Monday 22 May 2017

Over €2 Billion Invested Into Spain Through Golden Visa Scheme in Three Years

Over €2 Billion Invested Into Spain Through Golden Visa Scheme in Three Years

The introduction of the Golden Visa has been very sucessful
The Golden Visa in Spain – introduced to attract wealthy non-EU investors to the country in 2013 – has generated €2.16 billion for the country in a little over three years, according to the latest official government data.

Around 27,301 residency permits were granted by the government following the 2013 introduction of the Golden Visa.

The Golden Visa gives individuals and their families residence in Spain in return for them investing large sums of money. The minimum investment depends on the form of investment; including a minimum of €2 million invested in treasury bonds, €1 million in deposits or stocks, or a minimum of €500,000 in the Spanish property industry.

It won’t come as much surprise that the majority of the investments were made in real estate – both in residential and commercial property – as 72% of the €2.16 billion generated by the scheme went to the property market.

As far as the actual number of Golden Visas go, there have only been 12,891 issued. The amount of residency permits is much higher, as the wealthy individuals getting Golden Visas also secured residency for their families.

In terms of nationality, the Chinese and the Russians are the main ones taking advantage of Golden Visas, with 60% of all investors coming from these two nations.

China was ahead of the pack with 714 Chinese nationals getting their hands on Golden Visas since they were introduced. Some €716 million was invested by Chinese nationals in Spanish property, business ventures, and financial assets.

Russians invested €567 million themselves, for a total of 685 Golden Visas.

It took a while for the Golden Visa system to really get started. Only 530 took Spain up on their offer during the first year. The Spanish government made the Golden Visa more attractive in 2015 by allowing for direct family members – such as spouses, children, and elderly relatives – to be included on the visa. The residency period allowed by the visa was also extended to 5 years, up from 2.

The data from the Spanish government shows that over 1,700properties were purchased under Golden Visas. Around half of these (893) were purchased in Barcelona, with 348 purchased in the Malaga province; home of the Costa del Sol.