The "Golden Visa" program to Spain, which officially started in 2013, has become an attractive way for investors from outside the EU to obtain a residence permit in the country. In exchange for an investment, foreigners received the right to live and work in Spain. However, it recently became known that the state plans to close its program from January 2025. Find out the reasons and consequences of such a decision

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On July 24, 2024, the Spanish government presented to Congress amendments to the law that initiates the procedure to close the Spanish investment residence permit program. However, the other day it became known that the Socialist Workers' Party of Spain (PSOE) and its parliamentary partners approved changes to the law in the Justice Commission to end the Golden Visa program. Precisely because from January 2025, the "Golden Visa" program of Spain will be closed.

The Spanish Golden Visa program is one of the most popular in Europe

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.

Is it possible to obtain a residence permit on the basis of the "Golden Visa" of Spain?

Currently, the program continues to work. On the contrary, statements about the possible closure of the "Golden Visa" increased interest in the program even more. According to Juan Carlos Lois, a specialist in international mobility in Spain, in August there was a surge in applications in Spain, which tripled the figures for the same period last year. According to him, requests for the "Golden Visa" program were received in Spain every day throughout August.

Also, all previously issued "golden visas" and necessary extensions will work in accordance with the 2013 law.

Investors who want to start the process now can still do so.

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

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.

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.

Investment options

To obtain a residence permit, a candidate must make one of the following investments:

- Investment in real estate: investment in real estate in Spain with a minimum amount of 500,000 euros is required. Purchased real estate can be both residential and commercial.

- Capital investment: The minimum threshold includes a capital investment of at least €1,000,000 in listed or unlisted shares or a deposit in a Spanish bank.

- Business projects: as an alternative, investments can be directed to a business project that is in the public interest of Spain, with criteria such as job creation, social and economic impact and contribution to scientific and/or technological innovation.

The Spanish golden visa opens the investor's way to a comfortable life in Europe, however, considering its closure, it is worth taking care to expedite the application for the permit.

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.

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