Spain to boost its golden visa scheme to attract foreign investment

The government of Spain is looking to amend its golden visa scheme to draw more wealthy investors into the country. The regulation for golden visa scheme allows the potential migrants outside of European Union to invest in the properties and assets in Spain.

The programme initiated in 2013 is a copy of different schemes that already in existence by the other EU countries. In the initial 15 months from beginning it has attracted only 530 investors, which is less performing when compared to the competition countries like Portugal and Hungary that draw thousands of investors.

The scheme requires an investment of €500,000 or more made to purchase a property in Spain in return a limited residency will be granted. However, the biggest market to attract the people are Chinese, but so far, Chinese were not attracted to invest as it happened with the other European countries.

Added to the difficulties was that Spanish banks rigorous enforcement of anti money laundering laws to ensure own safety.

The government now indicates to make technical improvements in a hope to attract more foreign investment, including right to work in Spain, acceptance of family dependents, visa renewal in every five years and others.

Any significant changes could draw new investor and an increase of price in properties. 

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