Spanish real estate offers a visa opportunity for Brazilians, article in Estadão E-Investidor - Key news from the financial market

The "Golden Visa" program offers wealthy foreigners the opportunity to obtain residency in European Union countries through investments in real estate or financial assets.

Until February of this year, Portugal was the center of attention for many Brazilians seeking such a visa. According to the Portuguese Foreigners and Borders Service (SEF), from 2012 to February 2023, a total of 11,700 residence permits were issued through the "Golden Visa" program. Of these, 1,200 were granted to Brazilians, making them the second largest group after the Chinese, who received 5,300 permits. To obtain a Portuguese "Golden Visa," an investor had to, among other options, transfer at least 1.5 million euros to the country, create at least 10 jobs, or purchase real estate worth at least 500,000 euros - the preferred option for investors.

The amount of 6.8 billion euros raised by the "golden visa" program in the country accounted for at least 6.2 billion reais that were invested in real estate. However, due to the rise in real estate prices, Portugal decided to terminate the property acquisition program under the "golden visa" in an effort to combat speculation in the real estate market.

In light of Portugal's closure to real estate investments through the "golden visa" program, buyers' attention, including that of Brazilians, should shift to Spain's "golden visa," as reported by Estadão. To obtain the Spanish "golden visa," minimum investments range from 500,000 euros to 2 million euros in the case of investments in Spanish bonds. Additionally, a number of requirements must be met, such as having comprehensive health insurance and no criminal record for serious offenses.

According to Monika Nahas, a real estate agent who has been working in Spain for over 13 years, there are many factors that can attract Brazilian investors to Spain. One of them is the combination of low property prices compared to other countries and attractive rental rates. Additionally, this all takes place in well-known cities like Barcelona.

The residency permit program is an attempt by European governments to attract investments, stimulate entrepreneurship, and create jobs, as many of these countries have recently experienced financial crises. It is worth noting that between 2008 and 2012, 1.9 million companies went bankrupt in Spain alone. Read the full article here. Our editors recommend these materials to help you invest even better.