The Spanish government has ended the Golden Visa Program, which provided residency to affluent foreign investors in return for substantial investments. The official confirmation of the program’s termination occurred on January 3, 2025, in Spain’s Official State Gazette (BOE), featuring a three-month grace period for applicants.
In December 2024, the Spanish Congress of Deputies approved the end of the Golden Visa Program with 177 votes for and 170 against. The decision seeks to tackle Spain’s housing crisis, as the initiative faced criticism for increasing property prices and reducing affordability for local inhabitants.
Affluent foreign individuals have until April 3, 2025, to submit applications for Spain’s Golden Visa Program. The initiative permitted non-EU citizens to acquire a property worth €500,000 or higher in return for a golden visa. Instead, non-residents could invest a minimum of EUR 1 million in investment funds, bank accounts, or shares in publicly traded companies within Spanish banks, or maintain government bond investments with at least EUR 2 million.
The Golden Visa Program has emerged as a favored option for affluent investors looking to obtain residency in Spain. Since its launch in 2013, more than 15,300 non-EU citizens have gained from the program. In just the first ten months of 2024, Spanish authorities issued 780 golden visas, averaging an investment of €657,204 per applicant.
The program’s end has considerable consequences for international investors. Successful applicants and their families will no longer have the privilege of visa-free travel within Europe’s Schengen zone, nor the entitlement to live, work, and study in Spain. Nevertheless, existing Golden Visa holders can keep and extend their residency permits according to the regulations that were in place when they were first approved.
With the April 3, 2025, cutoff nearing, non-EU citizens aiming to obtain residency in Spain through the Golden Visa Program need to move swiftly to file their applications. The end of the program signifies a major change in Spain’s strategy regarding foreign investment and residency, requiring foreign investors to adjust to the new environment.
