Under the current scheme: Short-stay or residence visa for foreigners making a significant capital investment, understood as:
An initial investment of at least 2 million euros in Spanish public debt securities, or 1 million euros in stocks or shares in Spanish companies undertaking actual business activities, or in investment or venture capital funds incorporated in Spain, or in bank deposits in Spanish financial institutions.
The purchase of unencumbered real estate for a minimum of 500,000 euros, (if the investment is made by a couple married in community of property, one of the spouses may obtain an investor visa, and the other spouse, a visa as a family member of the investor).
A business project in Spain considered to be of general interest, as regards the creation of jobs, the significant socio-economic impact on the geographical area in which the project is to be carried out, or its significant contribution to scientific or technological innovation. In this case, the visa may be obtained by a representative designated by the investor to manage the project.
Investments made by legal persons will be accepted, provided that the legal person is not based in a tax haven, and that the investor holds, directly or indirectly, majority voting rights and the power to appoint or dismiss the majority of the members of the board of directors.
The following family members of the investor may also obtain the visa: The spouse or unmarried partner.
Children and adult children who are financially dependent on the investor and who have not created a family unit of their own.
Relatives in the ascending line in the investor’s care.
However, as things stand, the visa scheme could be scrapped as early as Januray, 2025.
The government’s reasoning is that the increased interest in this option has contributed to the country’s housing crisis. Therefore, in a bid to better manage the housing crisis, in April this year, Prime Minister Pedro Sanchez, announced that the country would terminate the scheme.
The visa scheme was created in 2013 by the conservative government of Mariano Rajoy.
It was seen as a way of attracting badly needed foreign investment in the wake of the eurozone crisis, which hit Spain’s property sector particularly hard. A total of 6,200 visas were issued until 2023 for investment in property, according to the organisation Transparency International, although other sources put the number higher.
Nearly half of beneficiaries of Spain’s Golden Visa - a total of 2,712 - were Chinese, according to Transparency International. One of the key reasons behind the anti-mass tourism protests this year was the lack of affordable housing which has been blamed on property speculation by foreign investors.
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Since the Golden Visa program's inception in 2013, approximately 10,376 visas have been issued, primarily through real estate investments. During the same period, Spain recorded over 4.5 million residential property transactions. This means that purchases related to the Golden Visa program account for a mere 0.28% of total property sales. It is simply absurd to suggest that 0.28% of transactions could be responsible for a housing crisis. Such a claim is statistically negligible and cannot be taken seriously by any informed observer. The decision to target foreign investors as the root cause appears to be a populist gesture, rather than a move grounded in data or rational economic policy. It's just simply socialist being socialists they will never ever learn
This is good news - stops all the dodgy criminals just buying their way onto the island with money obtained from who knows where. Maybe these people will now have to go down the legal route like everyone else.
I wonder how much foreign investment will leave the island if the existing golden visas aren't renewed. This could lead to thousands of investors and spenders leaving and be (another) shot in the foot for the economy.
I wonder how much foreign investment will leave the island if the existing g
This would be a mistake. Every country needs outside investors and the Golden Visa is a simplified way for investors to remain on the island whilst negotiating their deals. And seeing them to fruition. I get the feeling that a lot of these decisions are coming out of Government as knee jerk reactions and that's never a good thing.
Ban forgien investment. Bring in Senegalese workers. How is that going to help the bottom to middle end house hunters ?