British rush for the Golden Visa for Spain

The purchase of unencumbered real estate for a minimum of 500,000 euros, (if the investment is made by a couple married in community of property, one of the spouses may obtain an investor visa, and the other spouse, a visa as a family member of the investor). A business project in Spain considered to be of general interest, as regards the creation of jobs, the significant socio-economic impact on the geographical area in which the project is to be carried out, or its significant contribution to scientific or technological innovation. In this case, the visa may be obtained by a representative designated by the investor to manage the project.

The government’s reasoning is that the increased interest in this option has contributed to the country’s housing crisis. Therefore, in a bid to better manage the housing crisis, in April this year, Prime Minister Pedro Sanchez, announced that the country would terminate the scheme.
The visa scheme was created in 2013 by the conservative government of Mariano Rajoy.

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It was seen as a way of attracting badly needed foreign investment in the wake of the eurozone crisis, which hit Spain’s property sector particularly hard. A total of 6,200 visas were issued until 2023 for investment in property, according to the organisation Transparency International, although other sources put the number higher.

However, there are alternatives such as the non-lucrative visa which is a Spanish visa available to non-EU citizens who have sufficient economic means to stay in the country without engaging in any work or professional activity. It is one of the easiest routes to permanent residency in Spain, provided you meet the income/savings conditions. You can also use it to bring your family with you.

The non-lucrative visa allows you to reside in Spain legally and obtain a one-year residency permit, which can be renewed for an additional four years as long as you meet the residency criteria.
Or there are the digital nomad visa, student visa, or entrepreneurial visa.