End of the Golden visa in Spain.

End of the Golden visa in Spain.

Jason Moore22/02/2025 08:33
TW
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Spain is saying adios to its golden visa scheme in April and Greece and Portugal are laughing all the way to the bank. This scheme, which allows foreigners from outside the European Union to settle with few problems in return for a big investment in property or funds, has proved to be highly successful especially among Brexit-hit Britons.

But Spain is phasing out the visa while Portugal is making it easier for foreigners to settle through investment. Infact, they have abolished the old paper system and replaced it with a new digital platform to process applications faster. It is the same story in Greece.

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Both Greece and Portugal say that they have noticed a big increase in demand especially from Britons and U.S. citizens. Both countries have introduced changes to the system, in the case of Greece the cash threshold has been raised while in Portugal the real estate option has been removed but foreigners cash still invest in funds in return for residency.

Not the first time, Greece and Portugal are cashing in one what some would say is an own goal by the Spanish government. Plans by the Spanish government to introduce a 100 percent tax on the purchase of Spanish properties by non EU/non resident foreigners has also led buyers to look elsewhere.

Thousands of foreigners including many Britons have settled in Spain thanks to the golden visa system. Its demise will be seen as a blow.

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