Spain is located on the Iberian Peninsula in the Mediterranean with coastlines on both the Atlantic and Mediterranean. Madrid is the capital and Spanish is the official language. Catholicism is the dominant religion. The president is head of state, nominated by the King of Spain. Major tourist destinations include Barcelona, Madrid, Valencia, Seville, and Grenada. Spain launched an investment citizenship program in 2013 whereby foreign investors can acquire citizenship or residence within 2-4 months in exchange for an investment. A Spanish residence permit provides visa-free travel within Europe, rights to live and work anywhere in the EU, and the same social benefits as citizens with the possibility of future citizenship.