Spain: British expats must race against the clock as expat deadline looms
In a blow to British expats, Spain’s Investor Visa – commonly known as a Golden Visa – will be abolished from April 3, 2025.
Consequently, Britons interested in the scheme are racing to meet the imminent deadline.
As it stands, nationals of non-European Union countries can obtain a short-stay or residence visa for foreigners “by making a significant capital investment”, Spain’s Ministry of Foreign Affairs, European Union and Cooperation (MAEUEC) has explained.
A popular form of investment is the purchase of “unencumbered real estate” for a minimum of €500,000 (around £420,000).
Spain is a popular option for British expats looking for sunshine, sea and sand
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MAEUEC explained: “If the investment is made by a couple married in community of property, one of the spouses may obtain an investor visa, and the other spouse, a visa as a family member of the investor.”
A significantly higher investment option is at least €2million in Spanish public debt securities, or €1million in stocks or shares in Spanish companies, investment or venture capital funds incorporated in Spain, or bank deposits in Spanish financial institutions.
For savvy entrepreneurs, “significant capital investment” into a business project that is of “general interest”, creates work and has a positive socio-economic or technological impact can help you fetch the investor visa.
Last year, Spain’s Prime Minister Pedro Sánchez explained that in “major cities” like Barcelona, Madrid, Malaga, Alicante, Valencia or Palma de Mallorca, 94 out of every 100 such visas are “linked to real estate investment”.
This played out against the backdrop of a “highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there”, he said.
Earlier this year, various measures were proposed to tackle the housing crisis, impacting Britons hoping to purchase a second home.
As the deadline for obtaining Spain’s Golden Visa approaches, Britons are re-evaluating their options.
Get Golden Visa said: “While Spain’s Golden Visa programme has given a conduit for individuals seeking residency through investment, its suspension is an important turning point in addressing housing affordability and regulatory challenges in the country.
“As new laws are implemented, potential investors will need to rethink their strategy while examining alternate routes to residency in Spain or other European countries.”
In Spain, options include a non-lucrative residency, digital nomad visa, student visa, or entrepreneurial visa.
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It’s almost ‘impossible’ for locals to find housing in major cities like Madrid
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Some Britons might look elsewhere, as alternative destinations offer British expats incentives to buy homes.
Greece, Italy and Thailand have all been deemed as attractive prospects.
Italy has revived its popular €1 houses initiative, which aims to “repopulate gorgeous villages that are being deserted”. 1 Euro Houses – Cheap Houses explained.
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