The Golden Visa programme, which for more than a decade has allowed foreign investors to obtain residence permits in Spain in exchange for making significant investments, is facing its final deadline. From 3 April 2025, the possibility of obtaining this visa through the acquisition of real estate will be closed, marking the end of an era for this legal instrument.
The Golden Visa was introduced in 2013 as part of a Spanish government plan to attract foreign investment in an adverse economic context, where the economic crisis and the collapse of the real estate market required urgent solutions. This visa allows non-EU investors to obtain a residence permit if they make investments that exceed certain established thresholds. Law 14/2013, on support for entrepreneurs and their internationalisation, was the one that opened this door for foreigners, at a time when the country needed external capital.
In its current version, those who wish to obtain a Golden Visa must make investments that can range from the acquisition of real estate worth more than 500,000 euros, to the investment of more than 2 million euros in Spanish public debt, 1 million in Spanish companies or funds, or in projects that generate employment and promote innovation. This option is especially attractive for those interested in investing in property, as it not only facilitates obtaining residency, but also allows access to a high-yield real estate market.
However, the new legislation approved in January 2025, Organic Law 1/2025 on measures regarding the efficiency of the Public Justice Service, introduces significant modifications to Law 14/2013. Specifically, the twenty-first final provision eliminates the articles that regulate residence permits for investors, putting an end to the possibility of obtaining a Golden Visa. This reform will no longer be valid for new applications after 3 April 2025, although those who have already started the process or have active visas will be able to continue with their procedures in accordance with the regulations in force at the time of the application.
Requirements and procedures for the Golden Visa
For those who want to take advantage of the last few days of this option, it is important that the process is fully completed before the deadline. In the case of investment in real estate, the property is required to be duly registered in the Property Registry, with documents proving that the acquisition was made and registered within the stipulated deadlines.
The specific documents required vary depending on the investment modality chosen. For the purchase of real estate, the applicant must prove ownership of the properties by means of certificates from the Registry, while for investments in public debt or investment funds, additional documentation is required to validate ownership of the investment during the established time frames.
In addition to the investment, certain common requirements must be met, such as being over 18 years of age, having health insurance in Spain, having sufficient financial means to support oneself during the stay, and having no criminal record either in Spain or in the country of residence during the last five years.
What will happen to ongoing applications and current visas?
The new law includes transitional provisions that protect acquired rights. Thus, those who have submitted their application before 2 April 2025 will be able to proceed with the process in accordance with the regulations in force at the time of their application, provided that the investment is correctly registered.
Golden Visas that are already in force will remain valid until their expiry date, and renewals may be processed in accordance with the regulations in force at the time of the original grant.
Alternatives for those interested in residing in Spain
With the elimination of the Golden Visa, the alternatives for investors who wish to reside in Spain in the long term will be reduced. However, there are other residency options, such as visas for job search or permits for social, family or work ties. These options, together with the new reforms that will come into force in May 2025, offer alternative routes for those who wish to settle in the country.
As for the reform of the legislation on non-lucrative residence, the proposal for new taxes on homes acquired by non-EU residents also stands out as part of the government’s measures to curb the housing crisis.
Conclusion
The deadline of 3 April 2025 marks a milestone in the history of the Golden Visa programme in Spain. While those still interested in this type of residence should hurry up with the paperwork, the recent reform opens up new options and challenges for those who wish to stay in Spain in the long term.
Sara Gámez Córdoba.
