Biggest advice is to hire a professional to help you navigate the process...very affordable in both countries. We chose to call Obidos, Portugal our home AND presently in the process of buying a vacation home in Malaga, Spain. Better winters in southern Spain, better summers in Obidos and only a 7 hour drive. Thanks for such a great video! Very informative.
Funny, I have already a vacation home in southern spain , near Malaga (Alhaurin el Grande) and considering an 2nd in Portugal. What my fiscal ersidency will be, I am still thinking about. BTW, mid-Spain (Alicante/Valencia) has somwhat milder winters than Costa del Sol.
The real reason Spain is less attractive is the overall taxation for expats in Spain versus Portugal. As an investment advisor, I always run a tax perspective and for my clients (high net worth types), the tax system is Spain precludes consideration. The global wealth tax is the BIG issue in Spain!
It differs between regions. There are two sides: national and regional (50-50 of the total taxable). Moreover, the autonomous community has competence on heritage/donation and wealth taxes, and some don't tax them. But I am not an expert, I know I don't pay those in Madrid, and I think know Andalucía an others are not taxing those.
@@jabato9779Socialist Sanchez has just introduced a SECOND national wealth tax that the regions cannot mitigate, starting at a rate of 1.5% EVERY YEAR of all global wealth, rising to a thieving 3% ANNUALLY! So now Spain has not just one, but TWO global wealth taxes. Quite an achievement!
So Spanish pay less taxes for foreigners then portuguese... Is a competition on being stupid and subservient while seeing habitation drived to impossible prices?
Great title! We just visited Southern Spain and we are shocked at how from Malaga to almost Gibraltar, a UK territory, each and every city is ready for tourism with open arms. Many countries do not feel welcoming but Spain is built for tourism and expats as they are very flexible and ready for tourism and expat money as you can see in our last video .
I hope I can add a bit of commentary to share, and for the viewers to know, if you don't mind since I'm in a midst of getting my Spanish citizenship. Though if anything, seek professional help and let them help in the process. Valuable video for everyone to know Josh! :-) 1. One could obtain a fast-track Spanish citizenship in two years of ''continuous stay'', if one is a passport holder from an ex-Spanish colony county with a long term residency status in Spain - except if one is under student, tourist, au pair visa. I'm from the Philippines - native born and passport holder - with too being a Canadian dual national. Currently on an NLV and working towards Spanish Citizenship. Even if Spanish citizenship could be granted in two years, in reality it would take 3 years and more months depending on the person/office handling the case - though turnaround for citizenship applications is one year max. Given that one would be required to take language tests (A1/A2), citizenship test, gathering documents (criminal background checks) and processing. For my nationality, I'll be required to take language test, unlike from other Spanish speaking countries. Its good to know when I naturalize, I can still opt to keep my previous nationalities. 2. Unlike the above, If one is from a ''non ex-Spanish colony passport'' (i.e UK, AUS, US, except Puerto Rico) on a long term visa in Spain, it would be 10 years. With the first 5 years of working toward PR and the following 5 years towards citizenship. Unfortunately when one naturalizes, one will have to renounce or give up their previous nationalities. 3. As it was decided by the Spanish courts in July 2023 (?), iirc, one's temporary status would not be withdrawn if one is outside of Spain for over six months. Though this could change by legislation at anytime, so it is a wait an see type of thing. In my opinion, it would be worthwhile to maintain the Spanish residency status. If one is outside of Spain for over six months, it would affect ones SC prospects. 4. Do keep in mind that taxes and their structure will differ from autonomous communities. So taxes and its rates from i.e Valencia will differ from i.e Madrid / Galicia etc. Source : Qualified and working towards Spanish/EU citizenship (with it being passport/citizenship no. 3).
Spain doesn’t have jurisdiction over who keeps or loses their citizenship. Unless the U.S. said that I’d lose my citizenship if I became Spanish, I’m still an American. And of course, I must file taxes every year for life.
