GOLDEN VISA INFORMATION @ 21 Jun 2017
In 2013, the Spanish government introduced legislation offering residency permits to large investors and highly qualified professionals. Three years on, 2,236 investors have benefited from the proposal, bringing in €2.16 billion, of which 72% has gone into property. The total number of people granted residency in Spain under the so-called Entrepreneur’s Law is now 27,301, including family members.
The main objective of the law is to attract entrepreneurs to the country, and boost investments in Spanish real estate, public debt, and job creation. Naturally the most common requirement is to make an investment of at least €500,000 in real estate, with any type of real estate qualifying (residential, commercial, vacant land, parking spaces, etc.). Additionally, the investment may consist of several smaller investments and, once the total of €500,000 has been reached you may qualify for a Golden Visa.
Golden Visa is an extremely convenient path to Spanish citizenship.
There is no limit to the number of times that the Golden Visa can be extended (if you keep your investment). After 5 years under the Golden Visa status, you can change to a long-term resident, which means you do not have to maintain the investment to keep your resident status, and you can apply for a change of residency to another EU country.
The Golden Visa is a residency permit that gives the holder the right to stay and work in Spain given by the Spanish government since 2013 to non-EU nationals.
Some 12,891 foreigners have been issued with residency permits under Spain’s Entrepreneur’s Law, and they have brought a further 14,410 family members to live in Spain. Of this total, 5,315 permits have been issued to highly qualified professionals.
During the first year of the scheme, only 500 or so investors applied, providing around €700 million. Given the limited uptake, in 2015, the government eased the conditions, allowing spouses, children and elderly relatives to be included on visas, as well as extending the period of residency from two to five years.
The latest figures show that the number of investors has risen fourfold since 2014, with the amount they have invested increasing three times in the same period.
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