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Date Published: 07/01/2025

Date confirmed for end to Spain's golden visa scheme

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The controversial residency programme linked to rising house prices in Spain is to be abolished

Date confirmed for end to Spain's golden visa scheme

The golden visa scheme, which allowed non-EU citizens to obtain Spanish residency through large financial investments, will officially end in April this year. The regulation was published in the Official State Gazette (BOE), following approval by Spain’s Congress of Deputies in November 2024.

Introduced in 2013, the scheme provided residency to investors who met certain thresholds, such as purchasing property worth over €500,000, acquiring more than €2 million in Spanish public debt, or investing over €1 million in Spanish stocks, companies or financial institutions. It also extended to business projects deemed to be of general interest.

The golden visa has faced increasing criticism in recent years, particularly in relation to its impact on housing prices, as wealthy investors purchased properties to qualify for residency. This has coincided with growing political tension around housing affordability in Spain.

Despite its initial aim of attracting foreign capital, the scheme has seen a significant decline in popularity, with only 451 golden visas issued in 2022 – a 50% drop from the previous year – though 573 were issued since April 2024 when the government announced plans to scrap the scheme.

Similar programmes have already been abolished in countries such as Portugal and Canada.

Under the new law, visas and renewals granted before the regulation’s entry into force will still be honoured. This includes existing visas for investors and their family members.

It is still possible to get a golden visa for those who act fast. For help applying before it’s too late, contact Heniam & Associates, experts in residency and paperwork in Spain:

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Heniam & Associates for Conveyancing, paperwork, legal advice and immigration throughout the Region of Murcia

Catering for the needs of expats living all over Spain, and particularly in the Costa Cálida and the Costa Blanca, Heniam & Associates offer a wide range of services including conveyancing, legal and administrative advice.

At the same time, their team of dedicated professionals appreciate the need to assist you in an easy and reliable manner, allowing you as much time as possible to enjoy your freedom, relax and make the most out of life in Spain. Without sacrificing efficiency, they offer personalised services to each and every client, listening to their needs in order to provide exactly the right service and desired outcome.

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Whether taking advantage of our conveyancing services or any other legal matter Heniam & Associates’ business partner HeniamLegal will represent you in the best possible way, excelling especially in their conveyancing service.

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