The Spanish government plans to raise the minimum investment required to participate in the Golden Visa Spain program. And also, perhaps, exclude the purchase of real estate from the list of options. Such data was published by the El Pais in the current May. As in other European countries, parliamentarians are shifting the problems of rising prices in the real estate market to golden visa programs for investors.
The arguments of the parties are as follows: the cost of 500,000 euros for real estate in key cities of Spain is no longer the premium segment. So, for attracting only HNWI the investments should be much higher. Therefore, it is proposed to increase the requirements for the value of real estate to 1 million euros, as in other Golden Visa Spain options. The same as for a deposit in a bank and business investment.
The Spanish Golden Visa program was introduced in 2013 and allows foreigners to obtain a residence permit in Spain.
For example, by buying a local property worth at least 500,000 euros. The Spanish Golden Visa program remains one of the most sought after by foreign investors in Europe. And this, despite all the tax requirements of this Mediterranean country.
All holders of Spain Investor visa (Golden Visa Spain) are entitled to work in Spain. Another benefit is that this type of residence permit does not oblige a foreigner to live in Spain. So, the “golden visa” can be used to freely travel around Europe.
After 5 years, the investor and his family are eligible for permanent residence, subject to certain conditions. At this point, the property can already be sold.
The three most popular provinces for buying real estate in order to obtain a ” Golden Visa Spain” from foreigners are Alicante, Barcelona and Malaga.
Nuri Katz, founder of Apex Capital Partners, which advises on investment consulting and wealth management for high-net worth clientele, branded the Spanish move “populist”.
“European politicians like to popularize the idea that rich foreigners are coming over and putting our country at risk and making our prices go up. They don’t like it when rich people can afford nice clothes or cars and they cannot,” he told i. “In Greece they increased the price so richer people could get visas and I think Spain will do the same. This is a simple way to increase investment”— says Nuri Katz, answering questions for INEWS.CO.UK
There are other golden visa programs in Europe. For example, in Hungary or in Cyprus (the Cyprus Fast Track Permanent Residence Permit program).
Hungary Golden visa by investments
Foreigners may get a Hungarian residence permit for the purchase of real estate in the amount of €155,000. An investor can include his spouse and financially dependent children in the application. A residence permit in Hungary allows you to permanently reside in this country (without residence requirements!). And travel around the Schengen countries without visas for 90 days every six months. Processing time is about 2 months. The residence permit status is issued immediately for 5 years.
