The Golden Visa scheme offers qualified residency permits to wealthy non-EU investors and highly qualified professionals who make an investment in Spanish real estate (and other assets) valued at €500,000 or more.
Introduced in 2013, the government has approved 27,301 residency permits, bringing in €2.16 billion of investment, 72% of which has been allocated to investment in Spanish property. A total of 2,236 investors have now benefited from the program, 27,301 individuals including family members.
While the scheme only attracted just over 500 investors in its first year, providing a total of €700 million, the number has risen fourfold since 2014 when the government revised the plan and eased conditions. Today, the program allows spouses, children and elderly relatives to be included on the visas, as well as an extended period of residency from two to five years.
Chinese and Russian high-net individuals form 59.4% of the total figure under the so-called Entrepreneur’s Law. Since its inception in September 2013, 714 Chinese nationals have been granted a golden visa, with a total investment of €716 million in Spanish property, financial assets and business projects. Russians investors follow closely behind, with a total of 685 approved visas and €567 million in investment. Half of purchased properties under the scheme (893) were located in Barcelona, followed by Malaga at 348, Madrid with 306, and Alicante with 151.
Approximately 12,891 foreigners have been issued residency permits under the government scheme, bringing a further 14,410 family members to live in Spain, 5,315 of which were highly qualified professionals. Among them, 665 Venezuelans, 530 Chinese and 453 US citizens.
1483 visas were issued to foreign individuals involved in research or training Spain, led by Colombians, Indians, Chinese, Mexicans and Iranians and more than 3,500 executives posted to Spain by multinational companies have been granted residency.
For further information on the government scheme please visit https://www.domusvenari.com/en/blog/golden-visa-spanish-property.html.