Spanish Golden Visas, Soon to report a new residency-by-investment record for 2018.
From January 2018 to October 2018, according to Foreign Ministry Figures, has seen 546 individuals obtain residency in Spain by purchasing property.
It is reported that 5,778 foreigners obtained a golden visa in Spain during the first 10 months of 2018 by investing more than €500,000 in real estate or businesses of which 546 individuals secured residency by investing in Spanish property. This can be compared to 2017 reported figures that showed the total golden visas granted to be 5,876 of which 563 were for property purchases.
Statistics therefore suggest that Spain will end the year 2018 with a new golden visa record.
The Spanish golden visa program, launched in 2013, was designed to attract foreign investment during the global economic crisis. The scheme was a slow started with around 500 investors participating during the first 12 months. Due to this slow take up, two years after the launch the government relaxed some of the terms in a bid to make the scheme more attractive and entice further investors. These terms included extending the residency period from 2 years to 5 years and allowing spouses and children to be included.
The golden visa scene can be contracted in a few ways. An investor can spend a minimum of €1 million in stocks or deposits in Spain, spend a minimum of €2 million in Spanish treasury bonds, or purchase Spanish real estate with a value exceeding €500,000. Visas can also be obtained through a business venture that generates jobs or that contributes towards scientific or technological innovations.
Spain is not the only EU country that offers a ‘golden visa’ – thirteen other member states offer similar schemes, some even going as far as offering citizenship through investment. However in the last ten years, Spain has issued the highest number of visas in the European Union – according to official data 24,095 to be exact. Spain has even made the most amount of money; between 2013 and 2016, revenue from the scheme reached €2.16 billion, 76% of which went into property, reports Spanish newspaper El Pais.