Spain will close the “Golden Visa” program for property purchases!

Spanish Prime Minister Pedro Sanchez recently announced the cancellation of the “Golden Visa” program obtained through property purchases!

This means the option to live and work in Spain for three years (with the possibility of renewal) by investing 500,000 euros will become a thing of the past!

Spanish Prime Minister Pedro Sanchez

It should be noted that 94% of the “Golden Visa” recipients in Spain obtained their visas through property purchases. Chinese investors are the largest group among them, securing 2,700 visas.

According to Spanish government data reported by Reuters, from the launch of the Golden Visa program in 2013 until November 2022, Spain issued nearly 5,000 permits.

A 2023 report by Transparency International indicated that Chinese investors received 2,700 of these visas.

The reason is straightforward and familiar, mirroring the justification used by other countries that have already closed the Golden Visa (property purchase) program:

Wealthy foreigners have bought up homes in Spain’s prime tourist centers (including Barcelona, Malaga, Alicante, Valencia, Madrid, and Palma de Mallorca), making it nearly impossible for local residents to find decent housing.

EU: The “Golden Visa” program might be completely shut down before 2025!

We mentioned last year that the EU could shut down all Golden Visa programs, possibly as early as next year!

On March 9, 2022, the European Parliament overwhelmingly passed a proposal from Dutch MEP Sophie Int’ Veld to terminate all investment citizenship and residency programs before 2025.

Chinese investors were once the primary beneficiaries of the “Golden Visa” program.

Following the Eurozone economic crisis in 2008, the EU proposed to financially troubled countries like Spain, Greece, Portugal, Italy, and Ireland to attract investments through the “Golden Visa.”

According to official statistics, over 13,000 people successfully obtained citizenship or residency through Europe’s Citizenship by Investment (CBI) and Residency by Investment (RBI) programs, with total investments amounting to an astonishing 214 billion euros.

Spain launched the Golden Visa in 2013, allowing residency through a property purchase of 500,000 euros, a figure that has remained unchanged.

Over 11 years, Spain issued 10,000 Golden Visas, half of which were to Russian and Chinese investors. After the Russia-Ukraine conflict, Russian purchasing rights were suspended. Consequently, Chinese investors surpassed Russians as the largest beneficiary group, accounting for about 30%.

In Europe, most properties come with perpetual ownership rights, some including land rights, allowing them to be passed down through generations. Additionally, owning such properties also facilitates obtaining European residency, enabling free movement within Schengen countries and potentially securing admission to prestigious Chinese universities (985 or 211) as overseas or international students with lower requirements.

Terminated Golden Visa Programs:

Several high-quality European real estate investment immigration programs have gradually been shut down, while others have retained alternative Golden Visa pathways or have been completely closed.

• Cyprus: On November 1, 2020, the direct passport acquisition via the Golden Visa was terminated, and the criteria for permanent residency applications were raised.
• United Kingdom: On February 17, 2022, the investment immigration program was shut down.
• Ireland: On February 14, 2023, the property investment Golden Visa program was terminated.
• Portugal: On October 16, 2023, the property investment immigration application was officially closed.
• Greece: Prices have increased multiple times. The property prices in prime locations rose from an initial 250,000 euros to 800,000 euros (still in a transitional period), with additional restrictive conditions set.

Remaining EU Countries Offering Property-Based Golden Visas:

Now, only a few EU countries still offer residency through property purchases.

Spain:

• Purchase property worth 500,000 euros (no limit on the number of properties) to obtain Spanish residency, allowing business activities, work, etc.

• Main Applicant:

🔺 Legal citizen over 18 years of age;

🔺 Owns a long-term fixed residence in Spain;

🔺 No criminal record, health examination certificate;

🔺 Minimum of 40,000 euros in a Spanish bank account;

🔺 Proof of additional income of at least 40,000 euros.

• Dependent Applicant:

🔺 Spouse, children under 18;

🔺 No criminal record;

🔺 Purchase health insurance;

🔺 Health examination at an embassy-designated hospital.

Greece:

You can obtain permanent residency directly, and meeting certain residence requirements can lead to an upgrade to an EU passport.

Greece has just announced a price increase, but there is still a transition period until September 30. If certain requirements are met, the current policy can still be applied, which allows for obtaining Greek permanent residency through property purchases of either 250,000 euros or 500,000 euros in certain Municipalities of Greece, such as Athens, Thessaloniki, Glyfada, Mykonos and Santorini. Further increases are due in 2024.

Malta:

Malta is currently the only EU member state where you can directly obtain an EU passport in one step. Choose between investing in buying or renting a property, with no strict residency requirements.

After obtaining an EU passport, you can live, work, do business, and study freely in the 27 EU countries, enjoying the same basic benefits as local citizens. You can also enter and exit the 29 Schengen countries freely.