Since 2013, Spain has issued 14,576 golden visas, predominantly to oligarchs from China and Russia.
Since the introduction of golden visas in Spain in 2013 for the purchase of homes, a total of 14,576 foreigners have taken advantage of this opportunity. Of these, 33% correspond to property purchases in Barcelona, totaling 4,810 purchases by wealthy foreigners, according to information provided by the Ministry of Housing this Tuesday, after the council of ministers supported moving towards the elimination of this type of visa.
The president of the Spanish government, Pedro Sánchez, announced on Monday the conclusion of a measure established in 2013 by the Popular Party: allowing foreigners to obtain Spanish residence for an initial period of two years through the purchase of a property, as long as the investment is at least 500,000 euros. The increase in the issuance of these visas, which went from an annual average of 500 to 2,017 in 2022 and 3,273 in 2023, motivated this decision, according to sources from the Ministry of Housing. This increase occurred after the extension of the residence permit from two to three years, a modification introduced by the law to promote the startup ecosystem in December 2022, although the ministry assures that these changes are not directly related.
The war in Ukraine has put these golden visas under the scrutiny of European institutions, as they represent a means by which oligarchs, especially from China and Russia, as well as citizens of Gulf countries, can enter the European Union without controls. and obtain residency in a member state in exchange for a significant real estate investment, as NGOs Transparency International and Global Witness have repeatedly noted. The main countries of origin of these investors, in addition to China and Russia, include the United Kingdom, the United States, Ukraine, Iran, Venezuela and Mexico. Barcelona, Madrid and the Mediterranean coast, such as Malaga, Alicante, the Balearic Islands and Valencia, have been the most attractive destinations, capturing 90% of investments in the last decade.
The 2013 legislation that regulates obtaining Spanish residency for reasons of economic interest also contemplates other investment options so that wealthy foreigners can obtain residency easily and quickly: investing in public debt, in shares of Spanish companies or developing a business project. However, the government has not yet commented on these alternatives. As for the golden visa linked to the purchase of a home, this allows access to residence in Spain for a period of three years, with the possibility of extending it for five more years and, subsequently, obtaining permanent residence.
The Constitutional Court admits the Generalitat’s appeal against the housing law for processing
The plenary session of the Constitutional Court has admitted for processing the unconstitutionality appeals presented by the Generalitat of Catalonia and the Xunta against several precepts of the state law on the right to housing. In their appeals, the Generalitat and the Xunta argue that some contested elements could infringe their powers in housing matters. So far, the law has been the subject of eight unconstitutionality appeals before the Court. In addition to these two, the regulations have also been challenged by 50 PP deputies in Congress, by the Parliament of Catalonia and by the governments of Andalusia, the Balearic Islands, the Basque Country and Madrid.
