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News
Spain Ends 'Golden Visas' After 12 Years
“
18
ABR
Spain Ends 'Golden Visas' After 12 Years
Between 2013 and 2025, nearly 16,000 visas will have been granted to non-EU foreign citizens, barely 0.3% of the residential market transacted.
On April 3, the amendment to Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, came into force. This law eliminates investment visas, better known as 'golden visas,' following the publication on January 3 of Organic Law 1/2025, of January 2, on measures to improve the efficiency of the Public Justice Service. The first law approved in 2025 provided a three-month period for the repeal of Articles 63 to 67 of Law 14/2013, which until now regulated the residency regime for foreigners who make significant investments in the country, including the purchase of property in Spain for a minimum value of €500,000.
The "golden visa," or residence visa for investment, was originally designed to attract foreign investment in the context of the economic crisis back in 2013, encouraging the acquisition of real estate and other assets such as public debt, investment funds, or investments in Spanish companies or projects of general interest.
It was created during Mariano Rajoy's (PP) term, as were other European economies such as Portugal and Greece after the outbreak of the 2008 crisis. It was initially granted for two years and could be renewed for successive five-year periods, provided the investment was maintained. Furthermore, it was not necessary to reside permanently in Spain to maintain it, allowing freedom of movement within the Schengen Area.
Already in the previous term, former minister and now Governor of the Bank of Spain, José Luis Escrivá, stated that the Executive was working to review the conditions of this visa. It was in April 2024 when Prime Minister Pedro Sánchez announced the elimination of this visa for home purchases. At the time, the Government justified ending the "golden visa" by the increase in home purchases by non-resident foreigners starting in 2022, especially British nationals (after Brexit), Russians, Chinese, and Latin Americans.
On April 3, the amendment to Law 14/2013, of September 27, on support for entrepreneurs and their internationalization, came into force. This law eliminates investment visas, better known as 'golden visas,' following the publication on January 3 of Organic Law 1/2025, of January 2, on measures to improve the efficiency of the Public Justice Service. The first law approved in 2025 provided a three-month period for the repeal of Articles 63 to 67 of Law 14/2013, which until now regulated the residency regime for foreigners who make significant investments in the country, including the purchase of property in Spain for a minimum value of €500,000.
The "golden visa," or residence visa for investment, was originally designed to attract foreign investment in the context of the economic crisis back in 2013, encouraging the acquisition of real estate and other assets such as public debt, investment funds, or investments in Spanish companies or projects of general interest.
It was created during Mariano Rajoy's (PP) term, as were other European economies such as Portugal and Greece after the outbreak of the 2008 crisis. It was initially granted for two years and could be renewed for successive five-year periods, provided the investment was maintained. Furthermore, it was not necessary to reside permanently in Spain to maintain it, allowing freedom of movement within the Schengen Area.
Already in the previous term, former minister and now Governor of the Bank of Spain, José Luis Escrivá, stated that the Executive was working to review the conditions of this visa. It was in April 2024 when Prime Minister Pedro Sánchez announced the elimination of this visa for home purchases. At the time, the Government justified ending the "golden visa" by the increase in home purchases by non-resident foreigners starting in 2022, especially British nationals (after Brexit), Russians, Chinese, and Latin Americans.
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