Spanish Golden Visa: reasons for the growing demand for the program
According to official statistics, this year the Spanish Golden Visa has become the leader in demand among similar programs in other European countries. It allows investors to obtain a residence permit of the country, but without permanently residing on its territory.
Many participants of the Golden Visa choose this option of investing also because the Spanish residence permit allows you to visit other EU countries without a visa. According to the investment program, to obtain citizenship is necessary to purchase real estate in the country amounting to at least 500 thousand euros. It should be noted that the designated lower threshold for the purchase – is not the lowest in the EU. For example, under the terms of the Golden Visa in Portugal, you can invest in the local real estate market for 280 thousand euros, but still, the Spanish program is more popular.
In this case, foreign buyers choose this country also because there are no clear requirements as to how exactly the acquired real estate will be used. For example, it can be rented out and generate additional income. At the same time, by obtaining a residence permit in Spain, you can get a high-paying job. If in the future, the investor plans to obtain citizenship, he must stay in Spain more than 183 days a year. If a Golden Visa participant is satisfied with a residence permit, then he can reside in another country.
The most popular investment program in Spain was enjoyed by citizens of Great Britain. This fact is due to the fact that the kingdom came out of the EU, and its citizens can now only stay in the European Union for 90 days. Therefore, many Britons decided to buy Spanish property to stay without restrictions in the European Union.
In addition to Spain, this year interest in investment programs in other states has also increased significantly. In Greece, the number of applications for the Golden Visa increased by 127%, and in Turkey – it by 24%. The demand for the program in Malta increased by 18%, and in Montenegro – by 12%. It should be noted that the influx of investment from the Golden Visa in the economy of the above countries allowed them to quickly restore processes after the pandemic and demonstrate the stability of markets.
Despite the popularity of investment programs in exchange for citizenship, they all have one serious disadvantage. This investment option is often used for money laundering. In a number of European countries, serious corruption schemes have been uncovered in the use of Golden Visas for several years. That is why the European Commission has repeatedly raised the question of abolishing such programs. In addition, since April of this year, such programs have new rules that require a detailed study on the sources of income of those wishing to obtain a residence permit.