The end of the golden visa

Spain has officially announced the termination of its Golden Visa Program, a scheme that has allowed non-EU nationals to obtain residency through significant investments since 2013. The program, which primarily attracted wealthy investors from countries like China, Russia, the UK, and the US, will cease to exist on April 3, 2025.

Key Details

• The final deadline for new applications is April 3, 2025
• The decision was published in Spain's Official State Gazette (BOE) on January 3, 2025
• The law will not apply retroactively, meaning investors who submit complete applications before the deadline can still obtain Spanish residency
• Current golden visa holders will retain their rights and validity for the period for which they were issued

Reasons for Termination

The Spanish government's decision to end the Golden Visa Program stems from several factors:

1. Housing Crisis: The program has been blamed for contributing to Spain's housing crisis, making property unaffordable for local residents, especially in popular cities like Barcelona, Madrid, and Malaga.
2. Speculative Investment: Prime Minister Pedro Sánchez emphasised the need to prioritise housing as a fundamental right rather than a speculative investment opportunity.
3. Security Concerns: The program has faced scrutiny due to potential security risks, corruption, money laundering, and tax evasion issues.

Economic Impact

The Golden Visa Program has significantly boosted Spain's economy since its introduction in 2013. In the first ten months of 2024 alone:

• 780 golden visas were issued
• The average investment per applicant was €657,204

Whats Next for Investors?

While the Golden Visa Program is ending, non-EU investors may still have other residency permit options available. It's advisable to explore alternatives or consult with immigration specialists for personalised guidance.

As the deadline approaches, there may be a rush of applications from investors seeking to secure Spanish residency before the program's closure. Those interested in applying should ensure they meet all requirements and submit their applications well before the April 3, 2025 deadline.

Sources:

1. https://travelobiz.com/spain-to-end-golden-visa-program-in-april-2025-for-non-eu-nationals-apply-now/
2. https://www.forbes.com/sites/ceciliarodriguez/2024/04/09/spain-announces-the-end-of-its-golden-visa-program/
3. https://immigrantinvest.com/insider/spain-ends-golden-visa/
4. https://www.dhirubhai.net/pulse/end-golden-visa-spain-too-late-apply-sergio-perez-parras-vzoif
5. https://www.imidaily.com/europe/spain-closes-golden-visa-sets-transitional-period/
6. https://www.dhirubhai.net/posts/marc-white-co_the-end-of-the-golden-visa-in-spain-activity-7263155007913357313-g_NU
7. https://kpmg.com/xx/en/our-insights/gms-flash-alert/flash-alert-2025-008.html
8. https://www.dhirubhai.net/posts/cbi-immigration-consultant_how-the-end-of-spains-golden-visa-and-a-activity-7285919624968179715-F2-Y
9. https://getgoldenvisa.com/industry-insights/suspension-of-spain-golden-visa