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| 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.
