What would the changes to Spain’s Golden Visa mean?
To get Spain’s Golden Visa, you need to make a significant investment in the country. This could be:
– Buying property worth over 500,000 euros
– Investing over 1 million euros in a Spanish company
– Having a bank deposit of 1 million euros in Spain
– Investing 2 million euros in Spanish public debt
– Starting a business in Spain considered to be of general interest
Since 2013, about 96% of Golden Visas have been given based on real estate investments. But the government wants to stop this. If the change happens, it could reduce foreign investment and make it harder to get a residence permit through investing in the country.
Spain has gotten a lot of foreign investment because of the Golden Visa, mainly from China, Russia, Iran, the USA.
If the Golden Visa changes, it would be a big deal for Spain’s immigration policy and real estate market, affecting both the country and foreigners wanting to invest.
Can you still get Spain’s Golden Visa by buying property?
Yes, for now. But the proposed changes are still being decided by Congress.
Because of this uncertainty, it’s smart for foreign investors to apply for the Golden Visa as soon as possible to avoid any problems.
How do you apply for Spain’s Golden Visa?
You can apply in two ways:
1. At the Spanish Consulate in your country, which takes about 20 business days to process. If approved, you get a 1-year visa to enter Spain and apply for residence.
2. Through Spain’s Large Companies Unit, if you’re already in Spain. This also takes about 20 business days. If approved, you get a 3-year visa.
If you apply from Spain, you need to be there three times: when you apply, to give fingerprints, and to get your foreigner ID card.
