On December 14, 2024, Spain’s Congress of Deputies took a historic step by approving the end of the Golden Visa program, officially known as the Investor Authorization. This residency-by-investment program, introduced in 2013 during Mariano Rajoy’s administration, allowed non-EU nationals to gain Spanish residency by investing over €500,000 in real estate or making other substantial investments. The decision comes after seven months of legislative maneuvering, following Prime Minister Pedro Sánchez’s announcement to eliminate the program in April.
What Is the Golden Visa, and Why Is It Ending?
The Golden Visa was part of the Entrepreneurs Law (Law 14/2013) and was designed to attract foreign investment. It granted residency to individuals who:
- Purchased property worth €500,000 or more.
- Invested €2 million in Spanish government bonds.
- Invested €1 million in shares or capital of Spanish companies.
- Placed €1 million in Spanish investment funds or bank deposits.
- Developed a business project of general interest that created jobs, stimulated economic growth, or promoted scientific/technological innovation.
Critics of the program argued that it disproportionately benefited wealthy individuals while doing little to address broader economic challenges or social inequality in Spain. The move to eliminate it was part of a broader legislative package, the Law for Judicial Efficiency, which passed the Congress plenary session and now awaits approval in the Senate.
How Was the Program Dismantled?
The abolition of the Golden Visa was achieved through a last-minute amendment to the judicial efficiency bill, which was passed during a parliamentary session. This amendment repeals key articles (63–67) of the Entrepreneurs Law, effectively removing the program’s legal framework. These articles outlined the requirements for Golden Visa eligibility, how investments were verified, the residency effects of the visa, and its renewal conditions.
The amendment was introduced in a closed-door meeting, during which opposition party deputies were absent due to the DANA tragedy, which suspended their activities. Despite the controversy over this procedural approach, the law moves forward.
Golden Visa Countdown: Final Deadline Announced
On January 3, 2025, the law was officially published in the BOE (Official State Gazette), giving a deadline of April 3, 2025, to end the Golden Visa program. This three-month window allows for the submission of final applications under the existing rules before the program’s definitive termination.
What About Current and Pending Applications?
To protect those already in the system, the government introduced a transitional provision. This ensures that:
- Investors and their families who applied before the law’s enforcement will still be eligible for the visa.
- Current Golden Visa holders can maintain and renew their residency status under the existing rules.
The Impact on Spain’s Real Estate and Investment Markets
Since 2016, nearly 11,000 Golden Visas have been issued, according to Spain’s Ministry of Housing and Urban Agenda (MIVAU). While the program has been popular among non-EU investors, especially for purchasing high-value real estate, experts believe its elimination will have a limited impact on Spain’s residential property market.
This is because only a small percentage of Spain’s overall real estate transactions are linked to the Golden Visa. Additionally, the majority of these visas were issued for real estate purchases, with far fewer investors opting for financial instruments like public debt or equity in Spanish companies.
Golden Visa investment by Nationality 2018-2022
The following data highlights the diverse origins of investments made through Spain’s Golden Visa program from 2018 to 2022. Investors from the United States lead in total contributions, with a staggering €1.57 billion invested through just 113 applications, averaging approximately €13.9 million per application. China, while leading in the number of applications (1,302), contributed €768 million, resulting in a much lower average investment of around €589,000 per application. Mexico follows with €648 million across 67 applications, showcasing a significant average investment of €9.67 million per applicant.
Interestingly, Japan, despite having only 3 applications, contributed €501 million, leading to the highest average investment per application at €167 million. Other notable contributors include Russia (€436 million), the United Kingdom (€179 million), and Iran (€72 million).
This data underlines the varying investment strategies by nationality, with some countries prioritizing high-value investments and others contributing through a larger volume of smaller applications. It also shows how the Golden Visa program attracted substantial capital, particularly in the real estate sector, from diverse global markets.
| Ranking | Country | Applications | Total Investment (€M) | Average Investment (€M) |
| 1 | USA | 113 | 1570 | 13.9 |
| 2 | China | 1302 | 768 | 0.6 |
| 3 | Mexico | 67 | 648 | 9.7 |
| 4 | Japan | 3 | 501 | 167.0 |
| 5 | Russia | 521 | 436 | 0.8 |
| 6 | United Kingdom | 123 | 179 | 1.5 |
| 7 | Iran | 124 | 72 | 0.6 |
| 8 | Philippines | 67 | 56 | 0.8 |
| 9 | Ukraine | 62 | 43 | 0.7 |
| 10 | Argentina | 43 | 40 | 0.9 |
| 11 | Kuwait | 19 | 37 | 1.9 |
| 12 | Egypt | 67 | 37 | 0.6 |
| 13 | Kazakhstan | 35 | 36 | 1.0 |
| 14 | Turkey | 40 | 31 | 0.8 |
| 15 | Algeria | 46 | 29 | 0.6 |
Source: Ministerio de Asuntos Exteriores Via Ley de Transparencia.
Final Thoughts
The Golden Visa’s repeal marks a shift in Spain’s approach to residency-by-investment programs, signaling a greater focus on equity and economic inclusivity. However, those who are currently benefiting or plan to apply in the coming months still have a window of opportunity. The law is not yet in effect, and once published in the BOE (Official State Gazette), a three-month grace period will allow new applications to be submitted under the existing rules.
If you’re considering applying, time is of the essence. Consulting with an expert can ensure that your application is completed accurately and efficiently.
