SPAIN
Life is a little tougher for buyers looking to make a permanent move to Spain , it isn ’ t the only visa option and in fact , less than 10 % of their transactions to foreign buyers are Golden Visa related . Most of non-EU buyers have been happy to abide by the 90 / 180 access rule or use one of the other visa options available . Here are the most common questions to help people understand the full implications of this legislation change .
What is the Golden Visa and who have been taking advantage of it since it was introduced in 2013 ?
The Golden Visa allows anyone of good character outside the EU to apply for residency in Spain and gain unrestricted access to the Schengen area of Europe . The only requirement is an investment of at least € 500k in Spain . This includes a simple investment in property . However , this investment can ’ t be via a mortgage , so you ’ d need to pay € 500,000 without leveraging a mortgage loan to do so . This provides the same rights to the applicant ’ s partner / spouse and any dependent children under 18 years of age .
The initial residency is for two years , which can then be extended by a further five years if all the original conditions are still met . You can then apply for permanent residency and thereafter citizenship . When it launched in 2013 , the early adopters were mainly Chinese and Russian investors , but during the years up to 2021 , the numbers of Golden Visas granted were surprisingly low , at an average of less than 1,000 per year .
What is the change in legislation that has been announced ?
The government has announced its intention to scrap the Golden Visa scheme altogether as soon as their proposal is ratified .
Why do you think it is being scrapped now ?
Although it wasn ’ t often used between 2013 and 2021 , the figures for the last 2 calendar years tell us a different story . There were 2,017 Golden Visas granted in Spain in 2022 and 3,273 in 2023 . Already in 2024 , 424 have been approved , with plenty more in the application stage . The predominantly left-wing coalition government has come under increasing pressure to abolish the scheme , it being seen as a hurdle preventing locals accessing more affordable housing .
Have you seen a recent increase in interest in the Golden Visa in Marbella ?
Yes , especially with the growing interest from the US and Canada . Many people now identify Marbella as an ideal relocation destination for themselves and their families . If you don ´ t have EU residency , this is now going to become more difficult .
86 REI MAGAZINE SEPTEMBER 2024