@@djenzo240gamer6 Kasi gusto ko yung flexibility ng movement, especially in times of uncertainty globally. You can look up for flag theory/perpetual traveller. These days having flexibility and having plan B or C is important (and I like to keep my options open). In addition, when you become Spanish citizen, you are also an EU citizen. You have additional rights as an EU citizen conferred and too having the ability to live, study and work in 30 other EU/EEA countries under Schengen convention. Having 3 passports you can enjoy flexibility and travel everywhere. Philippines - ASEAN / Canada - NAFTA / Spain - EU+EEA
@@Mr.S65 As a requirement to be come a Spanish citizen, you'll have to give up your previous nationalities - even as an American, unless you were born in or able to demonstrate ties to Puerto Rico. AFAIK, the Spanish authorities will require proof that you renounced or in a process of renouncing (procedures requirement could change, who knows). I don't know if the IRS would still tax ex-Americans after renouncing, that is something you ask a tax consultant. But logic tells me it wouldn't be the case since you're no longer a citizen. And even if you'd loose your American passport, you'd still be able to visit the US by applying for ESTA with the Spanish passport.
One of the reasons Portugal removed it was due to gentrification which I’m glad. These are great opportunities but in the other hand it changes the landscape and culture of what makes these countries unique.
the difference between living in caves back then and today is gentrification/change. its also the difference between dying regions (which kills much more culture and btw. concrete buildings. see all the ghost towns in spain, italy, south-east europe etc.) and prospering ones is the same. the most irrational belief is that something remains static. the only consequence will be that more wealthy ppl who commit less crime but bring money will stay away and migrants with no money but also the need to live in an apartment have to be partly subsidized - and commit partly more crime.
Not really. The EU doesn't like golden visa programs, and they hate financial pathways into a citizenship. They dont care about gentrification, it is not purely a negative process anyway. Sure, it is sad to see the disappearance of some lovely fisher villages, and replacement with mass tourism and concrete high-rises, but I don't feel like someone has a better idea how to develop those areas.
Others in the comments have already mentioned he ignored the overall personal taxation calculations which may not actually be competitive in comparison. Another surprising factor some may not realize is that Spain does not have driver licensing reciprocity with many countries (including the US) - not an issue for those living in major urban areas, but for anyone thinking of driving around to explore or using Spain as your hub for European road trips, you're going to start from scratch (including mandatory driving training like you're 16 again...)
"Foreign nationals who acquire Spanish nationality must renounce their previous nationality, unless they are natural-born citizens of a Latin American country, Andorra, the Philippines, Equatorial Guinea, or Portugal" (wikipedia) while Portugal allows dual citizenship for all. That's an important difference to consider.
I hope portuguese goverment finish with visa gold ,good luck spain..thas the reason we dont haves houses in portuguese and when you find a house its expensive.
Glad you enjoyed it, Jen! Thanks for watching as always. We've got a decent little mix of content coming up. Next up should be a cost of living update. :-) We hope you enjoy it. - Josh & Kalie
I'm an IFA, here in Jamaica and currently advising on a particular investment vehicle, Portuguese Solar Park, which, of course, the Golden Visa is an option!!
I applied for my golden visa in December, 2021, and I don't expect to get my residency card until 2025. Currently Lisbon SEF or AIMA is processing biometrics appointments in August or September, 2022. 15 months is misleading..
It'll likely take several months to go through Parliament the same way it did in Portugal. There's certainly still time but unfortunately, it's an act now kind of situation. - Josh & Kalie
SMH. Again, that video was made off the back of an article that made the prediction and it got shared to us so we wanted to give context to what the article was saying. So you either didn't watch the video because we say at the beginning of it that the information is from an article, or you didn't understand it. The information and topic in this video is from Holborn Assets predictions based off the data their company got at the end of 2023 and the trends they've seen so far in 2024. These aren't ExpatsEverywhere opinions. - Josh
@@ExpatsEverywhere Fair enough. So whoever wrote that article was completely wrong, how the data was compiled was unreliable! As to regards of the “house market bubble” yesterday on the CNN News they said that the house prices in Lisbon increased 150% in the last 8 years.
I am not convinced about this. 500k in cash is doable for wealthy people, but big deterrent are wealth taxes in Spain, which is quite unfair, because it taxes simply any world wide asset, which is quite bonkers from fairness perspective. And they change them every year, so once you are above $5m in assets, Spain is quite risky, and be prepared to pay a lot! Portuguese wealth tax is once again way better, because they simply tax only your property above $1 milion, cars are more expensive etc. Overall, they tax the consumption, and luxury, but not your wealth.
