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October 12, 2015

Golden Visa for foreigners in Spain

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The amendments to the Law on Support for Entrepreneurship in Spain have brought additional investment of 741.6 million euros, made by foreigners who have purchased property in Spain worth more than 500,000 euros and therefore have achieved so called "Golden Visa". Until August 2015, the government issued 11,411 new residence permits in Spain.

These changes in the law were made by the Spanish Government to increase the inflow of foreign investments and capital into the country and were called the Act of Second Chance. Its adoption has led to a marked increase in the number of requests for the "golden visa of investor" in Spain during the past year.

These changes have allowed the investors not only obtain a residence permit, but also have the right to work in Spain. While families of investors can also obtain official residency in Spain.

Of the 11,411 visas issued, 5,856 were for investors and companies of investors, while the remaining 5,555 visas have been issued to their relatives and familiars. In addition, during the past two years 3,872 residence and work permits were issued for highly qualified workers and managers of companies, 1,182 residence and work permits were issued to the entrepreneurs and 802 permits to researchers.

With regard to investments in Spain of entrepreneurs and foreign investors, its main costs were related to the purchase of the property for a total amount of 741.6 million euros, and secondly the cost associated with the arrival of highly qualified personnel for companies with a total amount of 509 million euros. In addition, investments in 414 million euros were made in movements between firms and companies, in addition to the amount of 245 million euros of investments of entrepreneurs in Spain.

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