According to data from the Spanish Ministry of Foreign Affairs, 33,237 foreigners are residents of Spain via the Golden Visa Program.

According to the same source, 14,732 foreign people applied for residency in Spain under the Residency by Investment program last year alone, which is the biggest rise since 2013.

However, details related to the number of residency permits issued to Russian nationals have not been provided by the Ministry, according to an ON Economia report.

The Majority of Visas Granted Through Real Estate Investment Option

The figures from the Ministry revealed that of the total 33,237 residence permits issued through the Golden Visa Program, 12,723 are real estate investors (12,091) and business investors, and the rest are family members.

The Ministry’s figures provide information related to investors with a valid permit and do not include family members.

The same source revealed that about 5,300 investors with valid permits are from non-EU countries, the majority of them from the United Kingdom. At the same time, there were a total of 4,082 Asian investors, the majority of whom were from China, 1,377 from North America, and 1,052 Central Americans and 821 Africans.

Real Estate Investment Option Abolished

Through the Golden Visa Program of Spain, internationals can acquire residency, provided they choose one of the options offered by this program and make a financial contribution, in addition to meeting the needed requirements.

The most famous option of this program is the real estate investment option. To qualify for this program, wealthy foreigners were required to purchase real estate in Spain worth €500,000.

However, in a bid to deal with the housing crisis, in April this year, Spain announced the abolishment of this route.

The announcement back then was made by the President of the Government, Pedro Sanchez.

I want to announce that tomorrow’s Council of Ministers is going to study a report submitted by the Minister of Housing and Urban Agenda to modify the law, approved by the Popular Party in 2013, which allows obtaining a residence visa if you invest in housing in our country.
-Spain's Prime Minister, Pedro Sanchez

In addition, the Spanish Prime Minister added that he would take all the measures needed to ensure that housing is a right and not a speculative business.

The Golden Visa Program of Spain is among the most famous ones in Europe, contributing significantly to the country’s economy.