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The Spanish Golden Visa program will be discontinued in 2025: Congress voted for this decision

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The Spanish Golden Visa program will be discontinued in 2025: Congress voted for this decision

The Golden Visa program to Spain, which officially launched in 2013, will be closed in 2025, the Spanish Congress recently voted in favor of the decision. Find out what is currently known about the closure of the program and when the changes will come into effect

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The Spanish Congress of Deputies voted to end the Spanish Golden Visa program, which provided for the issuance of a residence permit in Spain for investments. This decision is very important and will significantly affect Spain's migration policy.

The proposal to end the Golden Visa program in Spain was adopted by 177 votes in favor and 170 against. This ended a difficult legislative process that lasted many months and raised many questions among investors.



When will the Golden Visa program in Spain be closed?


The Senate vetoed the initiative to abolish the Golden Visa program, but after receiving an absolute majority in Congress, the veto was lifted, and now the provision is ready to enter into force after publication in the Official State Gazette (BOE). It is predicted that this will happen in the coming days.

However, the law provides a three-month grace period before the ban comes into effect and allows current applicants to complete their property purchases by March 1, 2025, and apply for a Golden Visa.

Dr Jacinto Soler-Matutes, senior partner at Emergia Partners, said that while the number of applications has increased since the announcement of the possible cancellation of the program, the overall impact on the Spanish housing market is likely to be minimal.

All previously issued Golden Visas and necessary extensions will operate under the 2013 law.




Available types of visas to Spain, as well as the requirements and procedure for their registration in this article.






Spain is one of the most popular countries in Europe among those interested in obtaining a residence permit in exchange for investment.

Spain's investment program was launched at the height of the financial crisis in 2013. Thanks to the program, 15,450 foreigners received Spanish residence permits, eight of them through the purchase of government debt, 167 for the purchase of shares, 371 for bank deposits, 214 for investment in funds and 114 for opening business projects.

The rest - 95% of investors or 14,576 visas were issued for the purchase of real estate. However, increased interest in this method of investment led to the emergence of a housing crisis in the country.

To better cope with the housing crisis, in April 2024, the head of the Spanish government, Pedro Sánchez, announced that the country was closing this route to foreigners.

Also, the program's problems include criticism from the EU and the uncontrolled growth of real estate prices in cities, which nullifies government initiatives, such as raising the minimum wage.




You will need health insurance to safely move and find employment in a new country. You can issue an extended policy on our website using the link.





Benefits of a residence permit in Spain for investors


- Residency: investors can live and work in Spain together with their families.

- Access to the Schengen area: Golden visa allows visa-free travel within the Schengen area.

- Pathway to citizenship: This potentially leads to permanent residency and citizenship.


Given the closure of the most popular investment program “Golden Visa” in Spain, from now on the applicant will have to look for new ways to move to Spain for permanent residence.


We will remind you! In January 2023, Spain launched its own visa for digital nomads, which was recognized as one of the most anticipated permits in Europe. Find out what the procedure for obtaining a digital nomad visa in Spain is in 2024 and what obstacles expats face in this article.






Igor Usyk - Head of Legal Department at Visit World


To ensure a safe move to Spain, I advise you to contact a specialist. My colleagues, qualified specialists with legal education, will help you avoid unpleasant situations during migration abroad.




Products from Visit World for a comfortable trip:


Checklist for obtaining a visa and necessary documents in Spain;

Legal advice on immigration to Spain;

Travel insurance for foreigners in Spain;

Medical insurance all over the world.



We monitor the accuracy and relevance of our information, so if you notice any errors or inconsistencies, please contact our hotline.

Frequantly

asked questions

Is Spain canceling the golden visa?

Starting in January 2025, Spain will no longer issue new Golden Visa residence permits in exchange for investment. To deal with the housing crisis, Spain announced the cancellation of the property investment option.

What are the disadvantages of a golden visa to Spain?

Which country is suspending the "Golden Visa" program?

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