According to the Spanish media recently reported that from January 2025, Spain or will officially terminate the golden visa program.

The era of the European Golden Visa, is slowly falling curtain ......

01

Spanish government

Pushing forward again to abolish the golden visa matters

Spain has had a Golden Visa program in place since 2013, allowing non-EU nationals to obtain residency by purchasing 500,000 euros worth of property in Spain (no restrictions on the type of civil residence, commercial premises, land, etc.), or by making other large investments.

However, on April 8 of this year, the government led by Spanish Prime Minister Pedro Sánchez proposed the elimination of the real estate pathway, which accounts for 94% of the total number of applications under the Golden Visa program, in an effort to ease the pressure on the real estate market.

➤ According to Spanish government data, 15,450 golden visas have been granted since 2013, with only a very small number involving investments in non-real estate sectors: 8 purchased public debt, 167 invested in equities, 371 opted for bank deposits, 214 invested in funds, and 114 invested in commercial projects.

Although the government tried to include a provision in the new land law to eliminate the golden visa, it failed due to a lack of sufficient parliamentary support.

And now the ruling Socialist Party, led by Sánchez, has found an alternative route by presenting a draft law containing proposed amendments affecting Law 14/2013, the basis of Spain's Golden Visa program.

The amendment was passed in the Justice Committee with 20 votes in favor and 17 against. Next, the bill will continue its deliberations in Parliament, where it will need to be approved by the Chamber of Deputies and the Senate and receive royal assent before coming into force.

According to Spanish media reports, the changes will come into effect in January 2025 if the bill successfully completes the entire legislative process.

Therefore, for investors who are interested in obtaining Spanish residency through the Golden Visa Program, it is recommended to take action as early as possible.

02

What other European countries have

Cancellation of the Golden Visa Program

In recent years, the European Commission has questioned the safety of the Golden Visa, pointing out that it does not comply with “European Union norms” and may cause damage to the interests of the European Union as a whole, and has therefore repeatedly urged European Union member states to terminate this type of program.

In this context, the immigration policies of European countries have been gradually tightened in recent years:

The United Kingdom has canceled the golden visa program, Ireland has been shut down, Portugal has closed the golden visa in the purchase of housing route, while Greece, Turkey and other countries have raised the golden visa program investment threshold.

With the constant changes in the global political and economic environment, there may be more countries adjusting or canceling the golden visa program in the future.

Therefore, for investors who are interested in applying for golden visa, it is recommended to plan and submit the application as early as possible. For more information, please contact Nebula Sea International!