In Spain, only 136 golden visas were issued through real estate investments in 2022.

In 2022, only 136 residence permits were issued in Spain based on real estate investments, representing a 72% decrease compared to the 497 visas issued by Spanish consulates worldwide in 2021. This data was provided by the Ministry of Foreign Affairs and published in the Spanish non-profit newspaper The Objective. Additionally, the information shows that before the coronavirus pandemic, in 2019, 681 visas for purchasing housing and other real estate in Spain were issued, which is 80% more than in 2022.

Despite such low visa issuance rates in 2022, the leader of the Spanish left-wing party Más País, Íñigo Errejón, advocates for ending the practice of granting residence permits solely based on real estate purchases. As reported by SchengenVisaInfo.com, in mid-February, Errejón introduced a bill in parliament proposing the abolition of the Spanish Golden Visa for real estate buyers. He argues that this change is necessary because such a practice has contributed to the rise in housing prices in the country.

“It’s so easy for some noble people to come and request a residence permit after spending half a million euros on buying property.

According to information published by SchengenVisaInfo.com, there isFour ways to obtain a Golden Visa for Spainamong which:

• purchase of real estate for an amount of at least 500,000 euros;
• investments in Spanish government debt amounting to at least 2 million euros;
• purchase of company shares or opening a deposit in a Spanish bank for an amount of at least 1 million euros;
• Investments in a new business that will create jobs, promote scientific and/or technological innovations, and have a significant socio-economic impact in its field of operation.

Data from the Spanish Ministry of Inclusion, Social Security, and Migration shows that in 2020, 2,148 Golden Visas were approved, in 2019 – 2,656, in 2018 – 2,273, and in 2017 – 1,805. In 2015, there were only 429 Golden Visa holders in Spain, and by 2021, this number had increased to 7,425. The largest number of visas was obtained by citizens of China, who account for 28% of all issued Golden Visas, followed by Russians, who make up a quarter of all holders of such visas.

The request from Errhehon for a partial termination of the Golden Visas coincides with the expiration of the Irish Golden Visa, and the next day Portugal also abandoned its Golden Visa. Both countries provided various arguments for making such decisions, while it is expected that several more Golden Visas in the EU will soon be terminated due to regular criticism from European institutions.