The Congress of Deputies in Spain voted in favor of ending Spain鈥檚 Golden Visa program, which has been providing permits to foreign investors who aim to obtain residency by investment in Spain. The result of the voting marks an important change regarding Spain鈥檚 immigration policy. The proposal for ending Spain’s Golden Visa program passed with 177 votes in favor and 170 against. It closed up a difficult legislative process that has been going on for many months and has been making everyone interested, asking the question, 鈥淚s Spain Golden Visa still available?鈥�
The Spain Golden Visa program was launched in 2013 and has been a popular option for non-EU citizens for many years, with a minimum investment of 鈧�500,000 in Spanish real estate or by making other significant financial contributions. Foreign investment in this program has drawn interest for many years. However, the increasing housing crisis in Spain, caused by rising house prices and limited access for residents, has brought the Spain Golden Visa program under criticism.
Plans to End Spain Golden Visa
Spain鈥檚 Prime Minister Pedro S谩nchez announced plans to abolish the Spain Golden Visa in April 2024, and the decision to suspend the program came after this announcement. Following this, the Senate restricted the measure on December 2 and announced a veto.
Despite this, Congress still has the right to overturn the Senate’s veto. On December 19, they essentially proceeded with the suspension. This legislation provides a three-month grace period before the prohibition goes into force and allows current applicants to complete property acquisition by March 1 and submit golden visa applications before the deadline.
Dr. Jacinto Soler-Matutes, a senior partner at Emergia Partners, stated that while there has been an increase in applications since the announcement of the program’s likely elimination, the total impact on Spain’s housing market may be minimal. “Real estate experts rule out that their elimination will have a significant impact on the residential market in Spain,” he stated.
Following the Suspension Announcement, More than 573 Spain Golden Visas were Granted
The increase in applications suggests an increasing sense of urgency among foreign investors looking to gain Spanish residency before the program closes. As of October 2024, around 780 Golden Visas had been awarded, with an average investment of 鈧�657,204. And more than 573 of these golden visas were issued following S谩nchez’s first declaration of the program’s suspension.
While the real estate route to getting a Spain Golden Visa will end on December 31, 2024, other investment options are expected to remain available. Investors might still be able to gain residency by investing 鈧�1 million in Spanish company shares or 鈧�2 million in government bonds. Furthermore, founding or acquiring businesses that create jobs or drive innovation in Spain might remain viable for potential residents by investment.
Critics of the suspension of the Golden Visa program contend that it unfairly benefits rich immigrants while causing local housing shortages. The European Commission has previously identified multiple concerns associated with citizenship-by-investment schemes across Europe.
In addition to suspending the Spain Golden Visa program, Congress authorized steps to improve court efficiency and expedite trials in illegal squatting cases. The legislation is part of a larger effort to improve public judicial systems in Spain and address major socioeconomic challenges.
Spain Golden Visa Applications under the Unchanged Program Expected to Continue until early 2025
As Spain prepares to transition away from its current Golden Visa program, investors are encouraged to act quickly if they want to take advantage of existing opportunities before new laws take effect. The government intends to publish the final law in the Official State Gazette (BOE), likely in early 2025.
To summarize, while Spain’s Golden Visa program has given a conduit for individuals seeking residency through investment, its suspension is an important turning point in addressing housing affordability and regulatory challenges in the country. As new laws are implemented, potential investors will need to rethink their strategy while examining alternate routes to residency in Spain or other European countries.
How to Apply for the Spain Golden Visa Before the Changes Take Place
Here’s a quick overview of the important steps to get Spain Golden Visa.
Step 1: Select your investing option.
Step 2: Once you’ve made your option, you must prepare and submit an application for a Schengen visa.
Step 3: Visit Spain to present the authorities with the necessary biometric data.
Step 4: The final stage in the application process is to await the results of the authority reviews.
Step 5: Obtain your Spain Golden Visa after approval and begin enjoying its benefits.
Get Golden Visa: Who We Are and How We Can Help You
Get Golden Visa is a personalized investment advisory firm. We assist people in obtaining additional residency and citizenship by making a qualifying investment through property acquisition, fund subscription, or other investment vehicles.
We provide our clients with a personalized and open route towards obtaining a Spain Golden Visa.
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