You may remember that a couple of editions ago I was talking about the Spanish Golden Visa scheme and what entry price the authorities would put on the Visa. The original price that had been talked about was an investment of €160,000. I then heard from people in the know that this was being raised to €280,000. Then some time later the figure of €500,000 was being quoted.

Further details of the Golden Visa scheme have now been published and although technically this is still being debated most people believe that the details that have been published so far will be accepted and become law in the autumn. It may still be that some of the details change slightly but realistically the proposals look sensible and in line with other countries. The investment figure has also been set at a figure that is in line with Spain's neighbour, as Portugal set its Golden Visa level at €500,000 some time ago.

So, what are the current proposals? At the moment if you are a non-EU resident you can obtain a Visa (subject obviously to the usual suitability checks) to visit Spain for up to 90 days. After that time you can apply for an extension. The new proposed rules state that providing that you have at least a certain amount invested in Spain then you can obtain a Visa for up to 2 years with the possibility of 2 year extensions after that time. After 5 years continuous residence it is possible to apply for an unlimited Residence Permit and after 10 years continuous residence it will be possible to apply for Spanish nationality.

The minimum amount required to be invested is either €500,000 in property, €2m in Spanish Government Bonds or €1m in shares in Spanish companies. This must continue to be invested in the country in order to satisfy the Visa requirements, meaning that people can't invest, obtain the Visa and then withdraw the investment.