What are golden visas? Time running out for wealthy Brits to relocate to Spain
What are golden visas? Time running out for wealthy Brits to relocate to Spain
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The clock is ticking for investors wanting to leave Britain for sunnier climes in Spain. Thousands are expected to take part in a ‘golden visa’ programme, leaving British shores in a mass exodus dubbed ‘WEXIT’ – or wealth exits. The UAE is expected to welcome the next biggest cohort of wealthy individuals with around 800, followed by the US with 720, Australasia with 300, and the Caribbean Islands in fifth place, with around 250 millionaires making a permanent move to this sunnier locale.
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But those eyeing Spain as a potential move may need to speed up, as they are closing their ‘Golden Visa’ programme on April 3. Spain introduced the law in 2013, which allows anyone of “good character” to apply for residency in Spain if they invest €500,000 – around £420,000 – in Spain.
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This could be from buying a house, but you cannot use a mortgage to do so – it must be in cash. But the scheme in Spain is closing from April 3. Other favoured European destinations if you miss the Spanish deadline include Italy, Malta, Greece, Portugal, Switzerland, Monaco, Cyprus, France, and the Netherlands.
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Golden visas ultimately allow high-net-worth people to bypass regular visa requirements, helping them enter a country and gain residency or even citizenship. While regular Brits now only have 90 days to visit Europe and often have to jump through multiple hoops to secure more permanent visas, those with the means can often simply pay for it.
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