Golden Visa, Spain to Say Adios to Its Residency by Investment?

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RIF Trust Covers the Last Days of the Spanish Golden Visa

David Regueiro, RIF Trust’s Chief Operating Officer, has a deep understanding of the Golden Visa in Spain. This is a Residency by Investment programme that is very close to his heart. Our COO was born and raised in Spain.

“The coalition of parties from the left that hold the balance of power in Spain have been intent on eliminating the Spanish Golden Visa for some time,” David explains.

“They are aware that they’re going to face opposition from their political rivals on the right, so they’re trying to implement the eradication of being able to invest in a Spanish residency by any means possible.”

“PSOE stands for Partido Socialista Obrero Española, as in Spanish Socialist Workers’ Party. This centre-left party’s main coalition partner is the progressive Sumar. On the other side of the political spectrum is the centre-right Partido Popúlar (Peoples’ Party), PP, and the right-wing Vox.”

“While the left has linked the Spanish Golden Visa to a rise in property prices that makes Spain less affordable for its citizens, the right champions a residency that is a popular foreign direct investment. Indeed, the Spanish Golden Visa dates back to 2013. This was when the PP’s Mariano Rajoy was president of the country.”

The COO of RIF Trust has the following advice for HNWIs looking to invest in Spanish real estate as a route to EU residency: “While the time that the death knell sounds for the Spanish Golden Visa remains uncertain, you still have to move fast. If you meet the qualifying conditions of a minimum €350,000 investment before the disappearance of this European residency, you will guarantee the benefits, including visa-free travel through the Schengen Area, for life.”

Golden Visa, Spain Prepares a Farewell?

This article speculates as to the future of the Spanish Golden Visa in the light of recent political machinations in Spain.

On Monday, November 4, 2024, Enrique Santiago of Sumar spoke during a Congress of Deputies session. He discussed “the role of the Labour Inspectorate”, including the “repeal of the golden visas proposed by this group.” “It is very positive to take advantage of this bill to regulate, in the sixteenth final provision, the suppression of articles 63 to 67 of Law 14/2013, so that the golden visas are eliminated.”

Deputy Fernando de Rosa, representing the PP in Valencia, was critical of the timing of the discussion of the bill. He felt it shouldn’t have been done as Spain was recovering from the DANA natural disaster. The floods had affected his region the most.

Yet the Commission of Justice passed this bill. There were 20 votes in favour of the measures regarding the efficiency of the public service of justice and collective actions for the protection and defence of rights and interests of consumers and users. 17 Deputies voted against and there were no abstentions.

There is still some way to go before this bill becomes law. The text continues to work its way through the parliamentary process. Then it still needs to pass through the Senate.

Estimates as to when this bill will become law vary. The Local Spain predicts a January 2025 implementation whereas Europa Press suggests that PSOE and partners will roll this Act out by the end of 2024. Yet Congress breaks for Christmas, so we at RIF Trust don’t expect anything to happen until the middle of 2025 and a lot can change with the law as it’s further debated.

How to Invest in Spanish Residency by Investment

The real estate option is not the only qualifying investment to obtain a Golden Visa in Spain. There are other routes to residency. However, if what the government plans passes into law, you won’t be eligible for Spanish Residency by Investment through a property purchase or alternative investment paths.

Currently, though, a Spanish Golden Visa is available through a minimum $350,000 investment in Spanish real estate. You can spread this $350,000 across multiple properties. There is no physical residency requirement, so this real estate investment can be in a commercial unit rather than a family home.

To reiterate, there are other ways to invest in a Spanish residency apart from buying a property for at least $350,000. They include investing €2,000,000 in Spanish public debt securities or, alternatively, €1,000,000 in Spanish capital companies. Other options include investing either €1,000,000 in Spanish investment funds or €1,000,000 in Spanish financial entities.

One more avenue of investment to follow towards a Spanish Golden Visa is to start a new business in Spain. This must achieve two fundamental objectives. The first is to create employment for Spanish locals and the second is to either benefit the community or further scientific innovation.

Beat the Deadline to Secure a Golden Visa in Spain

Rumours of an imminent closure of the programme are overstated. Yes, it could happen soon, but, no, that’s not guaranteed. Plus, potential applicants should not feel any apprehension of the process being any less stable now than before.

In terms of non-financial conditions of the Golden Visa in Spain, you need to set up a health insurance policy that covers both you and family dependents for whenever you’re in Spain. Following 10 years (2 if you’re from LATAM or the Philippines) of legally residing in the country, you and your family too can naturalize and become Spanish citizens. That enables you to live in any fellow EU state.

The Spanish passport is the most powerful travel document in the world. You can travel to 126 destinations without a visa, including Brazil, China, and Germany. There are 31 countries you can enter with a visa on arrival and 26 destinations requiring you to apply for an eVisa in advance.

Before finalizing your Spanish Golden Visa plans, you should elicit the expert opinion of a Residency by Investment authority like RIF Trust. Investing in a Spanish Golden Visa is a golden opportunity but you have to make sure you employ the services of a consultant who can cross all the Ts and dot all the Is of your application.

So, contact us now, and we’ll show you how to take the first step towards one of the most valuable golden visas before it’s too late.