Russians still profit from Spain’s ‘Golden Visa’ threatened scheme

Spain’s so-called ‘Golden Visa’ scheme is coming under further criticism as Russian citizens continue to receive residence permits despite European Union sanctions imposed on the country over the war in Ukraine.

A Russian family was granted a citizen residence permit based on a real estate investment on January 25, ten months after the sanctions were first applied, according to About Economy.

This is despite an agreement between the Spanish Foreign, Interior and Social Security ministries last March to suspend the issuance of golden visas and residence permits to Russian citizens based on real estate or business investments.

The move was designed to hamper and punish Kremlin-aligned oligarchs who had benefited from Putin’s economic system by gaining European residency.

But Cristina Romero, a Spanish immigration lawyer, has confirmed that her firm, Antonio Segura, has recently received approval for a residence permit for a Russian citizen based on a real estate investment.

“A month ago we received the approval of the last residence application of a Russian citizen for having invested in a property.”

“What they canceled is the possibility of requesting these visas at the consulates in St. Petersburg and Moscow, but not the permits that tourists request from here,” he added.

While Spain’s Foreign Ministry has confirmed that ‘Golden Visas’ have been suspended for Russians seeking them at Russian consulates, permits can still be obtained through the Spanish government’s General Business Unit.

It is a back door to Spain that falls to the Ministry of Social Security, Inclusion and Migration, raising questions about Spain’s immigration policies and possible security risks.

The news will bring further momentum to calls to completely shut down Spain’s ‘Golden Visa’ scheme.

The Residency for Investment program, introduced in 2013, allows foreigners to obtain a residence permit in Spain by purchasing real estate worth at least €500,000 in the country.

But the left-wing political party Más País has introduced a bill to Congress calling for its abolition, saying it drives up home prices while the lack of background checks on recipients opens the door to thieves and scammers, a special threat. with the Russians. the citizens.

The bill presented to Congress would limit the ‘Golden Visa’ to foreigners who start a business project with job creation or innovation that contributes to the growth of the Spanish economy.

It also follows Portugal’s decision to end its ‘Golden Visa’ scheme last week, driven mainly by increased pressure on property prices brought in by foreign buyers and driven out of the market by local prices.

READ MORE: