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.

Money Lost Through Off-Plan Spanish Property Deposits Can be Recovered

Money Lost Through Off-Plan Spanish Property Deposits Can be Recovered

We work with the Best Lawyers that return deposits in record time

The Spanish Supreme Court have come to a decision that could give over 100,000 Brits closure after their dreams of owning a Spanish property was crushed. They have ruled that the people who lost their money by depositing it to secure an off-plan property or by making stage payments can have their money returned.

The Off-Plan property deposits in question averaged around £40,000 and were lost after the Spanish financial crisis caused the companies the money was given to to either go bankrupt or disappear entirely. This ruling holds the banks in charge of the missing money responsible for paying back possibly to £4 billion in lost deposits to Brits and other northern European purchases.

While there is no official data on the matter Costa Del Sol Property Group have estimated that up to £15 billion could be refunded to off-plan buyers across Europe as a whole who saw their money disappear after the crash.

The money will be returned to people like John Thompson and his wife Debbie. Together they lost around €75,000 trying to buy property on the Costa del Sol. The property was bought off-plan and they paid several deposits on the property of up to half of the €150,000 asking price on the property.

Costa Del Sol Property Group are one of the most knowledgeable firms when it comes to this area of the law and work with the best lawyers that know the Spanish system and have a 100% record to date on a No Win No Fee. As such they put together their own dedicated legal team to help non-Spaniard reclaim lost off-plan deposits back following a no-win no-fee basis in record time. They also have team members who are fully fluent in English.

If you know anyone who might have lost money, contact them to get in touch with us or if you think you have lost money call us or contact us today. info@costadelsolpropertygroup.com or call us on uk free phone 0800 820 138 or +34 952 493 709 for free guidance.