On November 14, 2024, the Spanish Congress of Deputies approved a bill officially ending the “Golden Visa” program — residency by investment. Starting January 1, 2025, the program will no longer be available.
What is the “Golden Visa”?
Launched in 2013, the “Golden Visa” program allowed foreign investors to obtain residency in Spain by making substantial investments in the country’s economy. The most common method of qualifying for the program was purchasing real estate worth at least €500,000.
Over the past decade, the program attracted thousands of investors from around the world who sought residency in Spain for its lifestyle, access to the European healthcare system, education, and the freedom to travel within the Schengen Area.
Why is Spain Ending the Program?
The primary reason for discontinuing the program is to address the rising housing costs in Spain. High levels of investment in the real estate market, particularly in cities like Barcelona, Madrid, and coastal areas, contributed to increased property prices. This has made it more challenging for local residents to afford housing.
What Will Happen to Existing “Golden Visas”?
The Spanish government has clarified that the cancellation of the program will not affect those who have already been granted a “Golden Visa.” All previously issued residency permits will remain valid, and renewals will continue to be processed under existing rules. However, starting January 1, 2025, no new applications for the program will be accepted.
Last Chance for Investors
Investors still have time to apply for a “Golden Visa” before the program ends. Applications submitted before the deadline will be processed under the current regulations, allowing those who act quickly to secure residency through investments in Spain.
Alternative Residency Options for Investors
After the program ends, foreign investors can explore other pathways to residency in Spain, including:
• Residency through real estate investment (without minimum investment requirements).
• Work or study visas.
• Entrepreneur visas for individuals planning to establish businesses in Spain.
• Non-lucrative visas, designed for financially independent individuals with sufficient resources to live in the country.
The decision to end the “Golden Visa” program marks a significant shift in Spain’s real estate and immigration policies. While it aims to stabilize housing prices and improve accessibility for local residents, it also closes a popular pathway for foreign investors seeking residency through financial contributions.
If you were considering applying for a “Golden Visa,” now is the time to act. Applications are still being accepted until the end of 2024, giving you a limited window to benefit from this opportunity.
At HOMESEE, we are here to assist you throughout the process — from finding the perfect property to providing legal and administrative support to finalize your application.
Contact Information:
• Phone: +34-625-381-134
• Email: info@home-see.com
Mijas Costa, Malaga, Spain
Mijas Costa, Malaga, Spain
