The Recent Progress of Spain Golden Visa Program
Spain Golden Visa program is accepted as the one of the most popular residency by investment programs. From the year the program came into effect in 2012 the total investment amount exceeded $ 3 billion. The minimal residency requirement and visa-free travel opportunities to over 160 countries are some of the advantages that attract the investors. The statistics show that especially for the last 12 months the program has improved remarkably.
Overview on Spain Golden Visa Investors
As the trust in Golden Visa programs increase, more investors want to receive Spain residence permit. The number of golden visas issued for main applicants is increased by 45% compared to last year. The approved applicants for the programs are mostly from Russian and China. Together Russians and Chinese investors constitute the two thirds of total investments. On the other hand, Venezuelans are foremost real-estate investors. Venezuelan investors almost spent 2 times the minimum required amount for real estate acquisition.
Spain Golden Visa program requires a minimum of €500.000 real estate investment. The Golden Visa applicants are required to make only one entrance into the country in order to maintain their residency permits.
Investors coming from a various backgrounds spent significantly above the required minimum investment amount. Between the dates 1 July 2017 and 30 June 2018, 1366 applications were made for the Spain Golden Visa Program. In this 12 month-period the applicants has made 742.000 € investment on average, and the program generated a billion euro investment.
Where do the Applicants Invest?
According to the Ministry of Economy, properties by the seaside remarkably attract a lot of investors whereas less than 20% portion of the investors chose to invest in the inland cities of Spain. Barcelona and Girona received a significant amount of Real estate investors (%46). This ratio is 3 times more than investments made to the capital, Madrid.
Comparing with other Golden Visa Programs
The latest rise of the Spain Golden Visa Program can be clearly observed through numbers. Portugal’s program can be the closest rival of Spain with 1409 total number of residence permit permits issued for investors in 2018. However, Greece’s program is far ahead of the two programs with a number of 3154 issued golden visas.