Updated 21 October 2024

If you’re thinking about applying for the Golden Visa, this might be your last chance. Spain’s Prime Minister has announced plans to end the Golden Visa, a longtime popular option for expats seeking low-effort residency in Spain, and no one is sure how long it will take to dissolve the visa completely. 

Designed to attract foreign investment, particularly in real estate, this visa has seen steady upward growth in applications over the past few years. With its many advantages—such as the ability to live, work, and travel freely within the Schengen Zone—it’s no surprise that more expats have chosen this route to settle in Spain. 

But the Spanish government’s decision has raised an important question: What does this mean for you?

When Is Spain’s Golden Visa Ending?

The Golden Visa program, formally known as the Investor Residency Visa, has come under heavy scrutiny recently, particularly as European governments face increased pressure to regulate or even end programs that offer residency in exchange for investment. Spain, like many other EU countries, has faced criticism for allowing wealthy individuals to essentially “buy” their way into the country and the people have had their way.

Spain’s Golden Visa program is officially ending as part of the government’s efforts to prioritize affordable housing for its citizens. Announced on April 8, 2024, by Prime Minister Pedro Sánchez, the decision responds to rising real estate prices and the program’s perceived role in exacerbating housing shortages, particularly in major cities. How quickly the government closes its doors to new applicants is largely dependent on demand and pressure on local governments.

So, what does this mean for potential applicants?

A Golden Visa Opportunity

We’ve seen this happen before: Portugal, Spain’s neighbor, recently excluded real estate investments from its Golden Visa program, citing concerns over the program’s impact on the local housing market and affordability for residents. Portugal’s program ended swiftly and expats are out one more option. And, while it may take the Spanish government some time to officially begin denying all golden visa applications, there is a lengthy process involved in approving an application. 

So if you’re thinking about applying, now is the time to act. With the imminent changes to the law, expats who qualify should consider starting the application process sooner rather than later to avoid missing this opportunity entirely. it’s worth noting that the Golden Visa program attracted approximately €580 million in foreign investment in 2023, predominantly through real estate acquisitions​. This trend indicates a strong interest in the program, despite the changes that will soon limit the opportunity altogether.

What Are the Benefits of the Golden Visa?

The Golden Visa provides numerous benefits for non-EU nationals, including many Americans, who want to relocate to Spain. Here’s what makes it so appealing:

1. Residency and Freedom to Travel: One of the primary benefits is that it grants residency in Spain, with the freedom to live and work there. Additionally, Golden Visa holders can travel freely within the Schengen Zone, which includes most European countries.
2. Path to Spanish Citizenship: Although the Golden Visa does not immediately grant citizenship, it provides a pathway to obtaining Spanish citizenship after living in Spain for a set number of years (typically ten years of residency). During this period, visa holders enjoy the same residency rights as Spanish nationals, including access to healthcare and education.
3. Family Benefits: The visa extends to immediate family members, allowing them to also live and work in Spain. This makes it an excellent option for families looking to relocate and enjoy the benefits of living in Europe.
4. No Minimum Stay Requirement: Unlike other residency programs, the Golden Visa does not require a minimum stay in Spain. You can live elsewhere and still maintain your residency status, as long as you fulfill the visa’s investment requirements.
5. Quality of Life: Spain offers an excellent lifestyle, with warm weather, rich culture, and a relatively low cost of living compared to other European countries. The National Health System provides top-notch healthcare to residents, and private health insurance options are also available and affordable.

If you’re curious about the pros and cons of living in Spain, read our full article for expats.

What Are the Requirements for a Golden Visa?

The Golden Visa’s main requirement is an investment in Spain, and there are several ways to fulfill this, including:

1. Real Estate Investment: The most common route to obtaining the Golden Visa is through purchasing real estate valued at €500,000 or more. The property can be residential, commercial, or a combination of both, and multiple properties can be purchased as long as the total investment exceeds the €500,000 threshold.
2. Capital Investment: Another option is to make a €1 million investment in a Spanish bank or investment fund, or purchase €2 million in Spanish government bonds.
3. Business Investment: If you plan to start a business in Spain, you may qualify for the Golden Visa by investing in a company that creates jobs or makes a significant economic contribution to the country.
4. Job Creation: Entrepreneurs who create jobs for Spanish citizens or make substantial investments that benefit the local economy can also qualify for the visa.

In addition to these investment requirements, applicants must meet certain criteria, including:

• Be over the age of 18.
• Have no criminal record.
• Obtain private health insurance valid in Spain.
• Prove sufficient financial resources to support yourself and your family in Spain.

Act Now Before It’s Too Late

So, when will Spain’s golden visa end? After the prime minister’s announcement in April, people don’t have long to apply for the final round. As seen with Portugal’s decision to exclude real estate investments from its Golden Visa program, changes can occur rapidly. With the possibility of application requirement changes or cancellations in the near future, waiting seems like a luxury that even the wealthy can’t afford anymore. 

If you’re thinking about applying for the Golden Visa, it’s better to act quickly. By applying now, you can secure your residency in Spain before the restrictions come into force. Our experienced immigration attorneys are ready to help you navigate the application process, ensuring that you meet all the necessary requirements to submit your application efficiently and navigate any hurdles that might come up.

Conclusion: A Limited-Time Opportunity?

With Portugal having already removed real estate from its Golden Visa program, we have a point of reference for Spain’s Golden Visa future. While it’s still possible to apply, the Spanish government has pushed forward changes that will limit your ability to secure a visa in the near future. For expats, investors, and families looking to relocate to Spain, now is the time to take advantage of the opportunity while the program is still active.

If you’re interested in moving to Spain and securing residency through the Golden Visa, contact us today to begin your application process with our qualified, experienced team of attorneys.

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