End of Golden Visa in sight.

End of Golden Visa in sight.

Jason MoorePalma21/11/2024 11:50
TW
3

Money can´t buy everything but it helps. Thousands of Britons, hit by the paperwork nightmare and the 90 day rule in Spain, have been buying half a million euro properties in Spain which entitles them to the "Golden visa" which greatly reduces the amount of paperwork and also allows them to ease past the 90 day rule.

The Golden Visa Programme in Spain, also known as the Residency by Investment Schemes, gives non-European Union nationals the opportunity to acquire residency in this country in exchange for financial investments. There are several options through which internationals can benefit from the Golden Visa Programme of Spain. The most famous option of this scheme is real estate investment. In a bid to acquire residency through this option, wealthy foreign investors are obliged to purchase a property worth at least €500,000.

However, Spain is set to abolish the programme early in the New Year which will come as a major blow for Britons. Around 780 golden visas were issued by Spain to foreign nationals from the beginning of the year until the end of October, according to government data released recently. The largest number of golden visa recipients are nationals from China, followed by Russians and UK citizens.

Non-European Union citizens can now only stay 180 days in Spain in two batches of 90 days wjhich has come as a major blow for British citizens who own holiday homes in Spain.

Golden Visa Scheme was approved by the Partido Popular Government of Mariano Rajoy in 2013, amid Spain’s financial crisis, in a bid to help the country’s economic growth. It has proved successful especially with Brexit-Britons.