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Date Published: 11/11/2024

Golden visas in Spain could be cancelled as soon as January 2025

The Spanish government is advancing legal steps to end the property-based investment residency for non-EU nationals

Spain’s government has taken significant steps toward cancelling its golden visa programme, setting a potential end date of January 2025.

The scheme currently grants residency to non-EU nationals who invest at least 500,000 euros in Spanish property or make large investments, such as 1 million euros in Spanish shares or 2 million euros in government bonds.

The scheme’s critics argue that it drives up property prices, making housing less affordable for locals, though opponents of the cancellation say it won’t significantly impact Spain’s housing market and accuse the government of political posturing.

Spain’s Prime Minister Pedro Sánchez initially announced plans to end golden visas in April 2023, but passing the legislation faced delays due to opposition and a fragile coalition majority.

The government recently attached the cancellation as an amendment to a broader judicial efficiency law, which passed a Justice Committee vote on October 30 despite resistance from the opposition Partido Popular and Vox. The bill now proceeds to Spain’s Congress and Senate for debate.

If approved, the change would apply only to new applicants from January 2025 onward. Existing golden visa holders and those who apply before the law comes into force would retain their residency rights.

For now, then, there is no assurance that the Golden visa scheme will be scrapped as soon as January 2025, and it is still possible for non-EU nationals wanting Spanish residency to gain it using this investment avenue.

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