The Spanish government has made modifications to the GV Law 13/2014 to close golden visas issued for property investors and other investments in Spain. The Law 13/2014 has been voted by Senate, signed by Prime Minister Pedro Sanchez Perez and was published on Jan 3, 2025 with the 3 month grace period until April 1, 2025. It will come into force after 3 months, published BOE gazette. The GV program was first launched on Sep 27, 2013, ran successfully for 11 years and has injected 6+ billion euros into the economy.
Last minute applicants for purchase of properties 500,000 euro properties must complete buying the property and file for visa before final date of April 3, 2025. Those who has applied for investor visas before the law came into effect, the spanish authorities will process applications without any hiccups. The Closing of GV program wont affect any residence permits issued for investments. All existing renewals will be processed on the same conditions.
Spain is terminating its golden visa scheme to stem rocketing house prices and promote affordable housing and pressure from European commission to gradually phase out golden visa schemes. As a result of this, Spain will have influx of applications from foreign property buyers.
“Major cities are facing highly stressed markets, and it’s almost impossible to find decent housing for those who already live, work and pay their taxes”
-Pedro Sanchez, Prime Minister (New York Times)
The Spain GV program was designed to attract foreign investment during economic hardship during Europe Debt crisis in 2012, by offering residency permits to investors. Since 2016, about 11,000 golden visas have been issued by authorities in Spain. Between Jan to Oct 2025, Spain issued a total of 780 investor visas. Most of such visas went to Saudis, Turks, Americans, Ukrainians. Russians before the war were the top beneficiaries of the program.
Foreign investors must make the following investments in full to receive Golden (investor) visa.
- Public debt (€2 million)
- Shares (€ 1 million)
- Investment funds or venture capital funds set up in Spain (€1 million)
- Bank deposits (€1m)
- Real estate (€500,000)
Investors qualify for visa (1 year) when applying outside Spain (Spanish embassy) or will be issued residence permit for 2 years when applying in Spain. Residence permits can be extended for another 2 years. Investors can live and work anywhere in Spain and have freedom to move around in Schengen area for 3 months in 6 month period.
It is possible to become permanent resident in Spain after 5 years of uninterrupted living and can apply for Spanish nationality after 10 years.
