Why is Spain Removing the Golden Visa?
Why is Spain Removing the Golden Visa?
On April 9, 2024, Spain’s Council of Ministers made a significant decision to end the practice of granting golden visas, which had been available to non-EU citizens who invested €500,000 or more in Spanish real estate.
While this change may initially seem concerning, especially for prospective property buyers, it opens up new opportunities and underscores the country’s commitment to sustainable and inclusive growth. At First Choice Spain, we are here to help you navigate these changes and continue to make your property investment dreams in Marbella a reality.
Understanding the Decision To Remove The Spanish Golden Visa
The golden visa programme, introduced in 2013, was designed to attract foreign investment during a period of economic recovery. However, recent concerns about housing affordability and the desire to ensure that local communities benefit from real estate investments have prompted the Spanish government to reevaluate this initiative. By ending the golden visa, Spain aims to curb speculative investments that drive up property prices and to promote more equitable economic development.
Our Recommended Alternative Pathways for Property Buyers
It’s important to note that Spain still offers a range of visa options for those interested in relocating or investing in the country. Here are some viable alternatives:
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Non-Lucrative Visa: Ideal for retirees or those with independent financial means, this visa allows you to reside in Spain without engaging in business activities.
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Entrepreneur Visa: If you have a business idea or plan to invest in a new enterprise in Spain, this visa could be the perfect fit.
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Highly Skilled Professional Visa: For those with specialized skills or expertise, this visa facilitates employment in Spanish companies.
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Student Visa: For individuals seeking educational opportunities in Spain, this visa provides an excellent way to immerse yourself in the Spanish lifestyle while pursuing your studies.
Additionally, the 90-day rule post-Brexit should not be seen as a barrier. Non-EU citizens, including Brits, can still spend up to 90 days in Spain within any 180-day period without needing a visa. This rule is particularly advantageous for those looking to enjoy extended holidays or explore the country before making a longer-term commitment.
First Choice Spain
The Marbella Advantage with
First Choice Spain
At First Choice Spain, we understand that the evolving visa landscape can be daunting. However, our team is dedicated to providing expert guidance and personalized assistance to ensure that your property investment in Marbella is smooth and successful. Here’s how we can help:
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Expert Knowledge: Our deep understanding of the local real estate market and regulatory environment enables us to provide you with the most current and relevant advice.
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Personalised Service: We tailor our services to meet your unique needs, whether you’re looking for a vacation home, a retirement haven, or a lucrative investment property.
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Comprehensive Support: From initial property search to finalizing the purchase and navigating visa requirements, we’re with you every step of the way.
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Local Insights: Our team’s local expertise ensures that you find the perfect property in Marbella that suits your lifestyle and investment goals.
While the end of the golden visa marks a shift in Spain’s approach to foreign investment, it opens the door to more diverse and sustainable opportunities for property buyers. With alternative visas available and the continued allure of Spain’s rich culture, stunning landscapes, and vibrant lifestyle, there’s never been a better time to invest in Marbella.
First Choice Spain is here to help you make informed decisions and turn your property aspirations into reality.
