Around 780 golden visas were issued by Spain to foreign nationals from the beginning of the year until the end of October, according to government data released recently.
As revealed by the Spanish government, between January and March 2024, Spain issued an average of 69 golden visas per month, while from April to October, the monthly average of issued golden visas increased to 95, Schengen.News reports.
However, this number remains significantly below the 2023 figures, when Spain granted about 3,200 golden visas to foreigners.
Spain is one of the EU countries that has been issuing a large number of golden visas over the years. Since 2013, when the scheme was implemented by authorities in Spain, over 15,300 persons have benefited from this program.
Based on the statistics from the Housing Ministry of Spain, for most of the years, the annual issuance of golden visas remained below 1,000. However, it increased to more than 2,000 in 2022, and it surpassed 3,200 in 2023.
The largest number of golden visa recipients are nationals from China, followed by Russians and UK citizens. The top beneficiaries of the Golden Visa Program of Spain are also nationals from the United States, Iran, Ukraine, Venezuela, and Mexico.
Moreover, as revealed in official data, the most sought-after option was purchasing a property worth at least €500,000 through the Golden Visa’s real estate investment option.
Abolishment of Real Estate Investment Option
The Golden Visa Program of Spain, also known as the Residency by Investment Schemes, gives non-EU nationals the opportunity to acquire residency in this country in exchange for financial investments.
There are several options through which internationals can benefit from the Golden Visa Program of Spain. The most famous option of this scheme is real estate investment.
In a bid to acquire residency through this option, wealthy foreign investors are obliged to purchase a property worth at least €500,000.
However, this option was considered to contribute to the deteriorating situation of the housing crisis that the country is dealing with. Therefore, the country is attempting to remove this option altogether.
The Congress of Deputies in Spain approved the bill to end real estate investment options from the Golden Visa Program.
In April this year, the Prime Minister of Spain, Pedro Sanchez, unfolded plans to discontinue this route.
Spain’s Residency by Investment Scheme was approved by the People’s Party Government of Mariano Rajoy in 2013, amid Spain’s financial crisis, in a bid to help the country’s economic growth.
Source: https://schengen.news/spain-has-issued-780-golden-visas-so-far-in-2024/
