Spain's Golden Visa Is Officially Ending

January 2025 Update: Spain's Golden Visa Program Is Officially Ending

After extensive deliberation and significant pushback from opposition parties, the government has officially announced the Spain Golden Visa is ending. Following a growing trend across Europe, Spain joins the ranks of countries like Portugal, Ireland, the Netherlands, and Hungary that have recently overhauled or discontinued their Residency by Investment pathways, or part of it. However, unlike neighboring Portugal, and Hungary, which restricted only the real estate investment option, Spain has chosen to terminate the entire program. 

Organic Law 1 of January 2nd 2025 states the following: "Disposición final vigesimo primera. Modificación de la Ley 14/2013, de 27 de septiembre, de apoyo a los emprendedores y su internacionalización. La Ley 14/2013, de 27 de septiembre, de apoyo a los emprendedores y su internacionalización, queda modificada como sigue:  Uno. Se dejan sin contenido los artículos 63, 64, 65, 66 y 67."

This translates to the following: 

"Twenty-first final provision. Amendment of Law 14/2013, of September 27, on support for entrepreneurs and their internationalization. Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, is amended as follows: One. Articles 63, 64, 65, 66 and 67 are left without content."

Since Law 14/2023 of September 27 created the Spanish Golden Visa program, it is now revoked.

As part of this decision, the Spanish government has introduced a transitional period, allowing applications under the existing rules until April 30, 2025. This provides a limited opportunity for investors to secure residency through the current program, whether via the €500,000 real estate investment option or alternative pathways such as investments in treasury bonds or business ventures. 

Spain's Golden Visa ending underscores a broader European response to housing market pressures and affordability crises. With this move, one of Europe’s most recognized investment immigration programs comes to a definitive close, marking the end of a significant chapter in the European continent Residency by Investment landscape. 

October 2024 Update: Is the Spain Golden Visa Ending?

By October 2024, Spain's Justice Committee approved an amendment to end the Spain Golden Visa's real estate investment option. The bill, however, still required further debate in the Spanish Congress and Senate before becoming law. 

News of the impending termination caused a surge in Golden Visa applications, as investors rushed to take advantage of the program before the new restrictions took effect. Media reports indicated heightened demand for luxury properties, particularly in key cities, as the transitional period was expected to close the door on new applications. 

Critics maintained that removing the real estate option would have minimal impact on housing affordability, given its focus on high-value properties. Nevertheless, the government defended its decision as a necessary step to address Spain's housing market challenges. 

April 2024: Early Discussions About Ending the Spain Golden Visa and the Real Estate Option

The first indication of Spain's intention to overhaul its Golden Visa program came in April 2024. Prime Minister Pedro Sánchez announced plans to eliminate the real estate investment route to try to alleviate the housing crisis, which he argued was exacerbated by speculative investments in luxury properties. 

Data from Spain's Ministry of Housing revealed that 94% of Golden Visa applications were tied to real estate investments, predominantly in cities like Madrid, Barcelona, Málaga, and Valencia. These areas have experienced significant market stress, making housing increasingly unaffordable for local residents. 

Critics of the reform, however, argued that the luxury market targeted by the Golden Visa had little to do with broader affordability issues. They contended that eliminating the program would not significantly impact the housing supply for other Spaniards. Despite opposition from political parties like Partido Popular and Vox, the government moved forward with its plan. 

What is the Spain Golden Visa?

This information was originally written in April 2024.

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 the 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 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

Since January 2025, with Spain officially ending its Golden Visa program, the country has joined the ranks of European nations that have significantly revamped or discontinued such programs. This shift is adding mounting pressure to the European investment immigration market. Right now, Europe presents a few Golden Visas and other Residency by Investment alternatives, of which the best are Greece, Portugal, Türkiye, Cyprus, and Hungary.

Greece

Greece’s Golden Visa remains one of the most appealing options, particularly after its recent reforms introduced new price tiers. The program grants residency for Real Estate investments starting at €250,000 in select regions, with higher thresholds in prime areas. Greece also offers visa-free travel within the Schengen Area and the potential to have an EU passport after a few years of residency. 

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

Portugal still has its Golden Visa program, but no longer offers residency status through real estate investments as a qualifiable option, but alternative pathways remain, such as contributions to scientific research, investment funds, and cultural heritage restoration.

Additionally, Portugal's D2 and D7 Visas cater to entrepreneurs and retirees, providing flexible options for obtaining residency in the country. 

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's Golden Visa program has also suffered a change, with the country ending its real estate investment option. However, the real estate fund investments are still available and offer a regulated pathway to residency with a minimum investment of €250,000 for this option. This alternative ensures market stability and provides an attractive option for investors seeking to enter the European market. 

How to Start Your Residency Process with the Golden Visa Program

Navigating the shifting landscape of investment immigration requires expertise and foresight. At Investment Visa, we specialize in helping investors find the best residency and citizenship opportunities worldwide, including Greece, Portugal, Hungary, and beyond. 

Contact our team today to explore your options and secure your pathway to European residency before time runs out. 

This updated article on the Spanish Golden Visa reflects the current status of the program and provides alternative solutions for investors affected by the changes. Let our advisors know if you would like to know more details about the Golden Visa program and how to start your process.