The Spanish residency-by-investment programme has been one of the most successful Golden Visas in the EU. The country issued 11,464 golden visas since its launch, with nearly 2,500 in real estate investment visas given in 2022 alone.
However, Spain’s Congress of Deputies has already approved a bill that will terminate the Golden Visa and the end of the programme might come as soon as January 1st, 2025.
What's changing?
Spain may officially end its Golden Visa residency programme on 1 January 2025. The decision comes after months of political deliberation and concerns about housing affordability in major Spanish cities.
Prime Minister Pedro Sanchez has been vocal about the programme's impact. In April 2024, he highlighted that 94 per cent of approved visas came from real estate investments in 'stressed' property markets like Madrid, Barcelona, Málaga, and Valencia.
The legislative journey is not entirely straightforward. While the bill has passed through the Congress of Deputies, it must still undergo the Senate's review. On 2 December 2024, the Spanish Senate vetoed the Judicial Efficiency Bill passed by Congress of Deputies to terminate the programme.
The Popular Party (PP), holding a majority in the Senate, successfully blocked the legislation but this veto is not a definitive defeat. The Spanish Socialist Workers' Party (PSOE) and its coalition partners still retain the power to override the Senate's decision.
Senators could potentially delay implementation by up to two months, which might push the effective date to early May 2025. Congress of Deputies. However, Congress can reinstate the bill during plenary sessions scheduled for December 10-12 or 17-19.
If Congress overrides the veto, the law could be published in the Official State Bulletin by early January, potentially taking effect around April 2025.
Can investors still apply for the Golden Visa in Spain?
Thankfully, yes, investors can still apply because even if the bill terminating the programme is passed, the law will not apply retroactively. This means investors who submit applications before 1 January 2025 can still obtain Spanish residency under the current rules.
Investors still have a brief window to apply through several investment routes:
Purchasing real estate worth over €500,000
Buying shares in Spanish companies or investment fund units starting from €1,000,000
Opening a bank deposit of at least €1,000,000
Investing in government bonds from €2,000,000
What are the best Golden Visa alternatives for investors looking for EU residency?
Though Portugal has removed the real estate investment option, its golden visa is still the most attractive in the EU. With a minimum investment of €250,000, it provides a viable path to citizenship after five years of legal residency. It also allows for family reunification.
Under the Malta residency programme, investors can rent or purchase property, make donations, and pay fees to the government. Greece also continues to offer attractive residency options, with investment minimums around €250,000, typically through real estate purchases.
In Cyprus, Investors can still obtain residency by purchasing real estate, company shares, or securities in investment funds, with a minimum investment of €300,000.
How we can help
International Wealth Ventures offers expert guidance on citizenship by investment, retirement planning, and tax advice for a secure future. With sudden and costly changes in citizenship & residency by investment, we are here to help you every step of the way.