According to José Luis Escrivá, the Minister of Inclusion, Social Security, and Migration, the government has been carefully examining the requirements of the ‘golden visa spain program’ which grants residency permits to individuals who purchase properties valued at over 500,000 euros. Escrivá emphasized the need to take a fresh look at these conditions.
Following the Council of Ministers’ meeting, Escrivá acknowledged that, given the multitude of pressing matters to address, the ‘golden visa’ is not currently regarded as a high-priority concern within his department. However, he pointed out that the regulation was established in 2013, during a different context from the present one. “These incentives require review and adjustments,” the minister underscored.
The term ‘golden visa’ refers to the residency permits granted in exchange for specific investments, and the government is considering either raising the minimum investment threshold or eliminating the ‘golden visa’ altogether, aligning with the proposal put forth by Más País in February of this year.
According to Más País, a political party led by Íñigo Errejón, ‘golden visas’ encourage housing price “speculation” in Spain, fail to benefit the national economy, and result in the displacement of local residents. Consequently, they have a “highly negative” ripple effect on the housing market.
The European Union has also expressed concerns regarding ‘golden visas’ as they are granted without scrutinizing the source of the invested capital. In light of this, Más País, currently engaged in negotiations with the government regarding the fate of these visas, has proposed legislative reforms to ensure that foreign investments in real estate guarantee their tangible impact on the economy without distorting the real estate market in Spain.
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Nearly 5,000 ‘golden visas’ have been issued since 2013. In a recent parliamentary response to Íñigo Errejón, the government reported that between 2013 and 2022, a total of 4,940 investor visas or ‘golden visas’ were granted. This figure encompasses not only visas awarded for real estate investments but also those granted for capital investments and business projects. According to the government’s response, 45% of these visas were issued to Chinese citizens, totaling 2,263.
Additionally, investors from Russia accounted for 19.6% with 969 visas, while citizens of Ukraine obtained 2.7% of the permits, amounting to a total of 136.
According to the above information, here’s a table and chart about the Issued Spanish Golden visas in Spain 2013-2022:
| Country | Percentage of issued Golden visas | Number of issued Golden visas |
| China | 45% | 2,263 |
| Russia | 19.60% | 969 |
| Ukraine | 2.70% | 136 |
| Other countries | 33% | 1,572 |
| Total | 100% | 4940 |