That's not accurate. The PM commented on getting rid of Spain's GV by real estate investment. It still needs to pass through Parliament. If Portugal taught us anything, it could take months before that happens. - Josh
No problem, go to Spain! But, if the current government changes everything like they are already talking about, unfortunatelly it will make things again harder for everyone in Portugal.
It's actually aged just fine in the sense that it'll likely take several months to pass through Parliament and there will be an uptick of last minute applications because it'll create urgency and scarcity. - Josh & Kalie
$500,000. As the population is ageing ....and massive immigrant's..on ,,fat welfare payments,.. massive massive massive acuminate taxation and high cost of living...... ..its just not spart
It's likely been unknown or unfelt by the average person (despite people talking like it has or blaming things on GV). Around 13,000 main applicants from 2012-2024 is practically nothing from a social standpoint. The program has brought in 7B (total from 2012-2023) in foreign investment compared to an average of 230B annual GDP in Portugal, again, it likely hasn't had a massive negative impact from a macro-economic standpoint. - Josh
@@ExpatsEverywhere life was better before the golden visa scheme, only the rich have got richer. The rest of us are worse off and we were not in a good position before. You can quote stats all you like but ask young people (without wealthy parents) life is worse. So its not "unknown" which is incredibly patronising its definitely"felt" but negativity. So like i said, please go to Spain. What you are pushing is gentrification of poor areas so the rich can purchase even more asset's. Lucky them 🤦
@@clararob9869 the point of the comment isn't to patronize at all. It's to possibly look for other reasons for the difference that maybe the difference isn't in the GV program and it's linked to something else. The GV might be the low hanging fruit, which by the way, it seems like politicians know/knew this. That could have led to their decision to remove real estate purchase from the GV despite less than 1% off all property purchases in Portugal during that time period being for GV properties. The Portuguese real estate market is still by percentage dominated by local purchases compared to foreign purchases. The % of foreign investors compared to local is just slightly higher than the population distribution. So the point is, let's get to the real cause of the issue so that better solutions can be found. Regarding the rich getting richer, yes, it's true. It's how compound interest works as well. The velocity of money really, really increase after about €100,000 in investments. I'm sorry if you took offense to my comment. It wasn't my point. - Josh
@@ExpatsEverywhere gentrification and the existing wealthy using housing for assets is CLEARLY the issue. Its been the issue since the 90s in the US and the UK, Portugal is as usual behind but hell the GV greatly increased inequality in super quick time. So this is my last comment as i no longer wish to add to your algorithm but people need to wake up to squeezing the working and lower middle class due to their greed because history is shouting at us, IT NEVER ENDS WELL
Spain won’t crush Portugal. Sure go ahead and fill out their paperwork and see how that works for you. They are terrible and many here in Portugal tried to deal with Spain and ended up here.
Dont go portugal!! Its a mess! I have visited their since 2018 with friends. But last time i found that they are bit racist and deny to talk in english only imigrants wants to talk in english also i met one of my american friend he said now a days its really difficult to be in portugal of being not Portuguese. Specially young people are being racist like the politicians. My uncle lives in Barcelona and i have been there so many times i found its a magical to be in spain than Portugal 🎉
The real estate bubble that the immigration of Americans will bring to Spain will surpass that of Portugal, therefore, due to the significant increase in demand, the value of rents and property purchases will reach exorbitant values, raising the cost of living in Spain to much worse levels, than those in Portugal, which ended with the golden visa before the collapse. Therefore, it is exactly the opposite of what you imagine.
There are many more foreign nationals involved in this phenomenon than just Americans. This is a global phenomenon, and Spain is not unique here, though it is one of the most desirable countries for emigration.
@@devincampbell3431 In Portugal, it was the exodus of American immigrants with high purchasing power, who took advantage of the golden visa, practically auctioning off Portuguese properties in their search for a seaside landscape, which accelerated the growth in property prices. Or do you think they canceled the golden visa because they don't like immigrants with money to spend in the country? This made life unbearable for low-wage locals and another immigrants and today exorbitant rents and property purchase prices are the biggest problem with the cost of living in Portugal. I think it's strange that you don't understand this and keep creating complex sense explanations for something that is explicit. This is 1+1=2, it cannot be different in Spain. High demand will always drive up supply prices, a basic law of economics. Americans should learn to bargain and not: "oh how cheap a T1 facing the sea for just 380 thousand euros! Bought!" This attitude ruins everything.
