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 ...continue reading "Spain’s “golden visa” scheme brings in €2.16 billion in first three years"
Fewer than 100 of the world’s super-rich have taken advantage of the Spanish government’s offer of a residency permit in return for investing in the national economy or buying property in Spain. The so-called “golden visa” scheme was introduced in September 2013, aimed at foreigners buying properties worth more than €500,000; investing €1 million or more in shares of publicly traded Spanish companies; depositing at least €1 million in a Spanish bank account; or making a major business investment leading directly to meaningful job creation, or having significant socioeconomic or technological impact.
Almost half of the new residents are Chinese and Russian millionaires, with the remainder coming from Ukraine, Lebanon, Ecuador, Qatar, Egypt and Iran, among others.
The new visas do not come with a work permit, or include family members or spouses (though these may apply separately); nor are beneficiaries required to live in Spain – although they must visit the country at least once a year. They will, however, be allowed to move freely through the Schengen Area.
...continue reading "The Spanish ‘Golden Visa’ and its effects so far"
The 'Golden Visa' system now operating in Spain has prompted a 2,500 per cent increase in interest from Middle Eastern buyers in the year to date, compared with the same period in 2012.
Since October 1 2013, any non-EU national coming to Spain with more than €500,000 to invest has been automatically granted a residency permit, which has resulted in increased interest not only from the Middle East, but also from Asia and Russia.
The low property prices in Spain, which suffered from a glut of unsellable property during the credit crisis and high levels of repossessions, combined with the ability to secure EU residency has boosted tourism in recent months as potential buyers flock to the country to find their perfect property.
More than eight million people visited Spain in August alone, according to the Spanish tourism ministry, with Russians flocking in their thousands – between January and July this year, the number of Russian visitors rose by 30 per cent to 838,876.
...continue reading "The ‘Golden Visa’ and its effects over the Spanish Property Market"