Another European country is ending its investment residence permit program. This time it’s Spain. On July 24, 2024, the Government of Spain, led by the Socialist Party of Prime Minister Pedro Sánchez (PSOE) and the left-wing party Sumar, submitted an amendment to Congress to begin the process of eliminating the Spanish Golden Visa program for any type of investment.
Since 2013, the start of the program, about 15,000 investment residence permits have been issued to foreigners. Almost all golden visas were issued for the real estate option, despite the possibility of investing in other areas such as government debt, shares, bank deposits, funds and business projects. The authorities plan to complete the process of eliminating the program by October 2024. But investors still have a chance to take part in the program and receive a Spanish Golden Visa.
Golden Visa Programs in Europe
Despite calls for such programs to end, there are still options for obtaining a Golden Visa in the EU. In particular, the Greek program continues to operate. And, according to experts, the upcoming increase in the cost of a Greek residence permit (after August 30, 2024) will not stop investors; demand for the program will remain high.
There is also a Portuguese program on the market, where there is no longer a real estate option, but there is an alternative option – investment in an authorized venture fund (return on investment in the 6th year).
In addition, on July 1, 2024, a new program was launched in Hungary, according to which a residence permit can be obtained immediately for 10 years, and then extended for another 10 while maintaining the investment.
Spanish Golden Visa options
So, the most popular option of the Spanish Golden Visa program is real estate. The main applicant must purchase unencumbered immovable property in Spain worth at least €500,000 and be the full owner. This could be a plot of land, a gas station, secondary real estate or a new building. The general criterion for investment is that for submission you will need a certificate from the property register, so it is impossible to apply for a residence permit in Spain if you buy an apartment in a building at the excavation stage. Housing must either be almost built or from the secondary real estate market.
The applicant can add his legal spouse and ascendants and descendants to the application for a Spain Golden Visa. That is, children and parents dependent on his financial support.
After 5 years, the investor and his family are eligible for permanent residence in Spain, subject to certain conditions. At this point, the property can already be sold.
How to start applying for a Spain Golden Visa?
Contact Apex Capital Partners for advice and select the region in which you want to purchase real estate. Whether it is Valencia, Madrid or Barcelona, you will be able to receive full support, including selection of objects upon request.
–Madrid–
Duplex, Community of Madrid, 194 m2, 5 bedrooms, 3 bathrooms, €670,000
–Barcelona–
Stylishly refurbished house with a terrace in the Sants neighborhood, Barcelona. 144 m², €775,000
–Ibiza–
Renovated apartment with views to the port, Ibiza, Balearic Islands, 82 m², €525,000
