Taxes: After Portugal, Spain decides to end the golden visa for Moroccans

Taxes: After Portugal, Spain decides to end the golden visa for Moroccans

After Portugal, Spain ended its “Residency Program for Investors and Entrepreneurs.” This is what the monthly says Young AfricaHe explained that this is the famous golden visa that was launched in 2013 to revive investments in the country.

Thus, investing at least €500,000 in real estate or in a Spanish company gives the right to a three-year renewable residence and work permit for non-European foreigners. As well as the possibility of moving freely within the Schengen area. After five years of continuous residence in Spain, it was possible to apply for permanent residency, or even Spanish citizenship, under certain conditions.

Naturally, Moroccan investments increased. “In the first half of 2018, according to statistics from the General Council of Spanish Notaries, Moroccans became the leading non-European foreign investors in Spain with 3,662 purchases, far ahead of the Chinese (2,222), Russians (1,689) and Americans (556).“, We read.

In 2023, Moroccans (7.3% of total transactions on 6,498 properties) remained the third most purchasing nationality in Spain, behind the British and Germans.

For the Moroccan tax authorities, this decision is a godsend. Moreover, since January 2, “The Foreign Exchange Office also launched an automatic settlement process that continues until December 31, 2024. It concerns legal or natural persons residing in Morocco who have assets and liquidity accumulated abroad before January 1, 2023.“, he remembers Young Africa.

Interested persons can submit their declaration, under cover of anonymity, to any banking institution in the Kingdom and will eventually have to pay a final contribution while being able to keep their property or bank accounts abroad or hold their shares in a foreign company.

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It is better to regularize your situation, because when the exchange office begins to take more oppressive measures, the offender will have to pay five times the amount of damage. As for Moroccans who already hold a golden visa, they will be able to keep their residence permit until it expires. On the other hand, it is difficult to know whether they will be able to renew it», warns the magazine.

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About the Author: Irene Alves

"Bacon ninja. Guru do álcool. Explorador orgulhoso. Ávido entusiasta da cultura pop."

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