Investors who had them before the entry into force of the law will keep them and will be able to renew them.
Jan. 3 () –
The Official State Gazette (BOE) has published the law that puts an end to the so-called ‘Golden Visa’ as of April, visas that were approved under the Mariano Rajoy Administration for non-residents in the European Union who invest more than 500,000 euros in a home.
Specifically, the law on measures regarding the efficiency of the public Justice service was published this Friday, which will come into force three months after its publication. The rule includes legal modifications to leave without content articles 63, 64, 65, 66 and 67 of Law 14/2013, supporting entrepreneurs, which are exactly those that establish the conditions to qualify for the ‘Golden Visa’ .
Of course, a transitional provision is included to respect the visa for those investors or relatives of investors who had requested it prior to the date of entry into force of the law. In the case of visa renewals, these will be processed and resolved in accordance with the regulations in force on the date of granting the initial authorization.
VISAS WERE ALSO FOR INVESTORS IN PUBLIC DEBT
But these visas were not only granted to investors who bought properties worth more than half a million euros, but, as stated in article 63 that will be void, those who invested more than two million in Spanish public debt securities were also eligible. or more than one million in shares or equity interests in Spanish capital companies with real business activity.
Likewise, the visa was also available to investors who injected more than one million euros into investment funds established in Spain or into bank deposits in Spanish financial institutions. Another formula to qualify for the visa was to create a business project that was developed in Spain and that was considered and accredited of general interest.
With regard to the rest of the articles, the legislation relating to the form of investment accreditation (article 64), the effects of the residence visa (article 65), the residence authorization for investors (article 66) is left without content. and the duration of the residence authorization (article 67).
THEY WERE ALWAYS IN THE SIGHTS OF THE GOVERNMENT
Ending the ‘Golden Visa’ was in the Government’s sights since the last legislature. The former minister and now governor of the Bank of Spain, José Luis Escrivá, said that the Government was working on reviewing the conditions of this visa, and in April of this year, the President of the Executive, Pedro Sánchez, announced the intention to eliminate it.
But it was not until seven months later when the legislative formula was found to proceed with the end of these visas. Specifically, it was articulated through an amendment introduced behind closed doors in the bill on measures regarding the efficiency of the public service of Justice, which was approved in a presentation without the presence of the PP deputies, who suspended their activity due to the tragedy caused by DANA.
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