The Spanish government has indicated that it will make a number of technical improvements which it hopes will attract wealthy foreign investment The move is said to reflect how the current Golden Visa system has failed to inspire overseas to use the system when purchasing Spanish property over €500,000 .

The Current system includes :

·      The minimum investment must be at least € 500,000.
·      Investments may be spread over several properties for a total purchase price of at least € 500,000.
·      You can do your investment via a foreign company if you can prove that you own the majority of this company.
·      Spanish residence visas may be issued to the immediate family, including spouse or non married partners.
·      Spanish residence visas may be issued to children up to 18 years, economically dependent adult children and economically dependent parents.
·      The act also includes your children over 18 years old who, due to health issues, are not objectively capable of looking after themselves..
·      There is no requirement for minimum stays ordering to renew the visa. This means that it is optional to stay in Spain.
·      The Spanish visa does not need to be renewed within five years.
·      As there is no law on minimum stay is not necessary to be tax resident.
·      Permanent residence will be granted after five years if you have followed the rules.
·      Your property investment can be sold after five years when you have achieved permanent residency.
·      The visa allows access to unlimited travel throughout the EU Schengen visa countries.
·      You can obtain visas from the moment of signing the contract of sale (unregistered deeds).

Refusal of Spanish investment visa will usually only be justified by an unclean criminal record. 

Spanish Golden Visa Improvements

The improvements to the system could include rights to work in Spain, the acceptance of common-law family and dependents, a six-month visa issued on the placing of a deposit on property, visa renewal every five years only, and the possibility of applying for a residency permit in Spain rather than in the country of origin. You can apply for Spanish Visa at http://es.vfsglobal.co.uk

Meanwhile Portugal’s Golden Visa scheme has attracted a lot more buyers especially from China. The Chinese  lead in the program and have obtained 1,957 Golden Visas, followed by Brazilians (87), Russians (79), South Africans (60) and Lebanese (36).

The Portuguese entry rate is now €350,000, if Spain were to reduce their scheme to a similar level it seems  it could help boost the Spanish property market.

European Gold Visa

Most European countries do offer some sort of visa incentive for wealthy investors. The Cyprus F visa was opened in 2012. The minimum qualifying investment is €300,000. Successful applicants will receive a three-year, renewable, temporary residence visa. Cyprus also offers a 'fast track citizenship' option for those who are able and willing to invest €10,000,000 in a qualifying investment.

Greece opened its version of the Golden Visa in July 2013. An investment of €250,000 in Greek property should secure a five year resident visa. Greece also issues visas to those who make 'strategic investments' and/or create or buy a business that employs at least ten people. Successful applicants will qualify for a 5-year temporary resident visa.

By Europe's No.1 dedicated European property website Europeanproperty.com

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Author

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    Nick Marr

    I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.