Spain cancels "golden visas" - the right to receive a residence permit for investments
Golden visas were particularly popular among citizens of the United States and China
The Spanish Cabinet of Ministers at its meeting on Tuesday, 9 April, decided to cancel the provision on "golden visas", which had been in force since 2013. It provided for the granting of a residence permit with the right to work for hire to foreign investors who were not citizens of the European Union.
The amount invested in real estate could not be less than 500 thousand euros. The right to reside in Spain was granted to the investor's family members.
The Cabinet of Ministers motivated its latest decision by "the desire to fight real estate speculation, which leads to higher housing prices and the opportunity to buy privileges in Spain for money".
According to the Madrid-based ABC newspaper, which cites official sources, golden visas were particularly popular among US and Chinese citizens.
Over the past 10 years, Russians have acquired a total of 1159 properties using this system, ranking 5th – 6th among foreigners in terms of the number of transactions. The reason for this is that Russian buyers of the most expensive properties, ranging in price from 500,000 euros to 10-20 million, have always preferred anonymity.
Buying a home on a general basis worth less than 500,000 euros does not give you the right to permanent residence. In this case, non-EU citizens can only rely on a regular multiple-entry visa, renewed annually, which allows them to stay in Spain for no more than 6 months a year. Unlike the golden visa, a multiple-entry visa does not give the right to work in the country.
Background. Meanwhile, it was reported that El Salvador will accept as citizens of the country anyone who will invest $1 million in it.
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