Spain to End the Golden Visa Real Estate Option

Spain Golden Visa Coming to an End: October 2024 Update

After a series of attempts to include amendments to several different bills, which were unsuccessful especially due to the opposition of parties like Partido Popular and Vox, the Spanish government has, in October 2024, finally managed to have an amendment approved by the Justice Committee regarding the cancellation of the Real Estate option of the Spain Golden Visa. Now, the bill will be debated in the Spanish congress before moving to Senate and could come into effect in January 2025. 

Although the idea behind the Golden Visa's real estate option termination is to supposedly help the saturation of the property market in Spain, critics of the banning argue that the Golden Visa focuses on the luxury market and, therefore, its discontinuation will do little to help the housing crisis.

Media outlets have reported that, in light of the recent news, the demand for the Real Estate option of the Spanish Golden Visas is having a surge when compared to previews years. Investors are taking their last chance to secure their residency permits through the purchase of a property in Spain, as the upcoming modifications to the law should not apply retroactively. Thus, there is STILL time to secure your Spain Golden Visa by investing in a real estate property, but only if you start your process right now. 

First News About the Discontinuation of the Real Estate Spain Golden Visa Option

After more than a decade of existence, the Spain Golden Visa program is closer than ever to coming to an end. The first news about this possibility came directly from the Spanish Prime-Minister, Mr. Sánchez, who informed, during a press conference in April 2024, that the Spain Golden Visa would end in order to make the purchase of a house more affordable and accessible to locals, and a “right,” as opposed to a “speculative business.”

The Spain Golden Visa’s most sought-after option involves a Real Estate investment of €500,000 via the purchase of immovable property in the country.

Further delving into the matter at hand, Mr. Sánchez revealed that “94% of Golden Visas are related to Real Estate investments,” and that the majority of these were heavily focused in “cities that are facing a highly stressed market”, like Barcelona, Madrid, Málaga, and Valencia, where the “market is more expensive” and “it is nearly impossible to find decent housing for those who live, work, and pay taxes.”

What is the Spain Golden Visa?

Introduced in 2013, the Spain Golden Visa is a Residency by Investment program that was created in the wake of the 2008 financial crisis that affected the Euro and Real Estate market. As Spain’s public coffers plundered, the government back then decided to stimulate its economy by making the country more internationally appealing to foreign investors.  

Ever since then, the Spain Golden Visa has enabled foreign investors to become Residents in the country in exchange for a sizeable economic investment. Despite never having been in the international spotlight in the investment immigration landscape, the program did find its audience, especially with the Real Estate option.

Besides the €500,000 Real Estate investment option, the Spain Golden Visa is also available through other options, including a €2 million investment in Spanish treasury bonds and the purchase of stocks and shares of €1 million in Spanish companies. In return, the Spanish government grants foreign investors official, legal status, letting them settle down and live in the country, plus a series of other international benefits, including visa-free travel to the 29 European countries within the Schengen AreaSchengen Area. 

Though the exact number of granted Golden Visas is unknown, the latest information, pertaining to 2022, reveals more than 2,400 permits had been issued. A 60% increase from 2021, and a global of more than 11,000 permits – an amount which has assumedly brought more than €5 billion to the Spanish economy.

Alternative Golden Visas & Residency by Investment Options

As Spain seeks to join the fold of European countries which have, in some way, shape, or form, completely revamped or discontinued their Golden Visas, the European investment immigration landscape market is becoming increasingly more pressured. Right now, Europe presents a few Golden Visas and other Residency by Investment alternatives, of which the best are Greece, Portugal, Cyprus, and Hungary.

Greece

The Greece Golden Visa is a Residency by Investment program designed by the Greek government to draw in foreign investment to the country’s economy. In exchange, Greece grants the investor Residency, which is a legal status enabling the investor to live in Greece, with all the benefits it entails.

As Greek Residents, investors can bring their family with them through the reunification process, enjoy visa-free travel to 29 European countries, and have the unique opportunity of living in a country brimming with ancient history, plus many more, including the opportunity to become Citizens and have an EU passport.

In 2023, the Greece Golden Visa suffered some changes, bringing the price up to €500,000 in some exclusive areas. In 2024, the program witnessed yet another series of changes, dividing Greece’s territory into price tiers. As Spain eliminates its Golden Visa, and as Greece continues to revise its program, the urgency to invest is only increasing

Portugal

The Portugal Golden Visa continues to serve as a straightforward route for third-country investors to obtain an EU residency permit in the country by fulfilling the minimum investment criteria. However, like Spain, the Portuguese program no longer provides Residency status through Real Estate investments, but it remains available through other options, including subscriptions to investment funds, donations to scientific projects, artistic productions, and the recovery or maintenance of national cultural physical heritage, among others.

The Portugal D2 Visa, which is an alternative Residency by Investment program, is remarkably similar to the Golden Visa and serves a similar purpose: residency in exchange for investment. This program starts with Residency but sets the path to Citizenship, and it aims to entice high-net-worth individuals to invest in the economy by either launching a new business or expanding an existing one in Portugal.

Investment Visa has its own exclusive D2 Visa solutions, with Mátria Co-Working, a development project in the Lisbon city center, starting at a €280,000 minimum investment amount.

Türkiye

Türkiye is yet another European solution, though it is not part of the European Union or the Schengen Zone. Türkiye provides a straightforward path to Citizenship with a minimum investment of USD $400,000 and visa-free travel to more than 100 countries with no minimum stay requirement.

The path to obtaining the Türkiye passport is straightforward, taking as little as 3 months for Turkish Citizenship to be granted. It requires the purchase of a Real Estate property, though other investment options are also available. Certain documents required include a valid passport, birth certificate, a clean criminal record, and opening a bank account in Türkiye, among others.

Cyprus

Cyprus is an interesting alternative to the Spanish Residency by Investment program. Currently, the country boasts one of the most affordable entry points to EU Residency, at €300,000, though the country is not yet part of the Schengen Zone. The Cyprus’ Golden Visa cost could dramatically increase once it joins the borderless common travel area, though there is no expected accession timeframe for Cyprus yet.

The program is open to nearly all non-EU nationals and provides a quick and efficient way of obtaining Residency status in Cyprus, a European Union country. Citizenship can be obtained through the program after a period of physical presence in the country as resident.

Hungary

Hungary is another EU country with a Golden Visa, though while Spain is rejecting Real Estate investments, Hungary embraces them. With the sector being an emerging, booming industry in Hungary, its Golden Visa program is exclusive to Real Estate, and it provides a platform to obtain EU Residency with a minimum investment of €500,000 with the purchase of residential property.

Unlock Your Second Residency with Investment Visa

With countless reasons behind upstanding Europe as the best continent to live in, it is increasingly becoming more challenging for expats & investors to move there, especially as Golden Visa programs continue to be scrapped. Amid changes and uncertainties, Investment Visa’s team of industry veterans with multiple decades of experience continue to lead and guide thousands to their brighter future.

We are the Global Leader in Residency & Citizenship by Investment programs, and we have a wide array of services available to all investors seeking a second passport or residency abroad, including Portugal, Greece, Türkiye, Cyprus, Hungary, and various other countries throughout the world. Contact Investment Visa today to find out more about our exclusive packages.