@@SandroJoanastiak. It's OK if you don't like Americans, but they don't have the outsized impact you think they do. It doesn't look as though data is available for 2023, but I highly doubt that the figures changed drastically enough to make your point. I get it that not all of these nationalities are buying Golden Visas, but neither are all Americans either. I'm sourcing Wikipedia here. 1 - Brazil 239,744 2 - United Kingdom 45,265 3 - Cape Verde 36,748 4 - India 35,416 5 - Italy 34,039 6 - Angola 31,761 7 - France 27,512 8 - Ukraine. 25,445 9 - Nepal. 23,839 10 - Guinea-Bissau. 23,737 11 - Romania. 23,393 12 - China (including Hong Kong and Macau) 22,230 13 - Germany 20,500 14 - Spain 19,508 15 - Bangladesh 16,468 16 - São Tomé and Príncipe 13,077 17 - Netherlands 12,066 18- Pakistan 10,828 19 - United States 9,794 20 - Venezuela 8,936 21 - Belgium 6,088 22 - Russia 6,075 23 - Sweden 5,653 24 - Moldova. 5,243 25 - Bulgaria 5,139
@@devincampbell3431 "It's OK if you don't like Americans" Now it's clear why you can't understand a real event that is taking place right now in Portugal and why Portugal canceled the golden visa. I explain an ongoing event about rising cost of living due to the demand that Americans have created, because Americans don't bargain, they pay whatever price landlords ask, they pay whatever price for properties, rising the values. They have no idea of the purchasing power of the euro and they spend their dollars without any type of negotiation to bring prices into line with Portugal's reality. and you, given that, conclude that I don't like Americans... You simply cannot understand that a spike in demand significantly increases the value of what is offered. Basic rule, excessive demand, little supply, prices skyrocket, increasing the general cost of living, based on increases in rent and property sales. making life difficult for ordinary citizens and immigrants with few resources. And those who caused this in Portugal were exactly the Americans through the golden visa. But I'm not going to stay in this circular debate any longer, since this is the third time I've explained the same thing. You can post random data that has no relation whatsoever to this specific event in Portugal and that will probably be repeated in Spain, as I have said countless times here, an increase in demand with little supply causes prices to skyrocket, a fact. Good luck in your randon debate. I end here.
Interesting, Ze. Sam's company deals with both Portugal and Spain Golden Visas and when I say deals with them, I mean, he provides services for both and gets paid by offering those services so what he's done here is report on the current trend due to what each country currently has to offer in terms of their Golden Visas and overall country "branding". The reasons that Sam outlined here seem very reasonable. Thanks for the comment. - Josh
@@ExpatsEverywhere Thanks for your reply. I understand your explanation, still I think Sam's arguments were biased towards Spain. When I heard his arguments about both options, I felt they were very equal and I think the arguments for the Portugal option was slightly more appealing. Hence I felt the bias when Spain's option "crushes" the Portugal option. But may that's only me. Cheers
@@zesilva5062 You're welcome. Historically 90% of the GVs in Portugal went towards real estate. Real estate is no longer an option in Portugal. Real estate is still an option in Spain. This is one of the main factors that Spain is seeing an increase in GV applications over Portugal right now. So they're no longer equal especially considering the most popular route for both of them is now unavailable in Portugal. - Josh
@@ExpatsEverywhere I don't understand how someone so knowledgeable about the business, who offers services for obtaining GV in both countries, was unaware of the Spanish government's intentions to end GV for investment in real estate
@@Maria-js9ou They were aware that it could happen but rumors were rumors and now the announcement was made. And the prediction is made that it's going to still take months to be made official at it needs to go through Parliament, which also happened in Portugal. Further to that point, Portugal saw a rush on GVs by Real Estate when it was announced it was going away. So the "in 2024" bit of this video looks to be even more correct, no?
It aged just fine. There's been nothing official and if what happened in Portugal in 2023 is anything to go by there will be a spike (a rush) on Golden Visa by Real Estate Investment applications. - Josh
You can forget Spain and Portugal in that case, it’s going to be around €500k in both, Spain still allows the investment in property, Portugal has scrapped that.
Sure, this is also the idea behind it. Although it is shocking to me that they have such restrictions, but at the same time allow every unknown random guy without passport to enter on some rubber dinghy. Why not hand out at least PRs for 200k? Those people would still contribute a lot.
Spain will not crush anything, because the golden visa in Portugal will end, the system of buying a property and having the right to residency is over, in the future buying a property just does not give you the right to obtain residency. We already have too many foreigners without paying taxes.
Spain golden VISA will crush Portugal's golden VISA. Great! Please, do go to Spain, guys. :) We love you to visit us in Portugal, but we have already enough foreigners, we are just a little place, and it's affecting our native Portuguese people in a bad way. I think the British already own Algarve...
Are you not wanting foreigners in Portugal? Do they not do good for the economy? I ask because I have been considering moving there and registering a company etc but I have had enough of not being wanted in my own country of South Africa as an Afrikaans speaking farmer and certainly don’t want to be bringing my family to another country that really doesn’t want us there!
@@johannakruger-hughes574 if you come to work and contribute and want to learn the language, you are more than welcome. What we don't want is old people driving house prices up and making use of a national health service they contributed zero to, or smart-ass immigrants from certain countries that don't feel like working a legal job.
Spains wealth tax interferes with them crushing anything! If i moved to spain i would have to pay 60 percent of my income if i combine their income and wealth tax.
An important note: anyone aiming for citizenship needs to know that Spain does NOT allow dual citizenship for most countries, including Canada, the US, and UK. Their laws allow for rare exceptions for dual nationality. Please speak to a Spanish immigration lawyer.
Thanks to those who voted for Brexit I now have to find 500,000 to be able to live in Portugal. It looks like I am doomed to stay in broken Britain until my eventual demise.
Hi Steven, if you would like to relocate to Portugal, there are other visa options that do not require the 500 liquidity. Happy to have a chat on this - I have a GV firm with 100% success rate. My Linkedin is here: www.linkedin.com/in/kurran-sachdeva-2ab346168/
You mean Spain's Golden Visa WILL CRUSH Spain in a few years. I'm glad Portugal made restrictions to Golden Visa. It was about time. So...from now on you all know where to go. You can go all to Spain.
@@carlyndolphin we need investments that creates jobs and develop the country. We need investors, not buyers. Portuguese people cannot afford having a home at the moment. Why would we need that?
@@ldaragao6811 It does create jobs because we spend more money in your economy. Last month was in Portugal for 1 month and spend €11,000 in hotels, restaurants and local shops.
@@carlyndolphinBy "restaurants" and "local shops" you probably mean you went to Indian places. Lisbon is Indian now! Indian, Brazilian, and foreign in general.
Spain didn't cancel their GV. The PM announced they were going to go through the process of striking off the Golden Visa by real estate investment. This needs to go through Parliament, which takes time if Portugal is anything to go by, it'll take months. When Portugal did this, there was a spike of applications...so....You be the judge as to what will happen. - Josh
Yes, because they see you as invaders. When you call Portugal, Italy, Greece and Spain P.I.G.S and say they are lazy, not hardworking and idiots they take note. These countries culturally see the English, Germans and Russians as invaders now. They are increasing their military force, Spanish is already spoken in the USA, they are improving their economy, they are improving their agreements with Asia and Latin America, they don't care about closing the Gibraltar fence and throwing away the key and you can heard in the Portuguese and Spanish population the option of being a single country. *Remember 70% of Spain is uninhabited, they can grow and expand much more, Insulting southern countries has never gone so wrong for northern Europe.*
Nice, let them all go to Spain instead. Everything is destabilized in Portugal, mainly in Madeira Island. People here cannot aford anything because of this people that want citizenship and a nice passport to travel around the world. Its an island, space is limited, young people all leaving, middle east people coming in living in bad conditions...lets see the price everyone will pay for the short term easy corrupted money decisions. It is all just painful to assist a country kicking its own people to please the rich
😂🤣 Glad I’m grandfather in Portugal NHR program, Spain tax’s are extremely high. I pay 10% taxes a year on seven figures income and I have less than a year until I’m eligible for Portuguese citizenship. All honesty, Italy or Greece Gold visa is the best depending on income guys
How about the “wealth” tax in Spain? If you are a retirement age couple in the US, your house and retirement savings most likely trigger that in most of Spain.
Depends on the region (autonomous community), some have not wealth taxes on savings (unless you cash them) and even heritage/donation taxes, but better check it out with a specialist.
The time frame mentioned in this video for Portugal is way too optimistic and unrealistic. The bureaucracy moves very slowly from personal experience. Great video though and so much more informative and accurate than the various Facebook groups.
