Do you have a Golden Visa in Spain?
Last week, the president of the Spanish government, Pedro Sánchez, announced that he would initiate the procedure to eliminate the Golden Visa program, since, in his opinion, this measure would help improve access to accessible housing.
“We will take the necessary measures to guarantee that the habitation is direct and not a mere speculative business,” said Sánchez, in statements collected by El País.
Let us remind you that, in short, the “Durada Visa” allows you to opt for Spanish citizenship starting with an investment of 500.000 euros, normally through the purchase of properties. In Spain, originating from a law approved in 2013, in the context of the financial crisis of the real estate sector, as the objective of attracting foreign capital.
The discussion has now been between increasing the investment amounts, considering that the minimum of 500 thousand euros is not a high barrier, or completely eliminating the Golden Visa regimes.
The government announcement has not been subject to criticism.
The president of the Spanish Chamber of Commerce, José Luis Bonet, classified the measure as “a demagogic and unhappy gesture.” The business leader stated in print that Spain “becomes the second home for thousands of Europeans” and that obstacles to foreign investment seem “exaggerated.”
In the real estate sector, it has been criticized that ending with the Golden Visa “would have no impact on reducing the price of habitations”, but only in the luxury market. María Matos, research director of the Fotocasa real estate portal, assures that ending the program “would have no real impact on the common residential buying and selling market,” and that it would “carry a large reduction in foreign investment and real estate operations in our country.”
What are the most immediate effects of this announcement?
First of all, it is important to appeal to calm. The entire legal regime of the Golden Visa remains in force. The processes that are already in place are not compromised.
On the other hand, it is not unusual for countries that have residency and investment citizenship programs to modify them, as has happened several times with Portugal and Greece. In Spain, the standard has remained practically unchanged since 2013.
In any case, the normal time necessary for an initiative to be concluded in the Spanish Parliament is, no minimum, from 6 months to 1 year. As an example, the recent Habitação Law lasted 5 years from its presentation to its entry into force.
In very exceptional situations, the government may use emergency measures to allow temporary changes while the norm is still being discussed in congress. However, we insist, this would be exceptional and not a general rule.
It is important to be clear that the Spanish Golden Visa is safe and still possible to opt for its benefits. At AIM Global, we believe that the best thing is not to add this decision and start now itself with the procedures.
Do not leave this matter until the last minute and schedule a meeting with our team. We want to know what your projects are; We have the technical and human capacity to help you and accompany you throughout the process.
