Spain has become the third European country to halt its Golden Visa program for Russian residents in response to Russia’s full-scale attack on Ukraine.
Spain‘s Foreign Minister, Jose Manuel Albares, has verified such a conclusion. Moreover, authorities in Malta, Portugal, the United Kingdom, and Greece have made similar judgments because of the Ukraine conflict.
What is Spain’s golden visa policy?
Spain’s golden visa policy grants its owners residence in exchange for an investment or the purchase of a valuable real estate in the nation.
Furthermore, by acquiring a Golden Visa, the person becomes able to visit all Schengen Zone nations without previously applying for a visa. Applicants engaged in this plan must make a minimum contribution of €500,000 to the Spanish government.
Per the Diplomatic Information Office, Spanish officials awarded 492 Golden Visas to Russian individuals between the start of 2020 and the end of January this year.
The plan by European nations to ban the Golden Visa for Russian residents is part of the European Union Commission’s sanctions actions against Russia.
Recently, Greek officials declared that they had chosen to halt the initiative for Russian citizens. In this context, the Greek Ministry of Migration and Asylum banned the program “until further notice,” thereby prohibiting Russian residents from applying for, obtaining, or extending investment residency permits in the Hellenic Republic.
“On order from the Minister of Migration and Asylum, Mr. Notis Mitarachi, the issuance of employment permits and the renewal of them for citizens of the Russian Federation who are in the process of making a foreign investment are suspended until further notice,” the Ministry notes in a statement.
Furthermore, Portugal’s Foreigners and Borders Service have indicated that it intends to stop the Golden Visa system for Russian and Belarussian people.
Even though the EU only required member countries to deny visa applications from diplomatic and political figures as well as those banned by Europe, the Spanish administration extended the sanctions to all Russian individuals.
According to earlier statistics from the College of Registrars, 159 houses in Spain were purchased by Russian nationals for more than 500,000 euros last year, ahead of Americans and Chinese.
According to the same report, Alicante, Barcelona, and Malaga were the top three most popular provinces for Russians.
In this context, the Alicante Province Association of Real Estate Developers urged Spain’s administration not to halt the scheme for Russian nationals. According to the organization, the majority of Russians oppose the fight.
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