Spain Issues 780 Golden Visas in 2024 So Far
Spain Issues 780 Golden Visas in 2024 Amid Changes to Investment Program
Spain has granted around 780 golden visas to foreign nationals between January and October 2024, significantly lower than the 3,200 visas issued in 2023, according to recent government data. The decline comes as Spain prepares to reform its Golden Visa Program, particularly the real estate investment option.
Golden Visa Trends Over the Years
Since its implementation in 2013 during Spain’s financial crisis under the People’s Party Government of Mariano Rajoy, over 15,300 individuals have benefited from the Golden Visa Program. Initially designed to boost economic growth, the program saw a steady increase in annual visa issuance:
- Below 1,000 visas per year for most years.
- Surpassed 2,000 visas in 2022.
- Reached 3,200 visas in 2023.
Top Beneficiaries
The largest group of recipients includes nationals from China, followed by Russia and the United Kingdom. Other key beneficiaries include nationals from the United States, Iran, Ukraine, Venezuela, and Mexico.
Popular Investment Route: Real Estate
The most sought-after pathway under the Golden Visa Program has been real estate investment, requiring the purchase of a property worth at least €500,000. This route allowed wealthy non-EU nationals to acquire Spanish residency while investing in the local property market.
Abolishment of the Real Estate Investment Option
The real estate investment option has faced criticism for exacerbating Spain’s ongoing housing crisis. In response, the Congress of Deputies approved a bill to end this route, aligning with plans announced by Prime Minister Pedro Sanchez in April 2024.
The government argues that the housing market has been negatively impacted by foreign investments under this scheme, driving up property prices and reducing affordability for locals.
Future of Spain’s Golden Visa Program
Spain’s Residency by Investment Program remains a significant immigration route but is set to undergo substantial changes. While other investment options under the program, such as business or capital investments, are expected to continue, the removal of the real estate pathway represents a major shift in the program’s structure.
As Spain adjusts its Golden Visa policies, the focus will likely move toward balancing economic benefits with addressing domestic housing challenges.
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