Spain’s Golden Visa Program Under Scrutiny

Spain’s Golden Visa Program, an initiative that offers residency rights to foreign investors who make significant investments in the country’s real estate, may soon undergo a revamp. The program has been at the heart of Spain’s attempt to draw high-net-worth individuals from around the world.

Under the current provisions of the Spain Golden Visa Program, foreign nationals who purchase property worth at least EUR 500,000 are granted three-year residency permits. This offer extends to the investor’s family as well. Additionally, by investing a minimum of EUR 1 million in stocks or EUR 2 million in Spanish government bonds, foreign investors can also secure a golden visa.

However, recent concerns have been raised about the potential repercussions of this program. There’s a growing belief that these golden visas have significantly contributed to the surge in housing prices. This escalation in costs has reportedly led to the eviction of local residents from their communities, without the anticipated benefit of job creation.

Last year’s data suggests that Spain approved approximately 2,500 permits for foreign property purchasers, with properties priced over EUR 500,000 constituting 94% of all new authorizations.

As regulations evolve and the future becomes uncertain, making informed decisions becomes imperative. Trust in FRR Immigration to provide expert advice and guide you seamlessly through your immigration journey.

Ref Link- https://www.financialexpress.com/business/investing-abroad-spain-to-tighten-golden-visa-rules-for-real-estate-investors-3115278/