Spain is poised to completely dismantle its Golden Visa scheme, a significant shift that will affect all investment routes under the program. Originally launched as a residency-by-investment option, the Golden Visa allowed foreign nationals to gain Spanish residency through substantial investments, predominantly in real estate.
In April, the Spanish government, led by a coalition of Socialists and the hard Left, signaled plans to remove real estate from the Golden Visa program. This week, they have intensified their efforts by proposing legislative amendments aimed at abolishing the entire scheme. The Socialist Party’s recent parliamentary moves indicate that the end of the Golden Visa is imminent.
Real estate investments were the primary draw of the Golden Visa, accounting for nearly 95% of the 15,450 visas issued between 2013 and 2023. Without this major component, the government has decided to eliminate the entire program rather than maintain a diminished version. Although a specific closure date has not been confirmed, it is expected that the full termination of the scheme will occur by the end of this year, following the parliamentary process.
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Resources
https://www.spanishpropertyinsight.com/2024/07/28/government-shuts-down-entire-golden-visa-scheme/