Thanks for sharing, Jeff. I imagine that Sam is speaking on the average that he sees. The surprisingly quick turnaround in Spain was really interesting. Thank you for the comment. - Josh
Spain’s visa will absolutely not crush Portugal’s visa. The taxation situation in Spain is the reason why no one is going to move there and those that are there are going to sell their homes and move away.
8.6 million v 1.6 million foreign born population in Spain v Portugal. The taxation situation for foreigners that aren't in Portugal yet but are considering Portugal or Spain are in a similar tax situation now. What you're suggesting doesn't add up.
I would say Portuguese are way better to deal with than the Spaniards. Also the requirement to denounce home country citizenship and the demanding stay requirement (for citizenship) would be a serious hurdle for some if not most people. Having taken the last train for the Portuguese NHR last year, I would rather hug Portugal for a final 10 years and then leave for another country when the time comes.
For society, the problem with using property as an investment is that property is also used, believe it or not, as a home to raise a family and not just empty walls waiting for the price to rise. How about making food also an imvestment commodity by freezing it and waiting for prices to rise. The raising costs create a problem for an entire generation who cannot afford to pay for the empty houses. A big gap is being created between the ones who own something and the ones who cannot hope to own anything. If nothing is done about it big social unrest awaits the future generations. And now Spain will follow portugal.
if that was true then ppl who believe that would move to the shrinking towns/villages in which no investor want put money in. no, the reality will be that people who bring more money in will more stay away but migration without money (but higher crime rates) will move in - and also need apartments to live (which partly will then be subsidized by ppl like you) - while prices still will raise and the pressure on the housing market will continue. or do you really think that things are getting cheaper now due to that decision? (too many ppl are too naive. it starts already with voting for left wing parties in the first place - which are antisemitic/antizionist antidemocratic nazis anyway - but worse ones, because being racist against the own population). and keep bin mind that us-americans and like minded western ones are the ones who are mostly also interested in history/culture. one cannot say that too such degrees from many alternative migrants ...
@@publicminx I'm just saying that property investment is needed but must be used for living, not as empty walls. Minimum wage in portugal is €700. The millions who makes this money are very much needed to sustain all the services to keep the rich ones happy. Yet, none of them can afford a house. Many live 5 per room. Obviously they cannot move to an abandoned village 150km away from the city where there is no work. It is a problem that must be solved with private investment, public investment is usually inefficient, but not in a speculative way. Not in a way that assumes only expensive housing solves all the country's problems. There is a lot of profit to be made also in cheaper but large scale housing. Stop calling everyone left, nazy, racist.
@@publicminx Lets see an example. Imagine a foreigner coming with $1M to build a new house. During 6 months he employs 8 people, who only afford to live 5 per room. When it's finished the house stays empty hoping for prices to rise. Eventually it's sold to another foreigner so no money stays in the country, he even gets a tax break because he is a foreigners. But imagine that he is forced to live at least 6 months in the country, then he needs a maid, gardener, food, transportation, medicine and other services leaving some money in the country. But better, imagine he builds 4 smaller houses instead of 1 big one or even various apartments and sells or rents them at a profit. In this case low wage people can afford to buy them. Everyone is happier, he gets a Schengen visa, new housing is created, bank loans are given and more taxes are collected. You see, I explained this without calling you a right-wing extremist or fascist. You seem fixated against the left but answer me this, who paid for your primary and secondary schooling, did you ever need the police, courts, fire department, who paid for the street you live on and the lighting, the mega bridge you cross everyday, the national parks you use, public hospitals and so on?Taxes, that's who, which is nothing but a left policy, a redistribution of wealth. Of course investment, big capital and a market economy is needed but in the end its about everyone having a decent life not just the investors.
It's actually aged just fine in the sense that it'll likely take several months to pass through Parliament and there will be an uptick of last minute applications because it'll create urgency and scarcity. - Josh & Kalie
The unanswered question is: why do this in the first place? Are there any tax advantages? If so, what are these? Otherwise, what’s the point for someone who already holds a European or UK passport?
