More Than 33,200 Foreign Nationals Hold Spanish Residency via Golden Visa Program
Key Points
1. 33,237 Wealthy Foreigners Hold Spanish Residency Through the Golden Visa Program
A total of 33,237 foreign nationals have obtained residency in Spain via the Golden Visa Program.
2. Real Estate Investment Remains the Most Popular Path
The real estate investment option has attracted the largest number of foreign nationals seeking Spanish residency.
3. Lack of Data on Russian Nationals
Details on the number of Golden Visas issued to Russian nationals have not been disclosed.
According to data from the Spanish Ministry of Foreign Affairs, 33,237 foreign nationals currently hold residency in Spain through the Golden Visa Program.
In 2023, 14,732 foreign nationals acquired residency under the Residency by Investment program, marking the largest increase since 2013. However, the Ministry has not provided specific figures regarding Golden Visas granted to Russian nationals, as reported by *ON Economia*.
Majority of Golden Visas Granted Through Real Estate Investments
Of the 33,237 residency permits issued through the Golden Visa Program, 12,723 were granted to real estate investors (12,091) and business investors, with the remainder going to family members. The Ministry's data covers only the investors with valid permits, not their families.
The report further revealed that approximately 5,300 investors with valid permits were from non-EU countries, the majority from the United Kingdom. There were also 4,082 Asian investors, predominantly from China, 1,377 from North America, 1,052 from Central America, and 821 from Africa.
Abolition of the Real Estate Investment Option
The Golden Visa Program allows foreign nationals to acquire residency by making a financial contribution through various investment options. The most popular of these was real estate investment, where individuals were required to purchase property in Spain worth at least €500,000.
However, in April 2024, Spain announced the abolition of the real estate investment route to address the housing crisis. Prime Minister Pedro Sanchez confirmed that the government would modify the law, initially approved in 2013, to end the real estate investment option for residency.
Sanchez stated, "I want to announce that tomorrow’s Council of Ministers is going to study a report submitted by the Minister of Housing and Urban Agenda to modify the law... which allows obtaining a residence visa if you invest in housing in our country."
The Golden Visa Program has been a significant contributor to Spain's economy, but with the end of the real estate option, the program will likely shift toward other forms of investment.