The Prime Minister of the Spanish Government, Pedro Sánchez, has just announced that the Government will eliminate the Golden Visa, the formula that allows access to the residency regime in Spain when investing more than half a million euros in real estate.

Last updated: April 10th, 2024

The Spanish government has announced its decision to eliminate the Golden Visa for real estate investments. The ‘golden visa’ program, which has been in operation for over a decade, grants residency permits to foreigners who invest significant amounts of money in Spain.

These are the different investments required to obtain the Golden Visa:

  • Half a million euros in real estate acquisition.
  • Two million euros in Spanish public debt securities, or
  • One million euros in stocks or social shares of Spanish capital companies with real business activity, or
  • One million euros in investment funds
  • One million euros in bank deposits in Spanish financial institutions

However, the Spanish government intends to abolish only the option of obtaining the Golden Visa through an investment of half a million euros in real estate.

The Government’s intention in abolishing the Golden Visa is to guarantee the right to housing in cities where rental prices have increased significantly.

According to government sources, approximately 94% of investor visas are linked to real estate investments, with a total of around 10,000 authorizations. These investments are mainly concentrated in highly demanded areas such as Barcelona, Madrid, Málaga, Alicante, Palma, and Valencia.

This measure was announced in May 2023 before the last general elections, but it was halted due to the election results. This way, Spain would join other EU countries that have taken measures to abolish or limit the Golden Visa, such as Ireland, Greece, or Portugal.

The Golden Visa is the most efficient residency-by-investment programme in Spain. This programme provides many benefits to non-EU investors, such as obtaining a residence permit from a Schengen Area country (EU plus Switzerland, Norway, Iceland, and Liechtenstein) for investors and their families.

If you are interested in obtaining the Golden Visa or if you are in the process of buying a property or preparing the application, we recommend not delaying the process to take advantage of the current Golden Visa regime. We believe that the modification of Law 14/2013 (the regulation governing the Golden Visa) will take place before or during the summer, possibly due to the European elections.

If you are the holder of a Golden Visa, this decision will not affect you because laws cannot be applied retroactively. Your Golden Visa will remain valid, although we still do not know how it will affect future renewals of the residence permit.

You can contact us at the email address info@izetaabogados.com or through the contact form by clicking here. We will be happy to assist you in the process of obtaining the Golden Visa!