PROPERTY SEARCH
PROPERTY SEARCH
ARCHIVED - Spain blocks golden visa route to residency for Russian citizens
The Spanish government has implemented stricter sanctioning measures than Brussels requires
The government in Spain has decided to temporarily prohibit Russian citizens from obtaining residency in Spain through the ‘golden visa’ channel, an option usually offered to all non-EU citizens willing to make a substantial financial investment in Spain.
The Minister of Foreign Affairs, José Manuel Albares, issued the order to suspend the granting of the visa to new applicants, as well as paralysing all residency permits currently being processed.
The decision has been made within the framework of the sanctioning measures against Russia approved by the European Commission, but Spain has actually taken matters a step further after being heavily criticised for not seizing the valuable property of Russian oligarchs.
Brussels only obliges member states to refuse the visa applications of diplomatic and political individuals, as well as those sanctioned by Europe, but the Spanish government has extended the measure to all Russian citizens.
The golden visa was adopted by Spain back in 2013 in the midst of a financial crisis as a means of attracting more foreign investment. Wealthy non-EU citizens can obtain the residence permit if they acquire a property for more than 500,000 euros, if they invest more than one million euros in shares or participations in Spanish companies or if they acquire more than two million euros of Spanish debt. Since its inception, Spain has granted 1,005 golden visas to Russian investors.
Russian money has contributed hugely to the luxury property landscape throughout Spain. According to data from the College of Registrars, in 2021 Russians bought 159 properties with price tags of more than 500,000 euros, ahead of the Americans and the Chinese.
Alicante, Barcelona and Malaga have been the three most attractive provinces for these buyers. The Association of Real Estate Developers of the Province of Alicante (Provia) has already demanded that the Government maintain the 'golden visa' and "not criminalise Russian citizens, since most of them do not support the conflict."
Image: Archive
Sign up for the Spanish News Today Editors Roundup Weekly Bulletin and get an email with all the week’s news straight to your inbox
Special offer: Subscribe now for 25% off (36.95 euros for 48 Bulletins)
OR
you can sign up to our FREE weekly roundup!
Read some of our recent bulletins:
25% Discount Special Offer subscription:
36.95€ for 48 Editor’s Weekly News Roundup bulletins!
Please CLICK THE BUTTON to subscribe.
(List price 3 months 12 Bulletins)
Read more stories from around Spain:
Contact Spanish News Today: Editorial 966 260 896 /
Office 968 018 268
