The future of Golden Visa in Spain is uncertain. On April 9th, the Spanish government’s Council of Ministers discussed the possibility of eliminating the so-called “Golden Visa“. Much has been written since. In this week’s article we analyse the situation and provide all available information on the subject to our readers.
What is the “Golden Visa”?
As we have explained in previous articles, the Investor Visa is a residency programme that allows individuals to obtain residency in Spain in exchange for a significant investment in our country. The investment can be of four types:
– Investment in Spanish public debt for a value of 2 million euros or more.
– Investment in shares and equity investments in Spanish companies for a value equal to or higher than 1 million euros.
– Acquisition of real estate for an amount of €500,000 or more.
– Investment in a business project of general interest.
The Golden Visa offers a multitude of advantages. Freedom of movement within the Schengen area, family reunification, possibility of permanent residence, etc.
What exactly has happened to the Golden Visa in Spain?
In Spain there has been a problem of access to housing for years. It seems that the government’s intention is to eliminate the option of obtaining the Golden Visa by purchasing real estate. The aim is to boost the real estate market and make housing more accessible to young people in our country.
Since its approval in 2013, almost 15,000 Golden Visas have been granted in Spain. Many of them thanks to the acquisition of real estate in “stressed areas” such as Madrid, Barcelona, or Valencia. Applicants are mostly of Chinese, Russian, American, etc. nationality. But there are also many British.
Why now? European Commission. Ireland. Portugal. United Kingdom.
The Spanish government’s announcement comes after the European Commission recommended that all EU countries end such programmes by 2022. Since then, countries such as Ireland and the UK have ended their investor residency programmes. Something similar has happened with Portugal, which has considerably limited this type of visa.
What are the alternatives for residency in Spain? Non-Profit Residency.
Although the Golden Visa has not yet been definitively eliminated, it seems that its days are numbered. Non-EU citizens seeking residence in Spain still have alternatives available to them.
What are the alternatives for residency in Spain? Non-Lucrative Visa.
Although the Golden Visa has not yet been definitively eliminated, it seems that its days are numbered. Non-EU citizens seeking residence in Spain still have alternatives available to them.
A clear example is Non-Lucrative Visa. Although it is not as flexible and does not offer the same advantages as the Golden Visa, it is an excellent option. Especially for those who wish to retire in Spain and have sufficient financial means to stay in our country without working.
The Digital Nomad Visa could also be an alternative to consider, as it offers enormous flexibility to work remotely from Spain.
Conclusions.
At White-Baos Lawyers we are experts in Immigration Law. If you are a non-EU citizen who wishes to reside in Spain legally, do not hesitate to contact us. We will study your case and offer you expert legal advice.
The information provided in this article is not intended to be legal advice, but merely conveys information relating to legal issues.
Carlos Baos (Lawyer)
White & Baos.
Tel: +34 966 426 185
E-mail: info@white-baos.com
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