Visa application form, passport and flag of Spain. Investors are arguably losing out as Spain abolishes controversial Golden Visa scheme.
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Investors are arguably losing out as Spain abolishes the controversial 2013 Golden Visa scheme:
Spain’s decision to pull the plug on the controversial ‘Golden Visa’ scheme has left potential investors and buyers scrambling to figure out what’s next. As of April 2025, this system – which allowed wealthy non-EU individuals to secure residency by investing heavily in property – will be no more.
The Golden Visa was the dream ticket for many looking to snap up a luxury home in Spain, but that door’s closing. From April, no more new visas will be issued under the scheme. However, if you’ve already got one in hand, you’re safe- for now. You’ll still be able to renew it as long as you tick the necessary boxes. read on to find out more.
The Golden Era of Golden Visas in Spain is over
First launched back in 2013, the Golden Visa was designed to attract wealthy investors to Spain, particularly in the property market. However, under the new law published in Spain’s Official Gazette on January 3, 2025, the controversial scheme has been phased out as part of a broader set of judicial reforms. This marks the final nail in the coffin for the articles of the 2013 law that allowed non-EU foreigners to gain residency in exchange for big investments.
The sweeping changes will see key articles of the 2013 ‘Entrepreneurs’ Support Law’ discarded, including the ones that outlined the eligibility for Golden Visa applicants. These included investing over €500k in property, or for those willing to spend big, €2 million in Spanish public debt bonds, or €1 million in shares or business participation in Spanish companies. Investors were also able to qualify if they injected more than €1 million into Spanish investment funds or deposited cash above a certain threshold in Spanish bank accounts.
Some are arguing that the Golden Visa boosted Spain’s economy, but others have slammed it for creating an exclusive residency system for the wealthy, often at the expense of the average EU citizen. Is ending this type of visa fair? Is this right for Spain’s economy? Or is it a move against business?
The Spanish government’s decision to end the scheme has been brewing for months. Prime Minister Pedro Sánchez previously announced his intention to put an end to the controversial programme. Yet, it wasn’t until late December that the government found a legal route to make it happen, sneaking a provision into the new Justice Efficiency Law.
The legislation is being pushed through without much fanfare, with the PP party boycotting parliamentary sessions in protest of the government’s handling of recent natural disasters. Despite the lack of official debate, the law passed swiftly, arguably leaving those affected with little time to react.
What’s next for Golden Visa holders in Spain?
While the scheme may be dead for future applicants, those who already hold a Golden Visa will be able to keep it. And crucially, they’ll still be able to renew it – just not under the same privileges that once existed. Renewals will be processed according to the regulations in place when the visa was originally granted.
But the Golden Visa wasn’t just about property deals. It also included other types of investment that supported Spanish economic growth, such as business projects that were deemed of general interest. Even though these investors will no longer have a fresh opportunity to apply, their current investments will continue to stand.
The current government has defended its decision, with officials arguing that it’s time for Spain to look at long-term, sustainable growth, rather than rely on attracting quick fixes through big-money deals. Critics of the Golden Visa system, however, see it as a victory for fairness, pointing out that Spain’s housing market has long been out of reach for many ordinary citizens, partly due to initiatives like these.
The end of the Golden Visa is set to shake up Spain’s property market, especially in high-demand areas like Madrid and Barcelona, where international buyers had helped prop up property prices. With the scheme’s abrupt closure, we will have to wait and see what impact this has on Spain’s economy and its real estate sector.
As for future non-EU investors hoping to call Spain home, they may need to rethink their approach. The golden days of buying residency with deep pockets are over, and a new chapter is unfolding. Is this fair? Is this right for Spain? You decide.
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