Spain’s Golden Visa programme to end
- Posted by Amy Bell
- On February 16, 2025
London based BSS member Jordi Mateu, who works for an immigrant advisory firm, looks at a significant shift in Spain’s immigration landscape.
Beginning on April 3, 2025, Spain’s Golden Visa programme is due officially to come to an end. This change is the result of months of debate with the reform narrowly approved by the Spanish parliament on December 19, 2024, with 177 votes in favour and 170 against.
The Golden Visa, introduced by former Spanish Prime Minister Mariano Rajoy in 2013, was designed to attract foreign investment during a period of economic recovery following Spain’s 2008 financial crisis. The programme offered non- EU nationals residency permits in exchange for substantial investments, such as purchasing property valued over €500,000, investing €2 million in public debt or making a €1 million investment in shares or bank deposits. It also incentivised investments in businesses that created jobs or delivered notable local benefits.
While initially hailed as a benefit for the Spanish economy, with a surge in real estate activity in cities like Madrid, Barcelona, and Valencia, the programme’s legacy has been polarising. While supporters highlight its role in revitalising the property market, critics blame it for soaring housing costs and reduced local access to affordable homes. To ensure a smooth transition, the following provisions will apply as the programme comes to an end:
1. Applications for Golden visas submitted before April 3, 2025, will be processed under the current regulations in place at the time of application.
2. Current visas and residency permits will remain valid.
3. Renewals of current investor visas will be permitted for successive five-year periods, provided the original investment conditions are maintained.
4. No new applications will be accepted after the law’s enforcement.
Spain’s decision follows mounting pressure from the European Commission to curb investor residency schemes due to security concerns and broader socio-economic implications. The European Union’s focus intensified following Russia’s invasion of Ukraine, which raised alarms about potential security vulnerabilities linked to such programs. In line with this trend, the United Kingdom terminated its own investor visa scheme in 2022.
Spain’s escalating housing crisis has been a pivotal concern behind this change. Raising property prices and limited access to affordable housing have intensified public dissatisfaction, with critics contending that foreign investment-driven demand has aggravated the problem. The government hopes that eliminating the Golden Visa will ease housing pressures and create more opportunities for Spanish citizens.
While the end of the Golden Visa program may create obstacles for some, Spain continues to offer a range of alternative visa options for non-EU nationals:
Non-Lucrative Visa:
This visa allows residency without engaging in work or professional activities, for individuals with adequate financial means to support themselves.
Digital Nomad Visa:
Introduced in 2023, this option caters to remote workers who wish to live in Spain while maintaining self-employment or employment with foreign companies.
Family Reunification Visa:
Non-EU spouses of Spanish or EU nationals can obtain residency with rights equivalent to those of EU citizens.
Highly Qualified Permits regulated by the Entrepreneur’s Act:
Work permits for Highly Qualified individuals employed by Spanish companies. The options will vary depending on where the individual will be employed (in Spain or outside Spain).
Spanish Citizenship:
Apply for Spanish citizenship when your ancestors were Spanish (parents or grandparents).
For individuals and families exploring residency in Spain, these options provide a starting point. Other tailored residency pathways may be available, depending on individual circumstances which will need to be assessed and considered on a case-by-case basis.
Note on the author:
Jordi Mateu is Assistant Manager at Fragomen LLP fragomen.com
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