The first issued Golden Visa has led to a historical turning point for the luxury real estate market in Spain. The Golden Visa grants permission for permanent residency established by the government of foreign real estate investment incentives of the Iberian Peninsula. A Chinese business executive has been the first to benefit from the Golden Visa. According to Pie magazine, the lady in question purchased two properties on Spanish land, one in the capital Madrid, and one in Barcelona along the coast.
In order to obtain the Golden Visa, the Iberian state requests the investor to purchase a property of at least 500 thousand euro. It seems, the young Chinese lady spent a sum of 526 thousand to purchase the two high-end properties in Madrid and Barcelona.
The decision to grant permanent residency for real estate investments is a tactic to attract as many foreign investors as possible. Subsequently giving life to the Spanish real estate market, which has suffered greatly from the crisis.
According to a number of studies and statistics, a notable fall of 23% can be seen in real estate investments in comparison with last year. Considering this downturn, opening up attractive possibilities to foreign investors could be the perfect solution to the issue at hand.
A recent survey shows that Chinese people are particularly interested in investing in Spanish properties., situated in the main cities or the vicinity. However, the main issue remains that Spain is currently going through a significant crisis which has blocked the construction of new buildings.
Spain is not the only country that is using the Golden Visa system; other prior countries include Greece, Latvia , Cyprus, Portugal and Ireland.
