As a part of a sustained attempt to attract foreign investment into the real estate market, the Spanish government has widened the scope of its Golden Visa Program, and is now offering residence to parents and adult children of individuals fulfilling the minimum investment requirement.
Introduced in 2013, Spain Golden Visa program offers residency for individuals investing either 500,000 EUR in a property, or EUR 2 million in public debt instruments, or EUR 1 million in businesses in Spain. After just 72 non-EU applications in the first six months, demand grew more than 300% in the next six months as Spain issuing 248 residence permits to non-EU nationals under the Program.
To attract more investors, Spain has widened the definition of eligible family members, which, in the past, was restricted to the investor’s spouse and minor children. Further, non-married partners and adult children too can receive residence permit subject to additional conditions. Further, Golden Visa holders will now enjoy not just the right to reside but also to work in Spain without having to complete additional formalities.
These changes are aimed primarily at attracting real estate investment from non-EU applicants from Russia and China. Applicants from EU nations enjoy the right to reside in all member nations with minimal formalities and simple requirements.
These changes also serve the dual purpose of bringing the Golden Visa program in line with the recent EU Directive that introduced new norms for employers seeking to transfer their employees into any member country.
Source: Murcia TodayGeneral Information: Contact us to receive more information about this article.
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