Spain Issues 573 Golden Visas Ahead of Ending Real Estate Investment Option
Spain Approves Bill to End Real Estate Investment Route for Golden Visa Program
Spain’s Residency by Investment Program, which grants residency to foreigners in exchange for financial investments, has long relied on its popular real estate investment option. Under this route, applicants could obtain residency by purchasing property worth at least €500,000.
However, in April 2024, Prime Minister Pedro Sánchez announced plans to discontinue this option to address Spain’s ongoing housing crisis. Despite this, critics argue that eliminating the real estate investment route may not effectively resolve housing challenges.
Legislative Progress
Earlier this month, Spain's Congress of Deputies approved a bill to ban the real estate investment option. The bill now awaits review and approval by the Senate. If passed, the law is expected to come into effect within three months, potentially phasing out the golden visa’s real estate option by the first or second quarter of 2025.
Top Beneficiaries of Spain’s Golden Visa Program
According to data accessed by Europa Press, the most significant beneficiaries of Spain’s Golden Visa Program in 2024 came from countries such as Saudi Arabia, Qatar, the United Kingdom, Ukraine, Serbia, and Türkiye. Additionally, nationals from Latin America, including Venezuela, Argentina, Brazil, Chile, Colombia, Honduras, the Dominican Republic, and Mexico, have also benefited significantly.
Notably, no Russian nationals received visas under the program this year, despite previously being among the top beneficiaries.
Contribution to Spain’s Economy
Figures from the Ministry of Housing and Urban Agenda reveal that approximately 11,000 golden visas have been issued since 2016. This highlights the program’s substantial contribution to Spain’s economy, particularly through foreign investments in real estate and other sectors.
Outlook
The decision to phase out the real estate investment route marks a significant shift in Spain’s Residency by Investment Program. While the program has attracted considerable foreign investment, the government’s move reflects growing efforts to address the housing crisis. The program's future may depend on how effectively alternative investment routes, such as startup or business investments, are implemented to maintain its economic impact.
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