Spain has received a record number of golden visa applications this year, and has become golden visa haven in Europe, according to new statistics released by foreign office.
From January to Oct 2018 alone, a total of 5,876 visas issued with 546 individuals obtained spanish residency by purchasing property, according to Foreign Ministry figures, reported by Elpais. Investing in business projects is another way to secure residency through this program.
This means on average 54 golden visa applications per month for property investment in 2018 alone.
The latest official statistics on golden visas do not detail where applicants finally settle down, but people familiar with the process said that Barcelona and Madrid are favorite destinations. And certain communities show a preference for specific areas of Spain.
“The Russians opt for Marbella and the Costa del Sol,” says Pura Strong, noting that the coast of Alicante has seen a rise in Russian residents in recent months.
Official data do show the countries of origin of successful applicants, and Chinese nationals have headed the list every single year except for 2013, when the program went into effect. A total of 4,640 golden visas have been issued to Chinese citizens throughout this time.
The Spanish golden visa scheme investment has received over €3 billion euros, since the inception of scheme in 28 September 2013 to Dec 2017, according to Ministry of economy.
Russians come in second place overall with 1,997 residency permits, but applications have been dropping and in 2017 they had retreated to the fifth spot. Americans hold the third spot overall, followed by citizens of Brazil, India, Venezuela and Mexico. A number of wealthy venezuelans have obtained golden visa in spain fleeing the uncertainty in Venezuela. Spain is also a popular property destination for Russians.
Elpais also reported one out of three homes are purchased by foreigners in Valencia region. Foreigners buying properties in Spain have soared, as Britons made the largest number of purchases in the first half of 2018, followed by the French and Germans,
From Sep 2013 to Dec 2017, about 3,140 real estate properties have been sold for investors and top five locations for property in Spain are
| Top Places for Property buyers | Top 5 Nationalities investing in Spain |
|
|
Foreign investors must meet the following investment requirements to apply for golden visa scheme.
- Public debt (€2 million)
- Shares (€ 1 million)
- Investment funds or venture capital funds set up in Spain (€1 million)
- Bank deposits (€500,000)
- Real estate (€500,000)
Investors qualify for visa (1 year) when applying outside Spain (Spanish embassy) or will be issued residence permit for 2 years when applying in Spain. Residence permits can be extended for another 2 years. Investors can live and work anywhere in Spain and have freedom to move around in Schengen area for 3 months in 6 month period.
