The Spanish government has taken a landmark step in immigration policy by deciding to eliminate the Golden Visa program. Since its introduction in 2013, this visa has allowed non-EU citizens to obtain Spanish residency through significant investments. Over the past decade, it has played a pivotal role in attracting foreign capital, particularly in the real estate, financial, and business sectors.
However, this chapter is coming to an end. On November 14, 2024, the Spanish Congress approved the repeal of articles 63 to 67 of Law 14/2013, effectively dismantling the Golden Visa regime.
Why Is This Important?
The Golden Visa has been a key tool in making Spain a competitive destination for international investors. By facilitating residency for those willing to invest in Spain’s economy, the program boosted sectors like real estate, banking and investment funds, and entrepreneurial ventures.
Now, with the approved repeal, the Golden Visa will no longer be available. The official text is expected to be published in the Spanish Official Gazette (BOE) before December 31, 2024, with the changes set to take effect within three months. If this timeline is confirmed, the Golden Visa program will formally end by March 2025.
What Happens Until Then?
Despite the repeal, there is still a window of opportunity for those considering the Golden Visa. Applications in all its modalities – whether tied to real estate, financial assets, or business ventures – can still be submitted and processed under the current regulations.
This means investors have until the new law comes into force to take advantage of this pathway to Spanish residency.
What Does the Future Hold?
The end of the Golden Visa raises important questions about Spain’s approach to immigration and investment. While the decision marks the close of a significant policy, it also prompts reflection on how Spain will continue to attract and support international investment in the future.
If you are an investor or professional navigating these changes, it’s essential to stay informed and act decisively during this transitional period.
Need Guidance?
For those considering a Golden Visa or seeking clarity on Spain’s evolving immigration framework, professional advice is crucial. Our team is here to provide tailored support and help you make informed decisions in this shifting landscape.
If you’re not familiar with what the Golden Visa is and how it works, we encourage you to check out our earlier post, where we break down its benefits, requirements, and the step-by-step process for obtaining it. This background will give you a clearer understanding of why this program has been so significant and how the upcoming changes might affect potential applicants.
Contact us today to explore your options before the deadline.
