Spanish Golden Visa, the most secure scheme to put a foot in Europe:
Spanish Act 14/2013 of 27th September, known mainly for containing the Spanish Golden Visa scheme, was issued to support entrepreneurs and their internationalisation, introducing a new type of visa and residence permit for qualified immigration, in order to promote the international mobility of professionals and executives and, most importantly, attract foreign investment.
Similar schemes exist in other countries, including Portugal. Having reduced its minimum investment requirement from €500,000 to €350,000, the scheme is among the most competitive in Europe. However, this reduction is an attempt to become attractive again, after a corruption scandal back in November 2014, where 11 people were arrested in relation to the granting of the Golden Visa, which somewhat froze the scheme in Portugal. In fact, many of the Chinese and Russian clients who were looking into Portugal at the time have since turned to Spain.
Thus, the Spanish programme is not only one of the most cost-effective methods of gaining residency in another country, it is also the most secure scheme.
Regarding the evolution of the Golden Visa granted to investors in Spain, until October 2015 (latest data available) a total of 11,411 authorizations were processed. Concessions to foreign investors buying property were 1,141, 17.4% of the total, according to the ministry. However this type of visa, granted for buying property above 500,000 euros, represents the biggest investor level, adding 820.29 million euros. Russian and Chinese lead the market, with 34% and 30%, respectively. In 2014, Russians spent an average of 880,000 euros, while the amount from Chinese citizens was 645,000 euros.
Maria Arcenegui Siemens
