Spanish Prime Minister Pedro Sanchez has announced the termination of Spain’s Golden Visa program, which allowed individuals and families to gain residency by investing at least €500,000 in Spanish real estate. This visa provided a three-year residency with the possibility of extension.
The decision to end the program stems from concerns that it has inflated property prices, especially in urban areas, creating affordability issues for locals. Since its inception in 2013, approximately 5,000 visas have been issued, with Chinese nationals being the most frequent applicants.
Post-Brexit, many British expats used the Golden Visa to circumvent the 90-day stay limit within 180 days, facilitating permanent residence in Spain. However, the exact number of British applicants remains unclear.
Some media reports have described the end of the Golden Visa program as a significant setback for British nationals wishing to reside in Spain. However, this may be an overstatement.
Residency permits are still available for those purchasing homes in Spain, provided they meet certain criteria, such as proof of income and health insurance. These requirements are common in countries where foreigners buy holiday or retirement homes.
As of 2023, the number of British residents in Spain was estimated at over 284,000. We anticipate a steady influx of Britons relocating to Spain permanently in the future.
Spain also offers an appealing “Digital Nomad” scheme, which you can learn more about on this site.
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