A draft bill has recently been made public that aims to modify the Golden Visa in Spain, and it includes important new features.
One of the main goals of this change, which has been announced over recent months, is to reduce real estate speculation, improve transparency and prevent money laundering.
Before discussing the main changes to come, it is important to point out that what is explained below is based on a draft bill, so under no circumstances is it, at the date of publication of this post, a regulation that has officially entered into force.
Content of the draft bill to modify the Golden Visa
As of today, interested parties can apply for the Golden Visa by following different investment routes. The draft bill that intends to modify the visa for investors therefore proposes eliminating the following investment channels:
- Investment in real estate
- Investment in funds.
If these two routes are finally eliminated (we repeat, this is not yet official), only the following investment routes would be maintained in order to obtain the Golden Visa:
- Investment in bank deposit.
- Investment in public debt.
- Investment in a business project in Spain.
Specifically, this is what the draft bill indicates:
"Non-resident aliens who intend to enter Spanish territory for the purpose of making a significant capital investment may apply for a visa for stay or, as the case may be, for a residence visa for investors
A significant capital investment shall be understood as an investment that complies with any of the following statements:
- a) An initial investment of a value equal to or greater than:
- 2 million in Spanish government debt securities, or
- for a value equal to or greater than one million euros in shares or equity investments in Spanish companies, or bank deposits in Spanish financial institutions.
- b) A business project to be developed in Spain that is considered and accredited as being of general interest, for which at least one of the following conditions will be assessed:
- Job creation.
- Investment with a significant socioeconomic impact in the geographical area where the activity is to be developed.
- Significant contribution to scientific and/or technological innovation”
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