[vc_row][vc_column][vc_column_text]The Spanish Golden visa programme was launched on 27 Sep 2013, under the Law 14/2013 (Ley 14/2013), granting residence permits to foreign investors who make a significant investment in Spain. The Law 14/2013, has been modified by Law 25/2015 to support entrepreneurs and their internationalization
Foreign investors must meet the following investment requirements
- 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.
Family members who accompany or join the investor may apply jointly and simultaneously or successively for their residence permit.
Golden visas issued
Since the enactment of Golden visa Law 14/2013 on support for entrepreneurs and their internationalization, the number of residence authorizations granted through golden visa is 26,090 on June 30, 2018.
In year-on-year variation there has been an increase in 35.3%, 6,807 authorizations more than on the same date of 2017.
A distinction can be made between authorizations granted for reasons of economic interest, in force on June 30, 2018, amounting to 13,522, 51.8% of the total, and those granted for family reasons, which represent 48.2% of the total authorizations in force as of June 30, 2018, which registers a value of 12,568.
Among foreigners residing for reasons of economic interest,
- 6,446 (47.7%) corresponded to highly qualified professionals,
- 3,621 (26.8%) for Investors, and
- 1,727 (12.8%) intra-company transfers to researchers.
- 291 (2.2%) for Entrepreneurs
Assuming 90% of investors buying a property for atleast 500,000 euros, the total property investment inflows into Spain estimated atleast 1.8 billion euros.
Top countries
The national residents of China, Russia, the United States and Venezuela are among those who have obtained a greater number of authorizations for reasons of economic interest and continue in force as of June 30, 2018.
In the case of investors, the Chinese and Russian groups stand out with 1,278 and 954 residents respectively. Venezuela stands out in the case of highly qualified professionals, with 753 residents. Over 90% in the investor category have invested in property in Spain.
Barcelona, Madrid, Valencia are favorite destinations for property investment for foreigners. Russians prefer to invest in Marbella and Costa del sol, according to Elpais[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_line_chart x_values=”Highly qualified; Investors; Intra-company; Entrepreneurs” values=”%5B%7B%22title%22%3A%22Golden%20visas%20issued%202018%22%2C%22y_values%22%3A%227446%3B3621%3B1727%3B291%22%2C%22color%22%3A%22chino%22%7D%5D”][/vc_column][vc_column width=”1/2″][vc_line_chart x_values=”Barcelona;Madrid;Malaga;Alicante;Valencia” values=”%5B%7B%22title%22%3A%22Properties%20sold%20in%202017%22%2C%22y_values%22%3A%221384%3B490%3B473%3B232%3B130%22%2C%22color%22%3A%22chino%22%7D%5D”][/vc_column][/vc_row][vc_row][vc_column][vc_empty_space alter_height=”medium” hide_on_mobile=””][vc_column_text]
Golden visa evaluation report
The interim evaluation committee has published spanish golden visa report for the cases process between Sept 2013 – Dec 2014
Investments in property account for 92.5% of the visas and permits issued to foreign investors.
During that time a total of 3,120 residence permit and visas were issued, broken down as follows:
- 531 to investors (490 in property, 29 in shares and 12 in projects in the general interest),
- 82 to entrepreneurs,
- 1,231 to highly qualified professionals,
- 369 to researchers and
- 907 to intra-corporate transfers.
The value of the investments received totalled EUR 446,843,921, of which the investment from the purchase of property amounted to EUR 369,766,625 and the investment in financial assets stood at EUR 37,543,69613 (Table 3). In addition to these amounts, the investment in business projects in the general interest is estimated at EUR 39.5 million.
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TOTAL INVESTMENT |
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30 Sept 2013 – 31 Dec 2014 |
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CATEGORY |
Number |
% total |
AMOUNT(EUR) |
% total |
|
CAPITAL |
29 |
5.46 |
37.543.696 |
8.40 |
|
PROPERTY |
490 |
92.28 |
369.766.625 |
82.75 |
|
BUSINESS PROJECT |
12 |
2.26 |
39.533.600 |
8.85 |
|
TOTAL |
531 |
100.00 |
446.843.921 |
100.00 |
Property investment
The main nationalities for property investment were Russian and Chinese, representing 68.8% of the total number of visas/residence permits issued for this category (34.5% Russian and 34.3% Chinese)
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PROPERTY INVESTMENT 30 Sept 2013 – 31 Dec 2014 |
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Distribution by country of origin |
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COUNTRY OF ORIGIN |
Number |
% total |
EUR |
% total |
|
RUSSIAN FEDERATION |
169 |
34.5 |
144,215,240 |
39.0 |
|
CHINA |
168 |
34.3 |
108,318,001 |
29.3 |
|
UKRAINE |
14 |
2.9 |
10,827,160 |
2.9 |
|
EGYPT |
13 |
2.7 |
8,781,043 |
2.4 |
|
LEBANON |
11 |
2.2 |
6,833,000 |
1.8 |
|
VENEZUELA |
10 |
2.0 |
11,572,085 |
3.1 |
|
USA |
9 |
1.8 |
7,209,500 |
1.9 |
|
SUM 7 main countries |
394 |
80.4 |
297,756,029 |
80.5 |
|
OTHERS |
96 |
19.6 |
72,010,596 |
19.5 |
|
TOTAL |
490 |
100.0 |
369,766,625 |
100.0 |
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Source: Ministry of Foreign Affairs and Co-operation |
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According to the report, Top country nationality that invested the highest amount was Russians, accounting for 39.0% of the total value of the investment (EUR 144,215,240), followed by China with 29.3% and EUR 108,318,001. Following on from these two is Venezuela, which, despite holding sixth position in terms of visas/residence permits issued, is third by amount of investment (EUR 11,572,085).
The average property investment made by Russian citizens is EUR 883,354, although 33 of the 169 residence visas/permits were issued for investments of more than EUR 1 million. Turning on China, the average property investment made by Chinese nationals is EUR 644,750, and just 6 investments were in excess of EUR 1 million. In this case, the majority of the investments ranged from EUR 500,000 to EUR 600,000. With regard to amounts, the average investment made by Venezuelan and US citizens totalled EUR 1,157,209 and EUR 801,056, respectively.
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DISTRIBUTION BY DESTINATION OF INVESTMENT |
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PROVINCE |
Number |
% total |
|
BARCELONA |
198 |
40.41 |
|
MÁLAGA |
99 |
20.20 |
|
MADRID |
74 |
15.10 |
|
ALICANTE |
32 |
6.53 |
|
GIRONA |
15 |
3.06 |
|
VALENCIA |
15 |
3.06 |
|
OTHERS |
57 |
11.63 |
|
TOTAL |
490 |
100.00 |
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Source: Ministry of Foreign Affairs and Co-operation |
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