# Spain's 'golden visa' scheme fails to shine



## skip o (Aug 1, 2011)

I have been looking to buy a flat in Barcelona for over a year now and almost every real estate agent pretends that properties are selling well, prices are going up, hundreds of foreigners are buying to get the golden visa. Many times when an agency lists a property as sold, I have talked to the owner and they say that they removed the flat from the market due to lack of interest. Now there is this article...

http://m.thelocal.es//20140519/property-spain-golden-visa-scheme-flop

The Local | 19 May 2014, 12:50

Just 72 people have signed on to a controversial Spanish 'visa for cash' scheme which grants automatic Spanish residency to people who buy a property worth at least €500,000 ($685,000).


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## anonserg (May 13, 2014)

Below is my observation (I'm currently looking for a house in Barcelona too under this scheme)

Since December last year I came across many agency (at least 5) which claim to offer a full service of handling the visa and purchase transaction for you but none of them seems honest to me and inconsistent in the process. I was firm that I want to relocate to Barcelona but they were persistent in offering houses in some golf resort in the south. (most of these properties priced at eur80k-100k therefore u will need to buy 5-6 units to fullfil the requirement then the agents will entice u with the idea of lucrative rental investment. I mean, they mustn't know that we do read and watch european news in this part of the world). 

So the only way to do this without feeling cheated is to do each and every process on your own. Hire your own lawyer, find your own realtor, open your own bank account then maybe some minor details can be done by your lawyer. 

I guess above encounters must have put off a lot of people as much as it has to me. With the same amount u can go to many other places in fact lesser in Central Europe. Add some more u can even live in London. (although Canada has just recently shut its door)

When I was deciding between London, Barcelona and Prague I emailed banks, insurance agencies, car dealers, law firms from each of these cities. Most from Prague were more than happy to give a polite reply as it was in London. The same can't be said in Barcelona when most of them would ask me to come make an appointment or give them a call (when I clearly state that I was in Kuala Lumpur). Some even replied in Spanish which I thought was brutally funny. But I chose Barcelona anyway because I like and enjoyed my visits there. Still sometimes I get confused and unsure but mostly I know I will just go for it anyway.

But still, 72 people? That's basically less than 10 people a month which is surprisingly low. With Canada just recently shutting its door and UK soon to announce higher monetary requirement I think the number will increase. Only time will tell.


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## maxd (Mar 22, 2009)

anonserg said:


> Below is my observation (I'm currently looking for a house in Barcelona too under this scheme)
> 
> Since December last year I came across many agency (at least 5) which claim to offer a full service of handling the visa and purchase transaction for you but none of them seems honest to me and inconsistent in the process. I was firm that I want to relocate to Barcelona but they were persistent in offering houses in some golf resort in the south. (most of these properties priced at eur80k-100k therefore u will need to buy 5-6 units to fullfil the requirement then the agents will entice u with the idea of lucrative rental investment. I mean, they mustn't know that we do read and watch european news in this part of the world).
> 
> ...



I live in Prague and Spain. If you are a foreigner in Prague you probably get better service than a local. That is why I often speak in English. Anyway back to Barcelona as you will be going there. There are many many lawyers who specialise in getting visas for Chinese and Pakistanis whose applications will be infinitely more complicated than yours. I would approach these guys.

Property wise there I think it is reasonably priced now. For 500k you can get something ultra cool but if you do not want to live large if you buy afew units central you will have good renting opportunities.


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## Sandraw719 (Jul 19, 2013)

This kind of visa won't allow to work or get free medical in Spain. So far less than 10 Chinese got this visa. Also,you will be taxed on the global income. It is not very good for people has a lot of assets abroad.

A lot of Chinese came here legally or illegally because they got families or relatives here. After a couple years,they will try to get residency.


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## GUAPACHICA (Jun 30, 2012)

Hi - here are two News articles on this issue, both dated twelve months ago:

Residency law gives the Spanish market a boost - Telegraph 

Spain Offers Residency to Foreigners With Deep Pockets - WSJ.com


I'm still confused re. the validity of such purchased _'residencias'_ for use within EU states other than that in which they've been supplied. Would these '_residencias_' entitle the holders to full EU citizenship, with the right to reside and work in any EU country? 

Thanks,
GC


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## xabiaxica (Jun 23, 2009)

GUAPACHICA said:


> Hi - here are two News articles on this issue, both dated twelve months ago:
> 
> Residency law gives the Spanish market a boost - Telegraph
> 
> ...


usually residency in one EU country doesn't give the holder any rights at all in another

afaik this one is no different - & the property purchase version doesn't even give the right to work in Spain, & what's more is only for one year, after which it has to be renewed

I would imagine that if the holder eventually qualifies to apply for & obtain Spanish nationality, then they'd be european in every sense of the word, and have the freedom to live & work anywhere in Europe


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## snikpoh (Nov 19, 2007)

Sandraw719 said:


> This kind of visa won't allow to work or get free medical in Spain. So far less than 10 Chinese got this visa. Also,you will be taxed on the global income. It is not very good for people has a lot of assets abroad.
> 
> A lot of Chinese came here legally or illegally because they got families or relatives here. After a couple years,they will try to get residency.


This has always been the case and has nothing to do with this new visa.

Having assets abroad also doesn't come into it - they have to be declared anyway.


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## anonserg (May 13, 2014)

Well it is not that easy to get full Spanish citizenship (which comes with it a passport and right as an EU citizen). 

A holder will first be granted a temporary residency (with no min time spent in Spain required). AFter a year it has to be renewed for every 2 years (investment will be reviewed. Must be more than threshold)

After 5 years then can only apply for permanent residency for another 5 years (also tax resident. Spend at least 183 days a years minimum if im not wrong) After this period then only can a person apply for full citizenship.

Within the period of temporary visa, it will only give entitlement to visit Schengen area for 90 days every 180 days of a year and no work allowed of course even in Spain.


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## skip o (Aug 1, 2011)

http://www.spanishpropertyinsight.com/2014/07/01/maltas-golden-visa-popular-spains/

Malta (population about 400,000) has processed more Golden Visas than Spain (population about 44,000,000).


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