants can demonstrate their connection to Portugal through surnames, family language, or direct or collateral descent. However, obtaining citizenship in Portugal now requires a minimum residency of three years instead of the usual five, and applicants do not need to have proof of language proficiency.
In contrast, Spain’s fast-track naturalization process for Sephardic Jews remains an attractive option. Sephardic Jews who have legally resided in Spain for at least two years can apply for Spanish citizenship, a significant reduction from the standard residency requirement of ten years.
Sephardic Jews do not need to renounce their original nationality when applying for Spanish citizenship, giving them a simple pathway to becoming dual citizens.
Descendants of this community can efficiently navigate the path to Spanish citizenship by utilizing the Golden Visa to establish residency in Spain and registering as Sephardic Jews in Portugal.
It is important to note that Portugal has suspended nationality procedures for applicants subject to restrictive measures approved by the United Nations or the European Union. This follows cases of Russian tycoons seeking Portuguese nationality under the Sephardic Jew regime amidst sanctions related to the war in Ukraine.
Portugal’s new legislation makes obtaining citizenship in Spain as a Sephardic Jew simpler. By combining the Spanish Golden Visa, Schengen Area free movement, Portugal’s simplified registration, and Spain’s streamlined fast-track naturalization process, Sephardic Jews have the optimal way of obtaining EU citizenship quickly and easily.
As of July 2024, over 90,000 descendants of Sephardic Jews have already become citizens of Portugal or Spain since the introduction of these laws in 2015. The majority of applicants in Portugal are Israeli, highlighting the strong interest among Sephardic Jews in reconnecting with their Iberian roots.
The key advantages of combining the Spanish Golden Visa program with the fast-track naturalization for Sephardic Jews are:
- An expedited path to Spanish citizenship: Sephardic Jews who legally reside in Spain for two years can apply for citizenship, significantly reducing the standard residency requirement of ten years. The Golden Visa allows Sephardic Jews to establish residency and start the naturalization process quickly.
- Access to the European Union: Spanish citizenship grants the right to live, work, and study anywhere in the European Union, as well as visa-free travel within the Schengen Area.
- Reconnecting with ancestral heritage: For Sephardic Jews, obtaining Spanish citizenship is an opportunity to reconnect with their ancestral homeland and reclaim their cultural heritage, which was lost during the expulsion of Jews from Spain in the 15th century.
- Straightforward qualification: The Spanish Golden Visa program has a clear investment threshold of €500,000 in real estate, making it a straightforward way for Sephardic Jews to establish residency in Spain and begin the naturalization process.
- Attractive investment opportunities: Spain’s real estate market offers attractive investment opportunities, with consistent price growth and strong rental yields in major cities like Madrid, Barcelona, and Valencia.
- Complementary path through Portugal: Portugal’s recent changes to its “law of return” make it easier for Sephardic Jews to register their heritage, which can support their application for Spanish citizenship. This dual approach provides greater flexibility for Sephardic Jews seeking European citizenship.
- Family benefits: The Spanish Golden Visa extends residency rights to the investor’s spouse and dependent children, allowing Sephardic Jewish families to relocate to Spain together and enjoy the benefits of European citizenship.
A limited window of opportunity
Spain’s highly popular Golden Visa has remained stable throughout the years, but now the government is has announced plans to scrap the program entirely.
This opens a window of opportunity for Sephardic Jews to obtain EU citizenship through an investment that is useful and profitable, but only if they act quickly.
Spain’s housing market has demonstrated remarkable resilience, with prices rising consistently in recent years. In Q1 2024, Spanish house prices increased by an impressive 7% year-on-year, following a robust growth of 8.16% in 2023.
Several autonomous regions in Spain have experienced significant price growth, with Andalucía leading the way at 5.3%, followed closely by Navarra (4.67%), Ceuta (4.58%), and Canarias (4.54%) in 2023. The capital city of Madrid also saw a substantial increase of 4.46%, while the Balearic Islands, a popular destination for foreign homebuyers, recorded a 4.39% growth.
Spain’s economy is projected to maintain steady growth in the coming years, with the European Commission forecasting a 1.7% GDP growth in 2024 and the Bank of Spain expecting a slightly higher growth rate of 1.9%. This economic stability further supports the attractiveness of the Spanish real estate market for Golden Visa investors.
For Sephardic Jews, the combination of Spain’s Golden Visa, Portugal’s streamlined registration process, and Spain’s fast-track naturalization offer a compelling opportunity to reclaim their heritage, secure European citizenship, and invest in a thriving property market.
As Spain continues to embrace its Sephardic Jewish history and strengthen ties with this community, the country presents a welcoming and promising future for those seeking to reconnect with their ancestral homeland.
To learn more about naturalizing in Spain as a Sephardic Jew, contact Aim Global today via our website.
