If we invest in Mercan project and they declare bankruptcy, do we still keep the golden visa? Or do we have to shell some more money to invest in another project? Please share your insights
This was discussed in the Mercan thread. As long as you don’t actually sell your interest in the underlying property, your investment is still valid.
Actually the government will check the investment once in every 2 years to issue residence permit.
Sure. But you’ll still have the investment. It might not be worth anything any more, but you’ll still have it. Even if the company is bankrupt, you still have a duly-registered unencumbered title/deed to a plot of land/building that cannot be taken from you (you agreed to sell it, but that is a contract between you and Mercan, not a mortgage; the property itself is not being encumbered in any way that I can tell and thus not subject to bankruptcy proceedings). There’s no requirement that it has to still be worth 350-500k, any more than any other real estate you buy still has to be worth as much as it was. You just need to not have sold it.
This is just $0.02 from a non-lawyer who’s merely read all the documents; seek legal counsel, but no, you don’t have to re-invest or anything.
Very true. It actually seems like it’d get complicated - you will be joint owner with some 80 other people of this partly-completed hotel; you’ll all have to find each other and set up committee to find a new manager or otherwise take over the project, you’ll have to pay the property taxes and whoever else you’d need. It’d be pretty messy, and you might regret still having your investment, but you’d still have it. TANSTAAFL. 
I’m a little concerned with Mercan approach. I was thinking that if the company goes bankrupt (not Mercan, the SPV), then we have at least the real estate and items to liquidate. Mercan sent me the appraisal document as well, which made me feel good. But after looking at it closely, the appraisal is based on the income NPV, which means that if the business goes down, the appraisal goes down as well. As per my calculations, the value of the property is 1/4th of the price that we pay. Remember as per Mercan contract, if Mercan is unable to buyback, the final recourse is to sue them, which would lead to liquidation of assets. Is my concern valid?
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Is your concern valid? Yeah. I would suggest asking whether the SPV is really a SPV with the one asset, or meant as an operating company like RA (which owns the Se Catedral) is with multiple assets in it. If it’s a multi-asset entity then it’s probably more stable. But sure, there’s always risk.
But that’s not relevant to your original question of whether you are no longer qualifying for the visa - you still have the asset, it’s just worth even less than you hoped. A lawsuit might lead to liquidation of the SPV, but the SPV doesn’t own the property, you and the 80 others do, and only you can decide to sell your chunk of it, just as only you can prevent forest fires.
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