The Spain Golden Visa ending is on the lips of every possible foreign investor across the globe. But what do the recent changes mean for the Golden Visa program?
In this guide you will learn about:
Is the Spain Golden Visa ending?
You may have heard about the Spain Golden Visa ending, leaving many wondering if the investment program is truly coming to an end.
On November 4, 2024, the Spanish government took the first steps toward reshaping the Spanish Golden Visa program, proposing its full discontinuation along with all investment-based pathways.
There must be an absolute majority vote for the changes to take effect, with the legislative process requiring five crucial steps, including:
1. Step 1: Justice Commission: The first step occurred in November 2024.
2.Step 2: Congress Vote: The entire Congress must vote on the change. Because this is an “organic law” (a special type of law), it needs more than a simple majority—it needs an “absolute majority” to pass.
3.Step 3: Senate Review: If Congress approves it, the law goes to the Senate. The Senate has three choices:
- Approve the law exactly as it is
- Suggest changes to the law
- Try to block (veto) the law completely
4.Step 4: Final Decision: If the Senate suggests changes or tries to block it, the law goes back to Congress for a final vote. Congress gets the last word on whether the law passes.
5.Step 5: Implementation: If the law passes all these steps, it becomes official, and the changes to the Golden Visa program will take effect.
On 27 November, the Spanish Senate vetoed the proposed law to end the Golden Visa program, which Congress previously approved.
Given the political composition of the Spanish Congress, it’s anticipated that the new law might be approved by mid-December 2024. If approved, the new laws would be expected to be enacted three months after publication in the Boletín Oficial del Estado, likely around mid-March 2025.
Key Developments in Spain Golden Visa Ending
November 14th 2024
As of early November 2024, only the initial step of Justice Commission Approval had taken place, approved with a close vote of 20 for and 17 against.
On November 14th 2024, Congress approved the text of the Organic Law Project (Step Two). This contained amendments to modify the law for the Spanish Golden Visa. The legislative process now moves onto Step Three, where the Senate will now block, amend, or approve the changes.
Various steps are pending, meaning foreign investors still have the chance to apply for the Spain Golden Visa before the program ends.
November 27th 2024
On 27 November, the Spanish Senate vetoed the proposed law to end the Golden Visa program, which Congress previously approved.
The veto by the Senate returns the law to Congress, where it requires an absolute majority for approval. Congress can:
- Approve the law with an absolute majority.
- If an absolute majority is not achieved, Congress can revisit and approve the law after two months with a simple majority.
The End of the Real Estate Investment Option
In April 2024, the Spanish government announced plans to restrict the Golden Visa program, eliminating the option to obtain a residency visa in Spain through property investment.
The initial announcement stemmed from concerns that the property investment option was making housing in Spain unaffordable for local residents. The Spain Golden Visa allows for foreign investors to obtain Spanish residency through economic investment, with one option being property worth a minimum of €500,000.
The announcement on November 4th, 2024, would see all investment options coming to an end, not just the real estate investment option. These options include:
- Spanish public debt securities: €2 million
- Stocks, shares, funds, venture funds, or bank deposits: €1 million
- Spanish business investment: Invest in a business project in Spain that’s recognized as being of general interest. This means it should create jobs, make a positive socio-economic impact in the area where it’s based, or contribute significantly to scientific or technological innovation.
For those thinking of applying for the program before the Spain Golden Visa closing date, now is the time to act. While the program may come to an end, there is still hope, with only the initial step taken to end the program, meaning there is still time. Those that apply before the Spain Golden Visa ending date would still benefit from applying for the program.
Read our Spain Golden Visa Guide
Spain Golden Visa Ending Timeline of Events
2013
Spain Golden Visa introduction
April, 2024
Prime Minister Pedro Sánchez announced the government’s intent to eliminate property investments from the Spain Golden Visa program.
November, 2024
Start of legislative steps, Justice Commission Approval (Approved with a close vote of 20 for, 17 against).
Future
Further steps for the Spain Golden Visa closing are estimated to take place in early 2025 or later.
How will the program move forward?