It's such a disservice to talk about passports without mentioning that you have to surrender your US passport and citizenship to get a Spanish passport/citizenship. That's HUGE! So people really need to be made aware of that anytime you're talking passports and citizenship. (Hopping off my soapbox now 🤣)
Spain are scrapping the Golden Visa. Property must be going to drop like a stone if only EU nationals or the Spanish can buy?? Just cancelled my Idealista account. 10% property tax + a major drought were not exactly appealing before we even started trying to buy and taking the big leap. As an Englishman who has worked hard and was looking to buy in Spain i might have just had my destiny decided by the Spanish gov.
Stopping the golden visa by real estate investment in Portugal hasn't slowed the market down in Portugal at all, likely because the lower number of transactions simply aren't having the effect the politicians are wanting their voters to believe it does. Data out of Spain shows that 0.1% of all real estate transactions since it started have been purchased for GVs so you be the judge. - Josh
That's not what the news says. The news that broke yesterday was that Spain was getting rid of the real estate option much like Portugal did. Further to that, it still has to go through Parliament. If you see the date on this video, you'll see it came out before the PM's announcement as it was filmed in February. If this is anything like what Portugal just experienced when they announced they were ending the GV by real estate option, a flood of applications came in at the last minute, which this would inadvertently strengthen the case that Spain's GV will crush Portugal's IN 2024. - Josh
GRAÇAS A DEUS 👏👏👏🙏🙏🙏🙏 DEVERIA SER 15 ANOS, PARA AFASTAR PICARETAS E GENTINHA SUL AMERICANA, AFRICANA E NORTE AMERICANA ! CHEGA DE PICARETAS, VÃO PARA A COREIA DO NORTE.... 🤡🤡🤡
Hi, it didn't come up because the video is about the GV data. Sam did bring up that if the applicants passport country is from one of the qualifying countries, it's a 2 year pathway to citizenship, which was applicable to the video itself. - Josh & Kalie
@@ExpatsEverywhere Yes, I saw that, but one very important point is that even if you're not from a qualifying country you can still get Spanish citizenship if you're of Spanish descent via the new Ley de Nietos or Grandchildren Law.
By all accounts, it seems like they're ending the GV by real estate investment, which could lead to a rush on it the same way it did in Portugal. It'll likely take several months to go through Parliament the same way it did in Portugal. - Josh & Kalie
No "golden visa" is worth getting in Spain or Portugal. It's much easier and less risky to just get residence based on other metrics. We have lived ten years in Spain and you are much better off to rent and keep your money invested overseas, the wealthier you are the more this applies. A Golden visa just benefits builders and real estate agents. I know countless people stuck with homes on the costa del sol and they will sell at an overall loss. Do the math before you buy and other better options become clear.
As Portuguese, I need to say: Farewell and good riddance. I hope the new government will not retake the corrupt golden visa. If you want to come here and live here, just do it like everyone else.
Yeh nice chat but out of date already. Spain announced last week that golden visas for property is stopped. Side note. Choose your advisors wisely everyone. X
It doesn't just stop like that. It still has to go through Parliament and if Portugal is anything to go by, it'll take months before they're no longer accepting applications. - Josh
Spain share the top best passports in the world with other 5 nations in 2024. The problem with Spain is the massive amount of people moving from South American countries that fell in the hands of populists/leftists governments creating enormous pressure in the Real State market of the most important cities of the country. In addition to the immigration from Spanish speaking countries, the country faces enormous pressures from tourism that last year brought more than 85 million tourists to the country. Based in the reservation figures so far for 2024 it is expected that the country my reach 88 to 90 million visitors. Some of the cities are at the point of not return and the Spanish government it is already thinking in ways to control the impact.
Wild times, which likely means, they'll be more last minute applications the same way there was in Portugal when they ended their GV via real estate investment. - Josh & Kalie
Can anyone recommend an advisor who can walk me through the process of expatriating? I've never been abroad, am about to retire (only have SS and equity in my home [to be sold), but I know I can't afford to retire here in the US. I'm just overwhelmed with the process. TIA!!
Just an interesting piece of info, Hong Kong had in last month lifted all property transaction taxation against short-term sale and buyer's nationality which had been in place in the past 12 years, leaving only the simple stamp duty only ranging from 12 Euros to 4.25%. With the previously slumping market re-triggered, it is not difficult to earn the whole or part of 500k Euros required by Portugal or Spain just by pure eye and skills on distressed property in the short to mid run. That's why I sold part of my property portfolio in Porto and transferred the money back to the all big Asian property casino. Will be back to Portugal soon in a year or so.
