Golden visa process are still valid

Golden visa process are still valid

As foreign law experts in Marbella, we will explain everything that foreigners should know about the possible end of the Golden visa in Spain, born from the residency program for investors and entrepreneurs (PRIE), looking for attracting talent and investment, under the Law of support for entrepreneurs and their internationalization.

Last april, the Spanish government announced the intention to eliminate the Golden visa, acording to their desire to reorient the long term rental place policy, to a more equitable and social approach to fase the long term rental crisis that has been happens since last years. The measure seeks to guarantee that long term rental is an accessible right for everyone, not just a privilege for investors with purchasing power.

However, although many news on diferents portals have reported about its the end of the Golden visa, this is still valid in Spain, given that it has not yet been defined when it will be modified, as it is currently a matter of debate in the Executive that works with all their possible instruments and disposal to solve the long term rental problem.

Currently, the Golden visa law contemplate the possibility of acquiring residency in Spain, for foreigners who make a significant capital investment in the following economic sectors:

• Investment through the acquisition real estate in Spain with a value equal or up to 500.000 euros.
• Investment of one million euros in closed-end investment funds or venture capital funds established in Spain.
• Investment of one million euros in company shares of Spanish companies with real business activity.
• Investment of two million euros in Spanish public debt.
• Investment in business projects of general interest.

Relevant clarifications about the Golden visa

It is very relevant to clarify that of the 5 alternatives mentioned above, the new measure contemplates the possible elimination of the option that bring the Golden visa buying a property in Spain with a value equal or up to 500.000 euros, but not the other 4 remaining options.

That is to say: it has been misinformed, since the proposal to modify the residence by investment regime (Golden Visa) regulated in the Law 14/2013, of September 27th, only contemplates the possible elimination of one of its possibilities of obtaining, but not the elimination of all of them. However, the change has not yet been defined, therefore, the possibility of submitting the Golden visa process are still valid, while the Government further analyzes the lack of long term residential supply and defines the entry into force of the changes in the law.