In April of this year, Spanish prime minister Pedro Sánchez announced that the golden visa would be axed. Five months on, and no further defining plans have been made, and the golden visa remains available for international buyers.
The golden visa is a popular residency-by-investment scheme. While there are a few routes for how this investment could be made, by far the most popular is through a purchasing a property of at least €500,000. President Pedro Sánchez said that 94 out of every 100 golden visas used the real estate route.
The main benefits of a golden visa are to stay in Spain and travel freely within the Schengen Area. Other benefits include there being no stay requirement, the ability to legally work and study in Spain, and access to public services. You can include your family on your golden visa application. After five years, you can apply for permanent residency.
The golden visa is particularly popular with buyers from China, Russia, the USA, Ukraine, Iran, Venezuela and Mexico. Since Brexit, Britons have only been able to stay in the Schengen Area for 90 days out of every rolling 180. For many, this is simply not enough, and they are keen to stay longer in their Spanish home, be it for holidays or retirement. This has led to the golden visa becoming popular with Brits, too.
Many countries in Europe have or have had a golden visa. However, they have been criticised for driving up the price of a home and making it trickier for locals to get on the housing ladder.
The intention was for the abolishment to make property more affordable. In the last year, Portugal has abolished the real estate side to its golden visa and Greece has drastically changed the rules of its golden visa.
Aside from the financial investment, the golden visa has the following requirements:
- Visa application + paid fee
- Valid passport
- Sufficient income to support yourself and your family in Spain
- Proof of health insurance
- Police records to demonstrate a clean criminal record
While the stagnant progress on the abolishment of the golden visa is a good sign for international buyers interested in obtaining one, it’s probably still best to act fast. Time will only tell whether the Spanish government enacts the abolishment or if it falls out of their objectives entirely.
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Alternatives to the golden visa
If you are not interested in the golden visa, another visa might suit you better:
Non-lucrative visa (NLV): A popular choice among retirees, this allows you to stay in Spain so long as you have enough “passive” income, currently set at €27,000. This could be from a pension, income from abroad or investments. It does not allow you to work in Spain. The initial visa lasts for two years and can be renewed until you reach the five-year threshold for applying for permanent residency.
Digital nomad visa: A relatively new visa, it allows you to live in Spain while working for a foreign company.
For more information on visa options in Spain, head here.
To talk to an English-speaking estate agent in Spain about your property & visa choices, head here.
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