Buoyed by the Spain Golden Visa Scheme, Singaporean Investors Are Snapping Up Properties in Valencia as a Gateway to Gain Permanent Residency in Europe

SINGAPORE – Media
OutReach – 18 December 2020 – House prices, sales transactions
and rentals are all skyrocketing in Valencia. The city has seen a growing
demand from international buyers in recent years, especially from Asia, many of
whom aspire to live a Mediterranean lifestyle characterized by gorgeous
architecture and a high quality of life at an affordable rate. However, Asian
interest in Spanish properties is primarily fueled by the Golden Visa Program, which
allows non-EU nationals to gain permanent residency by buying property worth
€500,000 or more. From January to June 2019, 848 residency visas were granted —
132 more approvals compared with the same period in 2018.

Introduced in 2013, the scheme aims at attracting
entrepreneurs, encouraging foreign investments in Spanish real estate and job
creation. Investors are eligible for permanent residency after five years and
Spanish nationality after ten years. The scheme does not have minimum stay
requirements, which means that investors can remain tax residents outside of
Spain, while simultaneously benefiting from the Spanish residency and enjoying
the freedom of stay within the EU. However, to apply for permanent residency or
citizenship, the investor and their family must reside in Spain.

After years of austerity measures and property prices
hitting rock bottom, the Spanish housing market is poised for a rebound,
offering substantial capital gains potential in the coming years. Singaporean
buyers are discovering the investment opportunities that Spanish properties
have to offer, as well as the gateway to earn permanent EU residency.

“The inquiries we have received from Singapore have
tripled in recent months. Many are interested in the Golden Visa Program and
the local property-buying process,”, said Conor Wilde, CEO of Found Valencia Property, an award-winning agency specialized
in assisting international home buyers in Valencia. “At Found Valencia, we have
solid experience helping foreign buyers navigate the visa application process
and purchase properties. In addition, we offer tailor-made relocation packages
to facilitate a hassle-free transition.”