Spain’s Golden Visa Ending January 2025: What Investors Need to Know

November 13, 2024

By David Bornstein

There has been a lot of discussion online about the opportunity to apply for Spain’s Golden Visa ending January 2025. The Golden Visa has been a gateway to residency for non-EU nationals who invest at least €500,000 in Spanish real estate. This development aligns with the Spanish government’s renewed efforts to tackle housing affordability challenges and curb property speculation that can drive up real estate prices. For those considering property investment as a pathway to Spanish residency, now is the time to act before this program closes early next year (Schengen News).

Under the existing Golden Visa program, which began in 2013, investors could gain residency rights by purchasing real estate, investing in Spanish businesses, or contributing to other government-sanctioned projects. The visa allows holders and their families to live in Spain with renewable permits and facilitates travel throughout the Schengen Area. While still awaiting approval in the Senate, Spain’s Ministry of Inclusion, Social Security, and Migration has confirmed that the program will likely not accept new applicants after the proposed January deadline. This aligns with policies in other European countries, such as Portugal and Ireland, that have also scaled back or phased out their Golden Visa programs in response to housing and economic concerns (The Local).

It is important to emphasize that current Golden Visa holders will retain their residency rights and can continue to renew their permits, ensuring that existing investors are not affected by the policy change. This continuity offers peace of mind to those who have already invested under the program’s guidelines, knowing that they can continue to reside and invest in Spain with confidence. Renewals will proceed as usual, honoring the terms under which these visas were initially granted (Schengen News).

For those considering Spain as an investment and residency destination, time is of the essence. The soon-to-be-closed Golden Visa program presents a final opportunity to secure Spanish residency through real estate investment. With the deadline looming, interested parties are encouraged to move swiftly on property searches and purchases to take advantage of the program’s benefits before they are phased out. Property buyers who initiate the process before January 2025 can secure residency rights in Spain, providing access to not only the Costa del Sol’s real estate market but also Spain’s lifestyle, climate, and access to the broader Schengen Zone.

In recent years, Golden Visa programs across Europe have come under scrutiny, with governments reassessing their impacts on local housing markets. Spain’s decision to end its program reflects a broader European trend, emphasizing affordable housing for citizens and aiming to counteract speculative real estate practices. This change marks the end of a significant era for international investors drawn to the Costa del Sol and other prime locations in Spain (The Local).

For those interested in the Golden Visa, the time to act is now. By purchasing property before the proposed January 2025 deadline, investors can secure not just an asset in Spain’s sought-after real estate market but also the accompanying residency rights that will remain available only to those who act in time. Read more about Visa and Residence Permit Options for foreign buyers here.

Further Reading:

1. Schengen News. “Spain to Discontinue Golden Visa Benefits from January 2025.” Published on November 5, 2024.
2. The Local. “Spain Edges Closer to Cancelling Golden Visas in January 2025.” Published on November 5, 2024.