Here, Greece has just announced a price increase, and Spain has impatiently announced the cancellation of the "golden visa", and it seems that the EU's complete abolition of the "golden visa" in 2025 is a sure plan!
On April 8, local time, Spanish Prime Minister Sanchez announced that the country will cancel the "Golden Visa" program! In 2013, Spain launched this visa, allowing non-EU investors who invest at least 500,000 euros to buy a house to obtain Spanish residency.
Chinese investors in Spain's "golden visa" used to be the biggest beneficiary
In the wake of the eurozone crisis in 2008, the European Union sent an initiative to the financially troubled countries of Spain, Greece, Portugal, Italy and Ireland to adopt "golden visas" to attract investment. Since 2013, Spain has implemented the "Golden Visa" with the aim of attracting foreign capital to help Spain, which is in extreme financial difficulties. The basic content in Spain is that the purchase of a property of 500,000 euros can obtain residency.
According to the latest data, the biggest beneficiaries of Spain's "golden visa" are investors from Russia and China, accounting for about 50% of the "golden visa", of which Chinese investors account for about 28%.
Spain does not welcome investments for property and residency only
Spanish Prime Minister Sánchez pointed out on the 8th that "we will take the necessary measures to ensure that housing is a right", he said, 94% of the "golden visa" is related to investment in real estate, which is concentrated in large and medium-sized cities such as Barcelona, Madrid, Malaga, Alicante, Mallorca and Valencia, and is also the "most tight" city for housing.
The Prime Minister believes that housing is a right, not a speculative "business", let alone a tool for creating privileged immigrants. The Prime Minister also criticized the previous BJP government for "abandoning citizens' housing rights", resulting in the current unattainable housing price catastrophe. He assured that his government's top priority is to "respond to citizens' demands to ensure that citizens have access to affordable housing and that citizens do not have to spend more than 30 per cent of their household income to obtain a decent, decent and quality home." ”
For this reason, he said that Spain will abolish the 500,000 euros requirement in the "Golden Visa" regulations to buy a house in order to obtain preferential immigration, but retain those investment immigration routes that are "truly sustainable, conducive to productive investment, promoting innovation and high-quality employment".
Spain's decision to terminate the "Golden Visa" program represents a major shift in its investment and immigration policies. The Golden Visa program has been a pathway for non-EU citizens to obtain Spanish residency by making large investments in the real estate market, thus stimulating investment, but also raising concerns about its impact on the real estate market and local communities. This change marks a reassessment of priorities and a greater emphasis on the social impact of such investment initiatives.
Where to find your next second home?
The global developed immigration policy has tightened, and the feasibility of the wealthy to choose a "second home" is also decreasing, but there are still some programs that can accept applications, such as the following.
Greece: Greece's "golden visa" remains strong, but it has also confirmed that the price will increase after August 31, raising the current threshold of 250,000 euros to 800,000 euros. If you are able to pay 10% of the price by this date, you can still lock in the old policy and leverage the EU's green card with a threshold of 250,000 euros.
Malta: Malta is an island country in the Mediterranean, an offshore financial center, and a member of the European Union. You can choose to buy or rent a house here, and then donate 20,000 to 60,000 euros to the local government to get permanent residency directly.
Ruihong overseas immigration experts suggest that investors who intend to get a European golden visa must plan early and do not hesitate to miss the opportunity. If you have any questions about Spanish immigration, going abroad, studying abroad, overseas real estate, etc., please call 400-808-7755 or contact your Ruihong private overseas consultant for detailed consultation!