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Spain’s Golden Visa program is nearing its end, and many investors are asking what this means for their plans. The latest update comes from the approval of the Organic Law Bill on the Efficiency of Public Justice Services and Collective Action. This new legislation, aimed at protecting consumers in the real estate market, includes a clause to eliminate the Golden Visa entirely.
Option Trip – Once the law is fully approved and published in the Official State Gazette (BOE), the Golden Visa will no longer be granted for investments in public debt, shares in Spanish companies, participation in investment funds, bank deposits, business projects of general interest, or property acquisitions. This decision marks the end of Spain’s residency-by-investment program, including the popular real estate investment route.
While an exact implementation date has yet to be confirmed, the law is expected to come into effect in early 2025, likely in January. This makes 2024 the final year to submit applications under the current framework. If you’re considering applying, there is still time to act before the program officially ends.
For those who have already submitted an application, there’s no need to worry, as all applications currently in process will continue to be reviewed as usual. Existing Golden Visa holders are also expected to retain their residency status without any changes.
After more than a decade, Spain’s Golden Visa program is set to be retired, closing a chapter on a popular residency option for global investors. Alternatives for residency in Spain will remain, but the unique benefits of the Golden Visa will soon no longer be available. If you’re considering applying, the window of opportunity is closing fast.