Spanish Senate Blocks Bill to End Golden Visa Program
Spanish Senate Vetoes Bill to Abolish Golden Visa Program, Leaving Future Uncertain
On December 2, the Spanish Senate vetoed the Judicial Efficiency Bill, which included provisions to terminate Spain's Golden Visa Program. The veto, led by the Popular Party (PP) with a Senate majority, sends the bill back to Congress for reconsideration.
Renewed Efforts to Abolish the Golden Visa Program
In April 2024, Spain announced plans to end the Residency by Investment scheme, with Prime Minister Pedro Sanchez emphasizing the need to prioritize housing as a right rather than a speculative market. On November 14, the Congress of Deputies approved the bill to abolish the program under the Law of Efficiency of Justice.
The legislative process required the bill to pass through the Senate for amendments and return to Congress for final approval before being published in the Official State Bulletin and becoming law, initially expected in January 2025. However, the Senate’s veto casts doubt on the bill’s future.
Golden Visa Program Still Active Amid Legislative Uncertainty
Despite the push for abolishment, the program remains active, with 573 Golden Visas issued through real estate investment since the April 2024 announcement. From January to October 2024, a total of 780 Golden Visas were granted, with an average investment of €657,204 per applicant.
Documents accessed by the Europa Press agency reveal that beneficiaries of the program primarily come from Saudi Arabia, Qatar, the United Kingdom, Ukraine, and Serbia.
What’s Next?
The bill now returns to Congress for further deliberation. If passed, it will need to be published in the Official State Bulletin to take effect. Until then, Spain’s Golden Visa Program continues to attract foreign investors, leaving the future of the scheme uncertain.
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