As of November 8th, 2024, there are no concrete plans for the Golden Visa Spain ending. However, there is a high probability that the program will draw to a close in the near future, with all investment routes affected.
For now, it is essential that those that want to benefit from the Spain Golden Visa should act now. If the program does end, it will not affect those with ongoing applications or those who have been granted the Golden Visa previously.
Golden Visa Trends in Europe
The possibility of the Spain Golden Visa program ending is not a new prospect, with many Golden Visas across Europe undergoing significant changes.
For example, the Portugal Golden Visa program terminated its property investment option in October 2023. While there are still other options, including fund subscription, job creation, scientific research, donation in cultural heritage, and share capital, the real estate option is no longer available in any capacity (business or residential).
The Greece Golden Visa has also seen some significant changes to its investment options. The program now works on a four-tier system based on property location, creating various investment requirements for each area. The minimum investment amount has also increased to €800,000 on the lowest tier.
Popularity of Spain's Golden Visa Program
The Spain Golden Visa program began in 2013, offering foreign investors the opportunity to obtain Spanish residency in exchange for significant economic contribution.
Since then, the program has remained one of the most popular Golden Visa programs in Europe, with fantastic benefits, including visa free travel through the Schengen Area, access to various EU education and healthcare systems, and family residency plans, to name a few.
The popularity of Spain’s Golden Visa program has only increased over the years, with upwards of 15,000 visas being granted since 2013.
Other Options for Spanish Residency
While the end of the Spain Golden Visa would be a drastic turn of events, there are other options to consider if you want to obtain a Spanish residence visa. These include:
Spain Digital Nomad Visa
The Spain Digital Nomad Visa was established in 2023. It enables non-EU/EEA remote workers and freelancers to live and work in Spain for one year, with the option to extend for five years.
Potential applicants should meet the income requirements, with enough funds to support themselves while living in Spain. Digital nomads in Spain also need to be hired by a company outside Spain, be self-employed, or freelancers and have sufficient healthcare insurance.
Spain Non-Lucrative Visa
The Spain Non-Lucrative Visa offers non-EU citizens a Spanish residency visa. Also known as the Non-profit Visa in Spain, foreign residents with sufficient economic funds, without working, who wish to retire or live in Spain are welcome.
Eligibility is based on providing valid proof of funds, showing one can live in Spain comfortably. Various fund sources are valid, including pensions and rental incomes, as long as it falls under non-working monthly income.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions About the Spain Golden Visa Ending
Is Spain canceling the Golden Visa?
As of November 2024, the Spanish Government has started the process of potentially ending the Spanish Golden Visa program. However, there are five steps to the process, with a majority vote needed for the cancelation of the program to take effect. The first two steps have taken place as of November 14 2024.
When is the Spain Golden Visa ending?
There is no official date for the Spain Golden Visa program ending. As of November 2024, you can still apply for the Golden Visa in Spain.
Can I still apply for the Spain Golden Visa before the program ends?
Yes! In fact, now is the best time to apply because all applications approved before the program ends will not be affected by the program changes.
What happens to current Spain Golden Visa holders after the program ends?
Those with a valid Spain Golden Visa will not be affected by the changes in regulation.
What are the reasons behind the ending of the Spain Golden Visa program?
The initial concern with the Golden Visa in Spain came from property prices increasing drastically, making it difficult for local residents to afford property in Spain. This led to further concern raised about the number of approved applications for property investment overall.
How will the ending of the Spain Golden Visa affect investors?
The ending of Spain’s Golden Visa will not affect current investors in Spain. However, if the program does end all together, it may force potential investors to look into other EU countries for citizenship and residency by investment options.
What alternatives exist after the Spain Golden Visa program ends?
There are a range of Golden Visa programs available throughout Europe, including Portugal, Greece, Malta, Italy, Cyprus, and more.
Can I get Spanish residency if the Spain Golden Visa ends?
Yes, there will still be ways to obtain Spanish residency if the Golden Visa scheme ends, including through the Spain non-lucrative visa, entrepreneur visa, employment visa, family reunification visa, and student visa.
