Farewell to the Spain Golden Visa: What You Need to Know

On December 14, 2024, the Spanish Congress of Deputies approved the elimination of the Golden Visa, officially known as the Investor Authorization. While the law has yet to be published in the BOE (Official State Gazette), this marks a significant shift in Spain’s immigration policy, particularly for those seeking residency through investment.

What is the Investor Authorization?

The Investor Authorization has been a popular pathway for individuals to obtain Spanish residency by making substantial financial investments in the country. These investments include:

• €2 million in Spanish public debt.
• €1 million in shares or social capital of Spanish companies engaged in legitimate business activities.
• €1 million in investment funds registered in Spain.
• €1 million in Spanish bank deposits.
• Acquisition of real estate worth €500,000 or more.
• Business projects deemed of general interest, evaluated based on job creation, economic impact, or contributions to scientific and technological innovation.

This program attracted investors from countries like the United States, China, Mexico, Japan, Russia, and the United Kingdom. Notably, most applications were tied to real estate purchases, with only 6% stemming from investments in financial assets such as public debt or corporate shares.

When Will the Golden Visa No Longer Be Available?

Although the law has been approved, it is not yet in effect. It will become enforceable three months after its publication in the BOE. If published in the coming days, this would give potential applicants until, latest, April 2025 to submit their applications under the existing rules. Sterna Abogados specializes in this kind of visa, therefore, make sure to get professional advice by contacting us at info@sternaabogados.com

What Happens to Current Golden Visa Holders?

For those who already hold the Investor Authorization, there’s no need to worry. Existing permits will remain valid, and holders can renew them as usual. Similarly, any applications submitted before the law’s effective date will continue to be processed under the current framework.

Why Is Spain Eliminating the Golden Visa?

The decision to end this program is part of broader legislation aimed at improving judicial efficiency and repealing sections of the Entrepreneurs Law, under which the Golden Visa was established. Critics of the program have argued that it disproportionately benefits wealthy individuals without contributing significantly to Spain’s broader economic or social goals.

Final Thoughts

The elimination of the Golden Visa marks the end of an era for Spain’s residency-by-investment scheme. However, those already benefiting from the program or planning to apply within the next few months can still take advantage of it. If you’re considering applying, now is the time to act.