The Spanish Golden Visa Scheme, which offers permanent residency in Spain in exchange for purchasing a property in the country for €500,000 or more, may have its days numbered.
Amid pressure from the European Union, Portugal has become the latest country to decide to side-line its investment visa programme, following Ireland in February, while Greece has doubled the amount of investment required to €500,000 in certain cities like Athens.
In Spain, the Más País Party has already submitted a bill to parliament to scrap the golden visa altogether, alleging that the scheme has led to a “brutal” rise in housing prices pushing local residents out of their neighbourhoods without creating any employment. The Spanish government has been quoted as studying this possibility, along with the Greek option of doubling the minimum investment required from €500,000 to €1,000,000. The thought behind the latter is that property prices in the centre of the two main cities, Madrid and Barcelona, have now risen to over €1,000,000 anyway and that other more popular residential areas in cities where locals reside would no longer be exposed to foreign investment under the golden visa scheme.
However, in regions like Valencia and Murcia, €500,000 can still buy you an incredible property with views of the Mediterranean Sea so, if you want to move to Spain and you are in a position to take advantage of the Golden Visa scheme, it would be a good idea to start looking now while this option still remains available.
Since the Golden Visa was introduced in 2013, nearly 5,000 non-EU investors have opted to go down this route. Chinese nationals represent the largest percentage of golden visa holders across Europe, while this option has also been popular among American and Latin American citizens. And it is easy to see why.
You only need to be 18 years old, have a clean criminal record, contract private health insurance and purchase a property in Spain for €500,000 or more without a mortgage (tax not included).
And the benefits are significant:
– Fast-tracked two-year residency and work permit in Spain that is renewable.
– Free movement in all Schengen Area countries for up to 90 days every 180 days.
– No minimum-stay or tax-residency requirements to renew your Spanish residency permit.
– Eligibility to apply for Spanish citizenship after five years of residency.
– Residency is also awarded to your spouse and any financially dependent family members, who would all gain access to the Spanish healthcare and education systems.
Whether you’re looking for a holiday home, an investment property, or a permanent residence, one key decision is whether to buy a resale property or a new-build home.
Whether you’re seeking a second home, a retirement haven, or an investment opportunity, understanding the differences between regions can help you make the right choice.
Here are some Frequently Asked Questions regarding the new law and the answers we hope will help potential and current homeowners understand the new scenario and its implications.
Owning a home is a keystone of wealth… both financial affluence and emotional security.
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