The Golden Visa: Spain takes first place from Portugal in attracting foreign investment

Spain has taken the European leadership in issuing the Golden Visa, a resource to attract capital to our country in exchange for giving residence permits to foreign investors. To date, Portugal was the leader, but in April fell the issuance of this type of visa, 59% less than in March, up to 78 million euros, according to data from the Portuguese Confederation of Real Estate Construction (CPCI). 

For Reis Campos, president of CPCI, this is an issue that is being watched with caution by the market, as it is considered a “bankruptcy that occurs after an excellent first quarter and at a time when the real estate sector is signaling positive consolidation “. 

Thus, according to this agency, our country has managed to surpass Portugal in attracting investments, with a total of 1,554 million in 2016, a figure that remains above the 873 million euros registered in the Portuguese country. This fall is justified by the bureaucratic difficulties that exist to obtain and renew the famous ‘Golden Visa’. The CPCI considers that these bureaucratic obstacles have generated an undesirable feeling of distrust on the part of investors. 

Reis Campos has indicated that the Government has to take measures so that “we can stop the flight of investors to other countries and regain leadership. Portugal has the conditions to once again win a unique place as a privileged investment destination. ” 

In total, in our country, the well-known gold visa has attracted a total of 2,236 investors and has captured 2,157 million euros in investments since it was launched at the end of 2013, according to data from the State Secretariat of Commerce of Spain. Investments that have gone to the following concepts: 1,554 million euros to real estate; 495 million to business projects, and 108 million to financial assets.

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