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What is the Golden Visa?
Introduced in 2013, the Golden Visa program allowed foreign investors to obtain Spanish residency by investing at least €500,000 in real estate. It gained popularity among high-net-worth individuals from non-EU countries, such as the UK and the USA, as it not only offered the chance to live in Spain but also visa-free travel across Europe.
However, the program has faced criticism over the years. Opponents argue that it drives up property prices, accelerates gentrification, and places additional pressure on the real estate market. These concerns have grown stronger amid political pressure from left-leaning parties and the European Commission.
Legislative Journey and Controversy
The idea of reforming or abolishing the Golden Visa program first emerged in 2023. Proposals included raising the investment threshold to €1 million or completely removing the real estate component. By late 2024, the Spanish parliament approved legislation to end the program. The decision was highly contested, passing narrowly with 177 votes in favor and 170 against.
In the Senate, the legislation faced opposition from the conservative People’s Party, which criticized the bill as poorly structured and warned of potential legal confusion. Despite this, the Congress overrode the Senate’s veto, and the law was published on January 2, 2025.
A Surprising Reprieve
Under normal circumstances, the program would have ended the following day, on January 3, 2025. However, the government introduced a last-minute three-month transition period. Investors now have until April 3, 2025, to submit their applications.
Golden Visa expert Raymundo Larraín suggests this extension may have been a procedural necessity. He explains that applications will continue to be accepted and processed during this period, and existing visa holders will retain their status.
What Does This Mean for Investors?
For those interested in the program, this is the final opportunity. The conditions remain the same: a €500,000 real estate investment is required to apply. In return, investors gain:
- Spanish residency.
- Visa-free travel across the EU.
- The opportunity to live and invest in one of Europe’s most appealing countries.
Time to Decide
With the Golden Visa program nearing its end, Spain is closing one of the most popular pathways for foreign investors. If you’re considering applying, time is of the essence. The process takes preparation, so starting as soon as possible is key.
Take advantage of this opportunity to open new horizons and start a new life under the warm Spanish sun.
