By Anna Calbet and Liudmila Gnybida
After a decade in effect, the Golden Visa program, which allows residency in Spain through investment, is coming to an end. According to Organic Law 1/2015, Articles 63, 64, 65, 66, and 67 of Law 14/2013 will be repealed as of April 3, 2025, marking the end of one of the fastest and most effective routes to obtain residency in Europe.
What is the Golden Visa, and why has it been so successful?
Launched in 2013 to revive the Spanish economy during the financial crisis, the Golden Visa program attracted over €10 billion in investments and facilitated the issuance of approximately 14,000 visas. Through this program, foreign investors could obtain a residency permit by investing, among other options (bonds, bank deposits, shares, or stakes in Spanish companies, etc.), in real estate in Spain with a minimum value of €500,000, while enjoying freedom of movement across Europe.
However, the program has faced criticism from the current government, led by President Pedro Sánchez, who announced its closure on April 8, 2024. After months of debate, Congress approved the measure on November 14, 2024, and, following amendments, the deadline for applying for this visa was set for April 3, 2025.
What are the implications of the Golden Visa's elimination?
Until April 3, 2025, any submitted application will be processed under the current regulations, allowing applicants to access the benefits of the Golden Visa. This deadline represents a unique opportunity for those who still wish to take advantage of this route before it is permanently closed.
Additionally, renewals of these permits will be governed by the legislation in force at the time of the initial authorization, enabling most authorizations to be renewed without issue.
Alternative Residency Options in Spain
Although the Golden Visa program is ending, there are still attractive alternatives to obtain residency in Spain:
Residency for Entrepreneurs: Tailored for startups and innovative businesses looking to establish themselves in Spain.
Residence permit for highly qualified professionals: Intended for foreign professionals and their families.
Digital Nomad Visa: Perfect for professionals working remotely who wish to reside in Spain.
Non-Lucrative Residence Visa: Designed for individuals with stable passive income who do not intend to work in Spain.
Take Advantage of the Final Months of the Program!
With less than three months remaining, the closure of the Golden Visa marks a turning point in Spain's strategy to attract foreign investment.
If you are considering this option, now is the time to act.
Our team at GràciaCalbet is ready to guide you through every step of the process, ensuring your application meets all legal requirements before the deadline.
For more information on how to apply for the Golden Visa or explore other residency options, contact us today.
