RUSSIAN nationals have been barred from getting Spanish residency permits under the Golden Visa scheme.
Spain’s Foreign Minister, Jose Manuel Albares, has ordered the suspension of the programme for Russians following the invasion of Ukraine.
Countries like Malta, Portugal, and the United Kingdom have already suspended similar schemes that offer residency in exchange for making investments or buying an expensive property.
The Golden Visa in Spain offers the holder and their family members residency as well as visa-free access to the EU’s visa-free Schengen Zone.
Golden Visas are issued to someone who purchases real estate at a minimum value of €500,000 along with business people who invest in Spain.
The investment could be at least €2 million in the Spanish public debt; share purchases or a Spanish bank deposit of at least €1 million; or investment in a new business.
The Diplomatic Information Office says that between the start of 2020 and the end of last January, Spain granted 492 Golden Visas to Russian citizens, with just nine for investments.
160 permits were registered in 2021 and seven last January.
- What is a Golden Visa in Spain and how to get one
- How to apply for Spain’s Golden Visa for property owners and investors in real estate
- The Golden Visa grants automatic residency in Spain