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Tuesday, May 28, 2024
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What are golden visas? How are they obtained and which EU countries grant them?

What are golden visas?

Golden visas are a type of visa that grants foreigners the possibility of residing and working in a country in exchange for an economic investment. In Spain, around 5,000 of these permits have been issued since the golden visa program was established in 2013.

How are they obtained?

Currently, non-citizens who purchase a home worth $500,000 in Spain had been granted a residency. Or, those who are interested in investing outside of the housing market can obtain a visa by owning a specific level of company shares based in Spain or holding at least one million euros in bank deposits in Spanish financial institutions. Lastly, a person could also purchase two million dollars in State issued bonds to receive their visa.

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Which EU countries grant them?

Now, a progressive political party Más País (More Country, in English) is proposing that this program come to and end, noting that no one should be able to purchase Spanish citizenship. Additionally, leaders like Íñigo Errejón have highlighted the ways in which the entrance of these property owners has led to a steady increase in the cost of living in many cities around Spain.

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