The Golden Visa is a concession that encourages foreign investment in Spain. Will they really revoke this option? Find out more below.
Recently there has been news circulating about a possible revocation of the Golden Visa, but here we explain the series of steps to be taken before this happens. This is a proposal of the PSOE political party, which seeks to eliminate the Golden Visa for real estate investors. This political group argues that this concession makes the real estate market more expensive and hinders access to housing for Spanish citizens in cities such as Malaga, Madrid, Barcelona and Valencia.
It is important to mention that the Popular Party, who instituted this option for foreign investors in order to reactivate the Spanish real estate market, has the majority, and therefore, the members of this party are opposed to the elimination of the Golden Visa. However, there is still a possibility of eliminating this option for foreign investors by the end of 2024.
In this scenario, here are 3 key recommendations to secure your Golden Visa in Spain:
Since 2013, more than 6,200 visas have been issued in Spain for real estate investment. This visa has attracted investors mainly from Russia, China and Mexico . The following graph shows the amount of real estate investments to obtain a Golden Visa for real estate acquisition according to each nationality.
The elimination of the Golden Visa is under discussion and, if approved, will have a considerable impact on the real estate market and foreign investors by the end of 2024. It is also important to mention that the legislative process still has several steps ahead and may be prolonged, so now is the ideal time to act! Remember that at we have specialists in real estate investments between Mexico and Spain, with full advice in both nations. Contact us, see all the property options we have for you and make smart decisions in Europe.
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Alfredo Obregón is the co-founder and CEO of Nolab, a real estate platform focused on investment, sales, and property management across international markets.
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