What does the elimination of the Golden Visa entail?
The repeal of this program means that, as of April 2025, no new residence permits will be granted based on investments in real estate, shares, bank deposits or Spanish public debt.
This decision is part of an effort by the Spanish government to address the housing crisis and combat real estate speculation, seeking to prioritize access to housing for local residents.
Suppression of the Golden Visa
Organic Law 1/2025 eliminates Articles 63 to 67 of Law 14/2013, which regulated the residence visa for investors, commonly known as Golden Visa. This type of visa allowed non-resident foreigners to apply for a stay or residence permit when making significant investments in Spain. Investments qualifying for this visa included:
- Initial investments of at least €2,000,000 in Spanish public debt securities or €1,000,000 in shares of Spanish companies with real activity, as well as in investment funds and bank deposits in Spanish financial institutions.
- Acquisitions of real estate in Spain for a value equal to or greater than €500,000.
- Business projects in Spanish territory that are considered to be of general interest.
Despite the abolition of Golden Visas, visas and authorizations requested before the entry into force of the new law will continue to be valid. Those that have been granted will remain valid for the stipulated time and their renewals will be managed in accordance with the regulations in force at the time of granting.
What happens to current Golden Visa holders?
If you are a Golden Visa holder, this removal does not mean that you will automatically lose your resident status. The legislation establishes a transitional provision that allows current holders:
- Keep and renew your residence permits: You will be able to renew your authorizations according to the conditions in force at the time you obtained your residency.
- You must be legally resident in Spain: You will keep the same rights as long as you comply with the original program conditions.
Steps to follow for current Golden Visa holders
1. Renewals:
It is crucial that current permit holders are aware of the deadlines for renewal of their permits and comply with the requirements stipulated at the time of initial issuance.
2. Legal advice:
Given the complexity of the legal changes, we recommend consulting with an immigration lawyer to ensure that your rights and obligations are protected.
Alternatives for future investors in Spain
With the elimination of the Golden Visa, individuals interested in residing in Spain should explore other legal options. Some viable alternatives include:
1. Non-profit residence visa:
- Ideal for those who wish to reside in Spain without working.
- Requires proof of sufficient financial resources to support himself/herself during the stay.
2. Visas for highly qualified professionals:
- Designed for non-EU citizens with skills in demand in the Spanish labor market.
3. Regional investment programs:
Although the national Golden Visa will be eliminated, opportunities may arise at the regional level in autonomous communities with specific policies.
The elimination of the Golden Visa in Spain represents a significant change in immigration policy and attraction of foreign investment. Both current holders and future investors should be informed of the new legal scenarios and options available.
At Molinares Abogadosour team of immigration specialists is ready to help you resolve your doubts, manage your permits and explore alternatives that fit your objectives.
