Government wants to abolish all “golden visas”, not just for real estate purchases

The Spanish Socialist Party will submit an amendment to the organic law on efficiency measures for the judiciary and consumer protection on Wednesday, seeking the passage of the amendment Delete All Golden Visa or Golden Visanot just those who buy a property for €500,000.

The amendment aims to amend Law 14/2013 on Support for Entrepreneurs and Their Internationalization and proposes to repeal Articles 63; 64; 65; 66 and 67, which See Investor Residence VisaAccording to people familiar with the matter.

In this way, visas and authorizations Acquisition of real estate and bank deposit investmentspublic debt, stocks, investment funds and commercial projects of general interest.

Initially, the government focused on abolishing the “golden visa” associated with purchasing real estate in Spain. Amount equal to or greater than EUR 500,000.

According to the data released by the Statistics Bureau in April Ministry of HousingSince the PP implementation department approved it in 2013, 14,576 real estate investment licenses have been registered by 2023, and the number has increased significantly since 2022.

Those who receive the most visas through the purchase of real estate assets are citizens of the following countries: China, Russia, United Kingdom, United States, Ukraine, Iran, Venezuela and Mexico.

Following significant growth in 2022, this type of visa has also attracted attention from European institutions, especially After Russia invaded UkraineIn fact, some surrounding countries have taken steps to tighten or review these licenses in exchange for real estate investment.

How to get them?

To apply for a visa or residence permit for non-EU foreigners, there are different options if they have made a significant capital investment, Whether acquiring real estate or financial assets in Spain Or in a commercial project.

If they choose to purchase real estate, the investment amount of each applicant must exceed €500,000. In the case of real estate acquisition, Applicants must demonstrate real estate investment €500,000, free of charge or with encumbrances. Investments exceeding the prescribed amount may be subject to charges or encumbrances.

In addition, if they apply for a visa or residence permit by investing in financial assets Initial investment value equal to or greater than EUR 2 million Spanish public debt securities or €1 million in shares or social participation in Spanish companies with real commercial activity.

In addition, if they have invested €1 million or 1 million euros in bank deposits at financial institutions Spanish or they develop a business project of general interest in Spain.

The measure was proposed by then-Gov. Pedro Sanchezthe administration wants to combat speculation and boost access to housing, particularly in places where visas are more prominent, reducing supply and raising prices.