Spain may tighten the system of issuing ‘golden visas’

17:19 - 8.05.2023


May 8, Fineko/abc.az. The Spanish authorities are considering the possibility of tightening the system of issuing "golden visas", granting the right to obtain a residence permit in the kingdom in exchange for large investments, ABC.AZ reports with reference to newspaper El Pais.

Speech is about a visa that can be obtained by a foreigner who has decided to invest more than €500,000 in real estate in Spain. The initiative was approved by the conservative government of Mariano Rajoy in 2013. "Golden visas" allow obtaining a residence permit for the period of three years with the possibility of extension for another two years.

In 2022, Spain issued more than 2,400 such permits to investors, which is almost 60% more than the figure for 2021. In total, since the entry into force of the mechanism, almost 11,500 "golden visas" have been submitted. Now the sources of the publication note that the amount of €500,000 is already insufficient to obtain a residence permit. In this regard, the authorities are negotiating, which are at an early stage, to determine a new scheme for granting such visas.

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