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The decision of the Spanish government to end the program of golden visas has generated a significant impact in the legal field.
This change affects both foreign investors who are currently in the process of obtaining residency in Spain and those who are considering this option for the future.
From a legal perspective, it is important to understand the implications of this measure in detail.
Requirements and benefits of golden visas in Spain
In the specific case of Spain, the acquisition of golden visas has been linked mainly to the purchase of real estate properties.
Applicants have the option of purchasing a home with a minimum value of 500,000 euros plus 21% VAT, investing in financial instruments or state debt for specific amounts, or starting a business that generates employment in Spanish territory.
This measure has benefited foreign investors, especially those seeking to diversify their assets and obtain residency in a European country.
For those who obtain golden visas, they may live, work, become self-employed and/or study in Spain.
However, they also have access to public health and education systems, as well as better rates at public universities.
Reasons behind the removal of golden visas
However, the Spanish government has recently announced its decision to eliminate access to golden visas through the purchase of homes.
This measure responds to concerns about real estate speculation and lack of access to housing in cities such as Madrid, Barcelona, Valencia, Malaga, Alicante and the Balearic Islands, where the real estate market is under enormous pressure.
President Pedro Sánchez has stated that this measure seeks to guarantee that housing is a right and not a mere object of business speculation.
However, some experts believe that the elimination of golden visas will not solve the housing problem in Spain, since the problem lies in the lack of supply and the increase in demand.
Criticisms and controversies about the elimination of golden visas
The criticism and controversies surrounding the elimination of golden visas have generated an intense debate both nationally and internationally.
Although Spain joins other European countries that have taken similar measures in recent years, some disagree about the effectiveness of this measure.
While the European Commission has urged member countries to end these programs due to concerns related to money laundering and corruption, some argue that eliminating the golden visas does not comprehensively address the underlying problems.
On the other hand, some support the Spanish government’s decision and consider it a necessary step to combat real estate speculation and promote more equitable access to housing.
In any case, the elimination of golden visas poses challenges and opportunities for both foreign investors and Spanish authorities.
Legal implications and advice
The elimination of access to golden visas by purchasing homes raises several legal questions and advice needs.
For example, foreign investors who are already in the process of obtaining residency in Spain through this program may face changes in their legal status and must understand how these modifications will affect their immigration status.
Legal aspects to take into account
From a legal point of view, it is essential to understand the implications of this measure on the contracts and agreements established between investors and the parties involved in the real estate transaction.
Our immigration attorneys can provide advice on how to proceed with these regulatory changes and help investors evaluate their legal options.
Alternatives and financial planning
Furthermore, those considering the possibility of investing in Spain with the aim of obtaining residency should take into account the available alternatives.
Solid legal advice can help them explore other avenues to obtain residency in Spain, such as investing in business projects or applying for work visas.
Impact on financial planning
In terms of financial planning, the elimination of golden visas can also have significant implications.
Investors should review their investment strategies and evaluate how this move will impact their asset portfolio and long-term goals.
A financial advisor can provide guidance on how to adapt your financial planning in response to these changes in the regulatory environment.
What happens with investments from England or the United States?
The elimination of golden visas in Spain could have a significant impact on investments from England or the United States.
Given the close relationship between these countries and the interest of British and American citizens in acquiring properties in Spain, it is likely that some investors will look for alternatives as a result of this measure.
Additionally, changes in the UK’s immigration policy could also influence the decisions of British investors concerning their investments in Spain.
Final considerations on the elimination of the Golden Visa Spain
The elimination of golden visas in Spain requires a careful evaluation of the legal and financial implications for foreign investors.
There are other alternatives to the golden visa such as the Non-Profit Residence Visa or Non-Lucrative Visa (NLV), which also offer the possibility of residing in Spain without having to make this type of investment.
Collaboration with professionals specialised in immigration law and financial planning can be essential to navigate these changes and ensure a smooth transition to other residence and investment options in the country.
