Americans are rushing to Spain before the golden visa programme ends.
US and Spanish flags side by side.
Credit: Shutterstock, rafa jodar
In a mad scramble to secure their slice of the sunny Spanish dream, Americans are flooding into Spain as the clock ticks down on the popular golden visa programme. With just months to go before the programme axed, time is running out for non-EU citizens hoping to cash in on this fast-track route to residency.
Spain’s golden visa, which has been a ticket to residency for foreign investors since 2013, allows individuals to gain residency by investing in real estate worth at least €500,000 (or $516,000). But with the government set to end this residency-by-investment scheme for non-EU nationals on April 3, 2025, things are moving quickly.
American exodus: homes in Spain selling fast
The rush is on – U.S. citizens are flocking to Spain, and fast. The number of Americans buying property in Spain has soared by a staggering 39% in just three years. As of June 2024, there were 41,000 Americans living in Spain, and the demand has surged even more since the news broke about the programme’s end.
Matt Anderson, a property broker based in Mallorca, told Bloomberg, “It’s been non-stop requests.” The island’s sunny climes, top-tier international schools, and relaxed lifestyle are major draws for U.S. buyers.
A decade of golden visas in Spain
Since its launch over ten years ago, Spain has issued roughly 15,000 golden visas to non-EU homeowners. But now that the programme’s days are officially numbered, those with the means are hurrying to snap up properties before the opportunity is gone forever.
Golden visa rivals in Europe: Spain isn’t the only game in town
Spain isn’t the only country offering a golden ticket. Other European nations, including Portugal, Greece, and Italy, have seen similar migration waves. But not all golden visa programmes have been smooth sailing. In Portugal, for example, the demand has been so high that the government has struggled to keep up with applications, leading to delays and a backlog of frustrated would-be residents.
While Spain prepares to pull the plug on its own programme, some countries are tweaking their golden visa rules in a bid to stay competitive.
As Spain’s golden visa prepares to make its exit, the country has found itself at the centre of an international property rush. For those hoping to benefit from the scheme, the message is clear: Get in before it’s gone.
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