The Government is considering tightening the requirements for the granting of 'golden visas' for the purchase of housing

MADRID, 8 May.

The Government is considering tightening the requirements for the granting of 'golden visas' for the purchase of housing


The Government is studying tougher requirements for the granting of residence permits for foreign fortunes who buy a home in Spain worth 500,000 euros, as confirmed to Europa Press by sources from the Ministries of Economic Affairs and Inclusion, Social Security and Migrations.

These permits are known as "golden visas" or "golden visas" and, according to the newspaper El País, they are considering either raising the minimum investment required to obtain the "golden visa" or directly suppressing it, which is precisely what Más País demanded in a bill presented last February.

According to the formation of Íñigo Errejón, the 'golden visa' encourages "speculation" of housing prices in Spain, does not benefit the national economy and "expels the local population", generating a "very negative" chain effect. on the housing market.

In the proposal presented by Más País, it is pointed out that these permits, introduced in the Government of Mariano Rajoy in 2013 with the law to support entrepreneurs and their internationalization, have facilitated residence in Spain for 100,000 wealthy foreigners who invest in the acquisition of real estate with a value equal to or greater than 500,000 euros.

The 'golden visa' have also been questioned by the European Union, since they are granted without reviewing the origin of the invested capital.

In this context, Más País, which is negotiating with the Government what to do with these visas, has proposed a legislative reform to guarantee that these foreign investments in housing are made "guaranteeing their effects on the real economy and without distorting the real estate market in Spain". .

In exchange for the law in force, Más País wants non-resident foreigners who intend to enter Spanish territory in order to make a significant capital investment to be able to apply for a stay visa, or, where appropriate, a residence visa for investors.

In this sense, the party proposes a new wording of what would be understood as "significant capital investment": that which is made for a value equal to or greater than two million euros in public debt securities; for a value of one million euros in shares or participations of Spanish companies, or bank deposits in financial institutions in the country.

The Más País initiative would be similar to the one undertaken by the Government of Portugal, where these visas were terminated within the framework of a shock plan to "combat real estate speculation."

In a recent parliamentary response from the Government to Íñigo Errejón, the Government estimated at 4,940 investor visas or 'golden visa' issued between 2013 and 2022, including in this amount not only those granted for investing in real estate, but also for investments in capital and business projects.

In said response, to which Europa Press had access, the Government stated that 45% of these visas were issued in favor of Chinese citizens, with a total of 2,263.

For their part, investors from Russia accounted for 19.6%, with 969 visas. The Executive also highlighted the visas issued to citizens of Ukraine, who obtained 2.7% of the permits, with a total of 136.