3 reasons to get the Spanish Golden Visa now. Before it’s ended
The ruling Spanish Socialist Party has put forward a proposal to abolish residence permits by investments. Amendments to the Golden Visa laws will be considered in the country’s Congress in September 2024.
We explain the reasons for the cancellation of the programme and why you should not wait for the Congress’s decision, and obtain a residence permit in Spain now.
3 reasons to get the Spanish Golden Visa now. Before it’s ended
Latest update. On July 24th, 2024, El País reported on the Spanish government’s plans to abolish the Golden Visa. The plan is to eliminate all investment routes, not just the property purchase option.
In April 2024, Spain’s Prime Minister Pedro Sánchez had already proposed shutting down the Golden Visa programme. The Spanish Council of Ministers supported this proposal. However, the ruling party only began discussing the decision in July 2024.
Most residence permits by investment were obtained by foreigners who completed the purchase of properties. According to the Spanish government, investor interest is detrimental to the real estate market, as property prices are constantly rising. Local residents cannot afford to rent or buy any accommodation.
Reason #1: Freedom of travel. Holders of a Spanish residence permit can live in Spain and travel freely within the Schengen area without obtaining additional visas.
A residence permit allows one to come to Spain at any time. The investor has the right to come to the country to extend their status, but is not obliged to reside there.
Reason #2: EU country passport. After five years of residence in the country, an investor is eligible to apply for permanent residence status, and after another five years, they can apply for Spanish citizenship.
Reason #3: Spanish citizenship for children. If the child of foreign nationals is born in Spain and has lived in the country continuously for at least one year, they are eligible for a passport. However, they will have to renounce their first citizenship. In other cases, Spanish citizenship is obtained after 10 years of living in the country.
Investors choose one of six options to obtain status in Spain: purchasing real estate, government bonds, or shares in Spanish companies, opening a deposit in a Spanish bank, investing in a business, or mutual fund shares. The minimum investment amount is €500,000.
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