We all know the Golden Visa, the program designed specifically for nationals from outside the European Union who desire to relocate to Spain and make a significant investment into the Spanish territory.
The applicants for this program may choose to invest either € 500,000 in real estate, € 2 million in Spanish government bonds or € 1 million in Spanish company shares.
What we didn’t know is that Russians and Chinese were the two nationalities that so far benefited the most and that from now on the EU now wants to restrict the issuance of this type of permits for Russian citizens.
According to the national newspaper EL Pais, Russian acquisitions in Spain last year represented 13.3% of total purchases made by non-EU citizens and 0.7% of total foreigners who became homeowners in Spain.
Again, last year, Russian citizens bought 159 luxury homes for that value (500.000 €) or more in Spain. The figure represents 22.31% more than the purchases made in 2020 (130 homes).
Now, the Russian invasion of Ukraine threatens to disrupt Spain’s luxury real estate market, especially in Marbella – Benahavis where the Russian own villas and other luxury properties.