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). 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.
While the real estate route to getting a Spain Golden Visa will end on December 31, 2024, other investment options are expected to remain available. Investors might still be able to gain residency by investing €1 million in Spanish company shares or €2 million in government bonds. Furthermore, founding or acquiring businesses that create jobs or drive innovation in Spain might remain viable for potential residents by investment.
As Spain prepares to transition away from its current Golden Visa program, investors are encouraged to act quickly if they want to take advantage of existing opportunities before new laws take effect. The government intends to publish the final law in the Official State Gazette (BOE), likely in early 2025.
The best solution if moving to Mallorca is to obtain a resident permit, the biometric TIE card - that will also release travellers from the 90 day rule.
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Good, the last thing we need are more non resident second home owners.
More complications. Slightly more complicated. Cancellation of the Golden Visa. The articles notes that the removal of the Golden Visa was announced in April . Long enough for the Brits thinking about this offer to make up their mind. Sorry but this whole article smacks of a piece by that well known journo Phil Space What did the scheme achieve, lots more Chinese, I'll bet the majority are Hong Kongers . I don't blame them escaping from that failed diplomatic wheeze we created to try and maintain some influence over there but surely Asia with its multiple democratic countries is their natural home.