‘Comparing the cost of a country’s citizenship‘, a report in collaboration with Alfonso Autuori, senior associate of Employment law at ECIJA.

Prime Minister Joseph Muscat claims Malta’s planned Individual Investor Programme is similar to other EU schemes. Patrick Cooke sees if this is true.

Spain has suffered more than most from the worldwide financial crisis, and its recently launched “Golden Visa” scheme is one of the ways it is trying to attract more foreign investment.

Third-country nationals spending a minimum €500,000 on property will gain a residence visa that can be renewed for up to five years and allows travel throughout the Schengen area.

After five years, beneficiaries may apply for permanent residency, which will require them to live in Spain for at least 183 days per year.

“The Spanish scheme does allow straightforward access to residency in Spain, but not to the citizenship,” explained Alfonso Autuori, senior associate in immigration law at top Spanish law firm ECIJA.

“Citizenship would only be granted after 10 years of continued effective residence in Spain.”

This means that beneficiaries would have had to reside in Spain for more than 183 days per year for 10 years before they would be eligible for citizenship, Mr Autuori said.

Read full report here:  ‘Comparing the cost of a country’s citizenship’