Early April this year, the Spanish government announced its plans to abolish its popular Golden Visa programme. Yet, as of writing, the scheme remains fully operational. This welcome turn of events is a promising sign of good will from the government toward existing and would-be golden visa holders.
What is the Spanish Golden Visa?
The Spanish Golden Visa, officially known as the Residency by Investment programme, offers non-EU nationals a path to residency through sizable investment into the Spanish economy. The scheme has been a cornerstone of Spain's efforts to attract foreign capital since its inception in 2013.
The promised shutdown
In April 2024, Spanish Prime Minister Pedro Sánchez dropped a bombshell. He announced plans to scrap from the Golden Visa programme. More specifically, Isabel Rodríguez, then the Minister for Housing, told the president and Spain’s Council of Ministers that they would eliminate the real estate investment option. She stated: “Abolishing the real estate investment option will be a key step in increasing housing availability and affordability for Spanish citizens.”
Now, well over five months later, despite the government's bold declaration, the applications for the Spanish Golden Visa programme are still being accepted and processed. As of writing, foreign investors can still obtain residency by purchasing property worth €500,000 or more.
More questions than answers
Most golden visa seekers welcome the move to shelve the abolishment in the meantime. However, there are still plenty of questions lingering.
Has the government backtracked on its announcement?
Is there internal disagreement within the Spanish government about the best course of action?
Of course, there’s some confusion among potential investors about the programme's long-term viability
Spanish vs Other European Golden Visas
Spain's indecision is a pull from other European countries. Portugal has already scrapped the real estate investment option entirely. Even so, investors looking for the Portuguese golden visa still have five viable investment avenues. Greece has also bumped the minimum threshold for real estate investments. These moves were similarly motivated by concerns over housing affordability and potential misuse of the programmes.
What's next: How we can help
The future of Spain's Golden Visa programme remains in limbo, especially with the government’s silence. The last thing you want to get caught off-guard with thousands of euros at stake. Don't let uncertainty about the Spanish Golden Visa hold you back. Contact International Wealth Ventures today for personalised advice and help every step of the way.