Is the Golden-Visa going to end in Spain, will the requirements stay the same, will they change, will the golden visa be be stopped, or as some might say, is this take-off, touch-down or crash-out?
Will the potential new government of PSOE, which is currently attempting to reach a collaboration agreement with JUNTS & ERC from Cataluña, change or disolve the Golden Visa in Spain? It would seem that changes in the golden visa are likely with whichever government obtains power in Spain, however should the three parties who are attempting to form a government at current obtain power, changes which will double the required investment to a figure of 1 million euros, are expected.
Since 2013, it has been possible to obtain an Investor Residency Authorization, or what is commonly known as the Golden Visa in Spain. This residence permit was introduced into our regulations through the well-known Entrepreneurs’ Law.
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Non-EU citizens can obtain a golden-visa by using any one of the following investment methods in Spain:
FINANCIAL ASSETS INVESTMENT OPTIONS:
At current, an investment into any one of the following 5 options, allows the investor a Golden Visa.
- Public debt (minimum 2 million euros).
- Shares or social participations in Spanish capital companies (minimum 1 million euros).
- Investment in funds, closed-end investment funds or venture capital funds established in Spain (minimum 1 million euros).
- Bank deposits in Spanish financial institutions (minimum 1 million euros).
- Real estate investment (minimum 500,000 euros).
INVESTMENT IN A BUSINESS PROJECT IN SPAIN:
There is no minimum financial amount for this type of investment, although its impact on the general interest is measured and valued.
- Creation of jobs.
- Socioeconomic impact in the geographical area where it is going to be developed.
- Relevant contribution to scientific and/or technological innovation.
To date, many people have accessed any of the permits regulated by this law and therefore there are also many people who are today holders of these investor authorizations in Spain. The Government estimated in 2022 that to date, just under 5,000 permits of this type had been granted, of which 45% had been granted to citizens of Chinese nationality.
We must bear in mind that the introduction of this authorization for acquiring real estate was carried out in 2013, after the economic crisis and at a very specific time in Spain, where foreign capital investment and the acquisition of real estate were necessary. After 10 years in which we have been able to carry out these procedures, there are many voices that are calling for this permit to cease to exist in Spain, just like it has already ceased to exist in Ireland and Portugal and has changed somewhat in other countries within the EU.
The Mas País party has presented a bill proposing to eliminate this permit for people who acquire one or more homes. According to the party of Iñigo Errejón, these “Golden Visas” promote speculation with housing prices and access to them and are causing the local population to be expelled from their areas and from their homes, which is causing very negative aspects in the real estate market.
After several countries have taken a close look at this type of authorization, the Spanish government is studying the idea of either eliminating this authorization for people who acquire or buy a home in Spain or raising the minimum acquisition amount of said homes in Spain.
At this point, it is important to clarify that the Investor Authorization or the fact of acquiring one or more homes does not give direct or priority access to Spanish nationality by residence. Any foreign citizen who is a holder of an Investor Authorization must meet all the requirements required to acquire nationality without any kind of benefit.
GOLDEN VISA IN SPAIN:
If you want to know more about this residence permit, here we explain the additional requirements that must be met to obtain this investor authorization.
The foreigner who purchases one or more homes in Spain, the total of which is at least 500,000 euros, has the option of requesting, if they wish, an investor authorization.
Many of you ask us what to do if the purchase has not yet been made, but you have a deposit contract. In these cases, in which the commitment to purchase the property has been acquired through the said contract, it is not possible to request the investor authorization mentioned.
The investor authorization can only be requested when you are already the owner or holder of the real estate property.
DEPOSIT CONTRACT:
If you only have a deposit contract, the only thing you can do is apply for an investor visa with a duration of 6 months.
In this case, the Consulate will ask you to prove that commitment to purchase (this is something that we can legally organise for you).
In addition, the purchaser will have to prove that you have that liquidity or amount to make the purchase of that real estate property.
This can be done by means of a bank certificate that shows that you have that sum of money for the purchase, and that you also have enough money to pay the taxes necessary to acquire the home.
ALL TYPES OF RESIDENCY AVAILABLE IN SPAIN:
- Golden-Visa Spain (Spain citizenship by investment)
- Non-Lucrative visa Spain (Spain visa non lucrative)
- Self-Employed visa Spain (self employed expats in Spain)
- Digital-Nomad visa Spain (remote worker in Spain)
Please see-here our video-blog with options and legal-advice to obtain residency in Spain.
IS THE GOLDEN-VISA GOING TO END IN SPAIN?:
Do you need legal assistance in Spain?
We are a Spanish Solicitor and assist our clients with all types of residency applications.
Permanent residency is obtained after 5 years of Spanish Residency through Self-Employed Residency, Digital-Nomad, Non-Lucrative Residency or Golden-Visa. This followed by 5 years as a permanent resident in Spain and means you can then obtain Spanish Citizenship with a Spanish Passport.
