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Spanish Govt Approves 68% Fewer Golden Visas as It Prepares to Scrap Program · IMI Podcasts

• 0:00
  SPEAKER_00: Spain's golden visa approvals have dropped dramatically in 2024, with projected year-end numbers falling to 936, less than one-third of 2023's total, according to Catalan News.
• 0:15
  SPEAKER_00: While the government has not disclosed application numbers, approved visas have declined to levels last seen in 2021, when authorities granted 997 visas.
• 0:26
  SPEAKER_00: Government data shows 780 visa approvals through October 2024, averaging 78 approvals monthly.
• 0:35
  SPEAKER_00: This sharply contrasts 2023's record, 3,273 approved visas, despite the program's potential termination in 2025.
• 0:46
  SPEAKER_00: These figures, however, only tell part of the story.
• 0:50
  SPEAKER_00: While approvals may have declined, application numbers remain unknown, and there is a possibility they could be greater than in previous years.
• 0:59
  SPEAKER_00: Foreigners poured 4.8 billion euros into Spanish real estate between 2018 and 2022 alone, according to the Ministry of Housing.
• 1:10
  SPEAKER_00: While 94% of applicants choose the real estate pathway, requiring a€500,000 investment, 6% opt for alternative routes, investing 1 million euros in Spanish companies or 2 million euros in public debt.
• 1:25
  SPEAKER_00: Chinese nationals dominate the recipient list, securing 1,302 visas.
• 1:32
  SPEAKER_00: Russians followed with 521 approvals, while Iran and the United Kingdom secured 124 and 123 visas respectively.
• 1:42
  SPEAKER_00: American investors present an intriguing contrast according to El Diario's data.
• 1:48
  SPEAKER_00: Despite ranking lower in total approvals at 113, U.S.
• 1:53
  SPEAKER_00: citizens lead in capital investment, contributing 1.6 billion euros between 2018 and 2022, more than double the 768 million euro influx from Chinese investors.
• 2:07
  SPEAKER_00: Spain's premium real estate markets, including Barcelona, Madrid, Malaga, Alicante, Valencia, and the Balearic Islands, have attracted the majority of Golden Visa investors.
• 2:20
  SPEAKER_00: The Spanish government has been working on terminating the Golden Visa for some time, and the Spanish Socialist Workers' Party has finally made some headway.
• 2:29
  SPEAKER_00: Congress, where the PSOE holds a majority, recently approved a bill to end the Golden Visa program.
• 2:35
  SPEAKER_00: Crista Victorio, managing partner at Orient, says that regardless of what happens with the amendment, attracting foreign investment to Spain should be in the common interest of the government.
• 2:47
  SPEAKER_00: But hey, don't let the truth get in the way of good politicking, right?
• 2:51
  SPEAKER_00: The bill now faces Senate review, where the opposing Partido Popula holds control.
• 2:57
  SPEAKER_00: While senators can propose amendments or delay implementation for up to two months, they cannot permanently block the legislation.
• 3:05
  SPEAKER_00: Prospective investors still have a narrow window to act.
• 3:09
  SPEAKER_00: The legislation includes a grandfathering provision for applications submitted before the official state bulletin publication.
• 3:18
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDAily.com.
• 3:24
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• 3:31
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