The Golden Visa scheme in Spain has been under scrutiny for years. Earlier this year, Prime Minister Pedro Sánchez proposed shutting down the programme altogether. Even though it gained support from the Spanish Council of Ministers, discussions around abolishing the golden visa only started in July.
The Spanish Congress is slated to consider abolishing it in September. But it's not too late to obtain Spanish residency (and possibly citizenship) by investment. Today, we cover why, when, and how to obtain the Spain Golden Visa before it's shut down.
What’s happening with the Spanish Golden Visa?
The Spanish government plans to eliminate all investment routes for residency, not just the property purchase option. This comes off the back of concerns that investor interest is driving up property prices, making it difficult for local residents to afford housing.
The ruling Spanish Socialist Party will present an amendment to the organic law on efficiency measures in justice and consumer protection. This amendment is geared towards modifying Law 14/2013 on support for entrepreneurs and their internationalisation by repealing articles 63 to 67, which refer to residence visas for investors.
If passed, this new law would abolish visas and authorisations for:
Real estate acquisition
Investments in bank deposits
Public debt
Shares
Investment funds
Business projects of general interest
This could spell the end of the residency by investment programme in Spain. But it’s not too late for golden visa seekers. Now’s the best time to act.
5 reasons to obtain the Spain Golden Visa right now
1) Limited time to act
The window to apply for the Spanish Golden Visa is rapidly closing. Amendments to the organic law will be made until 4th September 2024, with the Spanish Congress not considering the new bill before 9th September 2024. This leaves a narrow timeframe for potential investors to act.
2) Visa-free travel
Golden Visa holders can live in Spain and travel visa-free within the Schengen area. Enjoy unrestricted movement across 26 European countries.
3) Path to EU citizenship
After five years of residence in Spain, investors become eligible for permanent residency. Another five years later, they can apply for Spanish citizenship. This opens doors to one of the world's most powerful passports.
4) Reunite with family
The Golden Visa extends benefits to the investor's family. Spouses, dependent children, and parents can also obtain residence permits. They can work, live, and study in Spain, as well.
5) Investment flexibility
Currently, you can choose from various options, including real estate purchase, government bonds, or shares in Spanish companies. The minimum investment of €500,000. That's a fair entry to EU residency.
How we can help
Finding your way around the Spanish Golden Visa programme can be tricky, especially in light of its imminent shut down. International Wealth Ventures is here to assist you through this critical period.