Golden Visa Programme

About Golden Visa programme: 

• It is a residence by investment (RBI) plan, which grants temporary residency to foreign nationals in exchange for a significant donation or investment in real estate, business, or other fields known as a “Golden Visa.” 
• High-net-worth individuals (HNWIs) often physically relocate to favorable jurisdictions through golden visa schemes, granting them complete legal residency rights, including the facility to live, work, study, and receive healthcare in that nation.

What is Spain’s Golden Visa programme?

• It was introduced in 2013, allowing non-European Union citizens to obtain residency permits by investing a minimum of €500,000 in Spanish real estate.
• The termination of Spain’s Golden Visa program means that foreign nationals can no longer gain residency by investing at least €500,000 in Spanish real estate.
• Reasons for terminating the programme
  • Housing affordability Issue: It cited the need to address rising property prices and ensure housing availability for local citizens, particularly in major cities.
  • Misuse: The programme being used for money laundering and tax evasion.

Q1: What Is a Visa?

A visa is an official document that allows the bearer to legally enter a foreign country. The visa is usually stamped or glued into the bearer’s passport. There are several different types of visas, each of which afford the bearer different rights in the host country.

News: Spain ends Golden Visa programme: What it means for foreign investors