Spain is suspending the granting of the “Golden visa” to Russian citizens.
The Spanish government withdraws the possibility of applying for the Golden visa for Russian citizens.
However, the country will maintain its concession to citizens who purchased real estate or invested before the new regulation came into effect.
1.The government’s decision
The Minister of Foreign Affairs, José Manuel Albares, has ordered to suspend the granting of residence permits and visas to Russian investors, better known as “Golden visa”.
2.Which Russian citizens can keep their “golden visa”?
Foreign Ministry authorities confirm that 1,005 Russian citizens will be able to keep their Golden Visa for having purchased real estate or invested in Spain before this new regulation.
According to the news agency EFE, the Ministry of Foreign Affairs has confirmed that it will no longer process visas and residence permits for Russian citizens based on a minimum investment of 500,000 euros in real estate, financial and business investments for each applicant.
3.The law that allows the granting of Golden Visa to Russian nationals
It was under the government of Mariano Rajoy that this regulation was implemented to implement international investments to face the economic crisis that Spain was going through.
It is Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, whose application to Russian citizens is now suspended as part of the sanctions imposed on Russian tycoons as a result of the Russian invasion of Ukraine.
According to the Diplomatic Information Office, between the beginning of 2020 and the end of January, Spain granted 492 Golden visas to Russian citizens, of which 160 were registered in 2021 and seven in January 2022.
4.Other countries withdrawing this document
Portugal, Greece and Malta have already announced that they are cancelling new Golden visas for Russian citizens.
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