Act Now: Changes Ahead for Spain’s Golden Visa Program

The Spanish Golden Visa program has been a popular pathway for non-EU citizens to obtain residency in Spain through investment. Introduced as a way to attract foreign capital, the program offers various investment options, with the most favored being a minimum of €500,000 in real estate. Other routes include bank deposits, shares in Spanish companies, or public debt.

Santiago Lapausa, economist and partner at Cobo Blazquez & Carretero Law Firm explains how the program has gained widespread attention among international investors looking to benefit from Spain’s attractive lifestyle, stable market, and access to the broader Schengen area. However, significant changes are on the horizon.

Earlier this year, the Spanish Government announced its intention to eliminate the real estate investment option under the Golden Visa program. This proposal quickly escalated, with discussions extending to the potential termination of the entire scheme. Recent developments have made this a pressing issue for prospective applicants.

On November 14, Congress approved a bill to ban the Golden Visa scheme completely. The proposal is now awaiting review by the Senate, and it is widely anticipated that the changes will come into effect as early as January 2025. Until then, the program remains valid, offering a limited window of opportunity for those interested in applying.

For those considering Spain’s Golden Visa, the next few weeks are crucial. The benefits of the program are substantial, including the ability to live and work in Spain, access to quality healthcare and education, and visa-free travel across Schengen countries. However, the uncertainty surrounding its future means that swift action is essential.

Investors who act now can still secure residency under the existing terms. With real estate continuing to be a sound investment in Spain’s thriving property market, this may be the final opportunity to take advantage of the Golden Visa before the program undergoes its anticipated changes.

For clients considering luxury villas or properties that require time for a decision, there are alternative strategies to secure the Golden Visa now while options remain open. By investing €500,000 in an apartment or placing €1 million in a bank deposit, potential buyers can apply for the visa immediately. Once they finalize the purchase of their ideal villa, the visa will already be secured. Importantly, the €1 million deposit is refundable when the visa is cancelled, and the apartment can generate rental income and appreciate in value over time.

According to Santiago Lapausa, economist and partner at Cobo Blazquez & Carretero Law Firm, 'The Spanish Golden Visa program has provided a popular pathway to residency through a €500,000 real estate investment, among other options like bank deposits, shares in Spanish companies, or public debt.

With Congress moving to terminate the program completely, those considering an investment should explore alternatives such as securing a visa now with a €500,000 property or a €1 million deposit. These strategies allow clients to safeguard their residency while finalizing the purchase of a luxury home. Time is of the essence to take advantage of this opportunity

For those who have already invested and submitted their applications, the Golden Visa will still be granted even if it is approved after the ban comes into force. Additionally, existing Golden Visa holders can still renew their permits’

In conclusion, the Spanish Golden Visa has opened doors to new opportunities for thousands of investors. While its future remains uncertain, this moment presents both a challenge and an opportunity for those ready to act decisively. If obtaining residency in Spain through investment has been part of your plans, now is the time to move forward before the window closes. Whether for personal use, relocation, or as a valuable asset, investing in Spanish real estate now offers a unique chance to secure long-term benefits and residency rights.

In addition to the Golden Visa program, Spain offers other pathways to obtain residency if you are a non-EU citizen, depending on the personal and professional circumstances of the applicants:

• Residency for highly qualified professionals: This visa is designed for individuals with skills and experience in specific sectors that are of interest to Spain.
• Residency for international remote workers: If you work remotely for a company outside of Spain, you may apply for this visa, which allows you to live in the country while continuing to work.
• Residency based on social or family ties: This option is available to individuals who have lived in Spain for an extended period and have family or social connections in the country.
• Student visa: If you plan to study in Spain, you can apply for a student visa, which also allows you to work part-time.
• Residency for entrepreneurs: This visa is available for those with an innovative business project they intend to develop in Spain.

Interested in obtaining the Golden Visa? See our portfolio of properties over 500.000€

Pia Arrieta, 20 Nov 2024 - News