Spain is saying adios to its golden visa scheme in April and Greece and Portugal are laughing all the way to the bank. This scheme, which allows foreigners from outside the European Union to settle with few problems in return for a big investment in property or funds, has proved to be highly successful especially among Brexit-hit Britons.
But Spain is phasing out the visa while Portugal is making it easier for foreigners to settle through investment. Infact, they have abolished the old paper system and replaced it with a new digital platform to process applications faster. It is the same story in Greece.
Both Greece and Portugal say that they have noticed a big increase in demand especially from Britons and U.S. citizens. Both countries have introduced changes to the system, in the case of Greece the cash threshold has been raised while in Portugal the real estate option has been removed but foreigners cash still invest in funds in return for residency.
Not the first time, Greece and Portugal are cashing in one what some would say is an own goal by the Spanish government. Plans by the Spanish government to introduce a 100 percent tax on the purchase of Spanish properties by non EU/non resident foreigners has also led buyers to look elsewhere.
Thousands of foreigners including many Britons have settled in Spain thanks to the golden visa system. Its demise will be seen as a blow.
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I will bet that 5, even 10 years from now the housing shortage will not be any better than it is today regardless of the removal of the golden visa program or the introduction of 100% land transfer taxes.
Zoltan TeglasYes, I am meeting many more on a weekly basis
ChrisI imagine that there would be a lot more yanks trying to leave now that the Putin loving nut case is in charge of the country again.
Jason Moore fails to mention once again that the Golden Visas in Spain were predominantly taken by Chinese and Russians. Actually not very many Brits or Americans. Just 6200 visas were issued from the start of the scheme up until 2023 - nearly half of the beneficiaries - a total of 2,712 - were Chinese, according to Transparency International. Russians were the next most numerous recipients, with 1,159, followed by Iranians (203), and citizens of the US (179) and the UK (177).