One of the few reputable schemes providing a path to permanent residency in the EU in 2023 may be Spain's golden visa program.
Investors can select from a variety of asset classes and investment opportunities to meet the requirements for Spain's Golden Visa, which grants permanent residency.
Buying Spanish public debt instruments or bonds is the most secure but also requires the highest investment commitment. Investors who choose to go this way must invest €2 million.
A minimum investment of €1 million is required to purchase stocks or shares of Spanish firms, invest in VC funds or investment funds formed in Spain, or open a bank account with a Spanish financial institution.
By purchasing real estate there, investors in Spain might also become eligible for permanent residency in the EU. The applicant must spend at least €500,000 on unencumbered real estate.
Comparison with neighbouring programs
Portugal does not permit golden visa investments in the country’s most desirable real estate hotspots which includes Lisbon and Porto. Investors are therefore inclined to prefer Spain. Additionally, industry experts anticipate the programme may be discontinued in the near future may in turn may dampen Investor confidence due to uncertainty.
Within Greece, investors are expected to be wary of the news that the government is working to make real estate more accessible for its inhabitants, which in turn may lead to demand for the Greek programme slowing down.
On the contrary, Spain does not have an overheated real estate market and, in terms of real estate investments, it is just as secure and rewarding as the other two nations if not more so.
Commercial Investments
A business initiative of wide interest is an alternative for investors with a larger risk tolerance. To be eligible, the company must produce jobs, have the potential to have a major socioeconomic impact, or support scientific or technical innovation in order for the investor to be eligible.
There is no minimum investment necessary for this option. As a result, an investor who makes an investment in Spain of less than €500,000 might theoretically become eligible for permanent residency in the EU.
Spain too has a minimal net worth stipulation for investors applying for golden visas. The investor must earn at least four times Spain's Public Multiple Effects Income Indicator or have equivalent financial resources or net worth (IPREM).
IPREM is expected to be about €7,000 in 2022, therefore the investor will need at least €28,000 in net worth in addition to an extra €7,000 for each family member they intended to include on their application.
The following individuals may join successful applicants without needing a separate visa.
Spouse or unmarried partner
Minor children
Financially dependent adult children who don’t have their own family unit
Relatives in the investor’s care
Please contact our specialist immigration team at ARP Law at immigration@arplawgroup.com and discuss your global residency and citizenship investment options.