Spain is inching closer to eliminating golden visa to third country nationals and foreign investors, after successfully operating the investor visa scheme for 13 years. More than 14,000 residence visas issued under the scheme and close to 7 billion euros investment. The Spanish government has taken a decision to end golden visas, citing the scheme brought no economic benefit, increased EU pressure, creating steep property price hike in major cities, posing socio-economic challenges to affordable housing.
On the 19th Nov in Spain, the congress passed the proposal to suspend the Golden Visa with 177 votes in favor and 170 votes against. Currently, the draft has been sent to the Senate for ratification. The effective date has not yet come into effect and it is expected to be a 3-month grace period.
The Spanish Senate vetoed the ban in a hearing on 2 December, batting the bill back to Congress giving more time.
On 19 December 2024, the plenary session of the Congress of Deputies definitively approved the amendment to Law 14/2013 of 27 September on support for entrepreneurs and their internationalisation (the “ Law 14/2013 ”) to repeal articles 63, 64, 65, 66 and 67, which allowed non-resident foreigners intending to enter Spanish territory in order to make a significant capital investment to apply for a residence visa (“ Golden Visa ”). This would eliminate visas and authorisations for the acquisition of real estate and investments in bank deposits, public debt, shares, investment funds and business projects of general interest.
The Bill, for repeal of the Golden Visas, will come into force three months after its publication in the Official State Gazette, which is expected to be published soon. Until the new regulation comes into force, the Golden Visa program remains in force and available for new applications to be submitted to the Spanish authorities. We expect the law to be scrapped anytime, during first quarter of 2025, and notified in spanish official gazette (BOE).
The Law 14/203 comprise of the following categories of residence visas for:
- Highly Qualified Professionals
- Intra-Company Transfer
- Training/Research
- Entrepreneurs
- Family Members
- Internships
- Capital Investment
- Real-Estate Investors
- Investor Corporate Project
Since the closing of scheme announced in April 2024, the volume of applications spiked, creating more demand for spanish golden visas especially from last minute property buyers.
Applications submitted prior to the entry into force of the Bill : Those investors or family members of investors who, prior to the date of entry into force of this transitional provision, have submitted the corresponding application, may receive the corresponding visa or authorization in accordance with the regulations in force on the date of submission of the application.
Renewals : Visas and authorisations for investors that are valid on the date of entry into force of the Bill will retain such validity for the period for which they were issued. In the event of renewal applications being submitted, they will be processed and resolved in accordance with the regulations in force on the date the initial authorisation was granted.
