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Spain’s Golden Visa scheme attracts 530 applicants

Since its launch 15 months ago, Spain’s Golden Visa scheme – introduced to attract wealthy non-EU investors to the country’s property market – has so far registered 530 applicants.

The Visa scheme grants automatic residence and working rights in Spain to individuals who spend more than €500,000 on property in Spain. Such an investment can be spread across a portfolio of properties, and investors can include their family, dependants and unmarried partners in the visa – an added attraction that has evidently appealed to a large handful of Chinese, Russian and Arab investors…

Indeed, data from the Ministry of Public Works shows that the majority of property purchases triggering the issuance of a Golden Visa have been made by this exclusive set of investors, while individuals from the USA have snapped up Spanish public debt – an investment that also triggers a Golden Visa if an investor pours more than €2 million into a fund or buys more than €1 million in shares of a company.

A Golden Visa grants not only non-EU members the right to claim residence in Spain, but by extension, the rest of the EU, which opens the doors to the continent’s education and healthcare systems – something that is likely to have proven attractive to Russian and Chinese buyers in particular.

During the first 13 months of the scheme, 490 non-Europeans purchased luxury property in Spain, thus receiving a Golden Visa in the process. Spain, meanwhile, has received more than €700 million in foreign investment as a result of the scheme.

The rules of entry have been loosened since launch, with would-be investors able to receive their Visas six months in advance of finalising their property purchase in a move designed to make the process easier and swifter for all involved. Previously, such schemes saw the investor forced to leave the country prior to completion, thus slowing down the transaction and, in some cases, leading to cancellations.

The typical Golden Visa can be renewed every five years, and owners of such a Visa do not have to be in Spain to renew it – another tweak that has proven popular with investors.


(www.yourviva.com)

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