The Balearic Connection’s Post

833 golden visas granted in 2024 thus far… and counting!   The announcement in April of the elimination of the golden visa programme has clearly boosted the number of applicants for this residence permit in Spain.   The bill that abolishes golden visas was approved days ago by the Spanish Congress and is, in principle, expected to come into force within the next four months. However, it appears that now the Spanish Senate is blocking the passing of the bill. In the coming days we will find out whether the bill is finally passed and whether this is the end of the residence permit for investors in Spain. Until that happens and the law comes into force, there is still time to invest and apply for the residence permit. https://lnkd.in/dg7cUsFV

Adios to Spain’s Golden Visa! 🇪🇸🪪✌️ When it was introduced in 2013, this program provided Spain with an injection of capital at a time when the region needed it most. For over a decade, 10,000 foreigners were granted residency if they: A. invested €2M toward the Spanish public debt OR B. invested €1M in a Spanish company OR C. bought a €500.000+ piece of property Given Spain’s “amazing quality of life” and that €500.000 for an apartment is a steal for some people, no wonder 96% chose that last option 🏡 Where did they come from? 1. 🇨🇳 China 2. 🇷🇺 Russia 3. 🇮🇷 Iran 4. 🇺🇸 United States I know a couple of them and I completely understand why they moved here. Don’t let a good opppotunity pass you by! My beef isn’t with them. It’s with the administration that passed it without thinking about the consequences. The Golden Visa was a temporary non-solution that was shown to make cities like #Barcelona worse off because they soon became unaffordable to existing residents. 👆Important: #Gentrification happens naturally in cities. It’s a market force that can be mitigated with effective subsized housing policy and construction. Barcelona was leading the way with these policies until recently. But the Golden Visa is an example of *government-mandated* gentrification. The worse kind. A similar thing happened in NYC in the 90s when passed the Third Party Transfer Program, handing over housing development in sections of Harlem to private developers. Can you see how Spain’s Golden Visa (the property part) is in the same vein? I work in advertising and marketing. I know better than most that money and incentives make the world go round. But it’s unfair to give people who already have a leg up yet another one. This decision is a step in the right direction and I’m interested to see what happens in the next 5-15 years.

It’s official, the parliament has just approved the cancellation of the Golden visa program. The Golden Visa program brought in billions of euros to Spain, not just in property purchases but also in associated spending. Its removal may affect sectors like real estate development, tourism, and luxury goods, particularly in the short term. Investors could shift their focus to markets with strong rental demand or to lower-value properties outside the traditional hotspots. The true extent of the impact will depend on how reliant the property market is on Golden Visa buyers versus other demand drivers like tourism, domestic economic growth, and foreign buyers not motivated by residency. Let me know your thoughts on this?! #spaingoldenvisa #spainproperty

Golden Visa in Spain? The changes you need to know. The Golden Visa does not affects the Non-Lucrative Visa program.

This changes are only to purchase a property but not to investment over 1Mm eur in financial products.

Changes to Spain’s Golden Visa – What you need to know Pedro Sanchez, the Spanish Prime Minister announced on Monday 8 April that the Council of Ministers would be reviewing a report from the Ministry of Housing in respect of the impact of the Golden Visa program on accessibility to housing with the intention to withdraw it entirely rather than change the criteria. There have been rumbles from his Deputies that they wanted to withdraw the visa however following this announcement the intention is much clearer. The Background to the Golden Visa Changes The rationale behind the withdrawal is that Non EU residents are buying properties in Spain’s main cities which is putting pressure on the housing stock, prices and creating a market for speculators. The visa allowed non EU residents to buy a property for more than 500,000 euros and then obtain a visa to live and work in Spain. This is different to the more popular non-lucrative visa which does not require a property purchase of 500,000 euros but allows Non EU citizens to live in Spain but not work. For the record, the announcement from Mr Sanchez does not affect the Non-Lucrative Visa program. To read more about the changes visit our https://lnkd.in/dxEdb8F6

Golden Visa in Spain? The changes you need to know. The Golden Visa does not affects the Non-Lucrative Visa program.

How to choose the right visa when buying a home in Spain Whether you’re self-employed or a retiree, here’s everything you need to know about making the move, https://lnkd.in/eQ5rj28A

The Changes to the Golden Visa in Spain Explained 🇪🇸 On the 9th of April, Spain’s Minister for Housing, Isabel Rodríguez, announced that they were taking the first steps to eliminate the Golden Visa. This visa was a popular choice for non-EU residents who wanted to gain residency in Spain, by making an investment of €500,000 or more, in a property or business. There are fears that scrapping the Golden Visa will put off potential buyers from outside of the EU from investing in property in Spain. ➡ https://lnkd.in/e7ChNwcj 🔗 #Spain #Spanishhousing #foreigninvestment #goldenvisa #propertyinvestment Sean Woolley Cloud Nine Spain

Another week, another country considering revising their 'golden visa'. This afternoon, Spanish Prime Minister signaled that his government may eliminate (or revise) the country's golden visa program, in an effort to make housing affordable for locals. #Portugal has already barred #realestate investments under its golden visa program, while Greece has increased qualifying investment in real estate to EUR 800,000 for major cities. While foreigners can still buy homes in Portugal, this wouldn't make them eligible for golden visa. The Caribbean countries have also announced their intent to increase the qualifying investment to US$ 200,000 by the end of June 2024. Whether the incumbent Spanish administration will be able to amend (or end) the golden visa immediately is not certain. However, this may happen at some point. For anyone interested in obtaining a golden visa or citizenship by investment, time is of the essence. Schedule a no-obligation consultation to break the shackles imposed on you by your original nationalities. https://lnkd.in/eZPAu87p #goldenvisa #citizenshipbyinvestment