On April 3, 2025, Spain officially ended its residency-by-investment visa—commonly known as the «Golden Visa»—marking the close of a chapter that began during the economic crisis of 2013.
The Golden Visa scheme was introduced to attract foreign capital at a time when the Spanish economy was recovering from recession. The law allowed non-EU nationals to obtain Spanish residency by making substantial investments in the country, most notably through the purchase of real estate valued at €500,000 or more.
Over the last decade, the program granted over 10,000 residency permits based on real estate investment alone. Although these figures represent a small fraction of Spain’s overall property transactions, the impact in certain regions—such as Madrid, Barcelona, Málaga, and the Balearic Islands—was more pronounced. In some municipalities, purchases under the Golden Visa scheme accounted for up to 10% of total sales.
Why Has Spain Ended the Program?
The decision to phase out the Golden Visa was made official with the enforcement of Ley Orgánica 1/2025. The law eliminated key sections of Ley 14/2013, which had governed the program. According to the Spanish government, the move responds to rising concerns about housing accessibility, particularly in popular cities and coastal areas where foreign investment has contributed to rising property prices.
The government also cited a shift in the profile of foreign buyers since 2022, with a growing number of non-residents from countries such as China, the UK, Russia, and several Gulf and Latin American nations acquiring high-value properties without the intention of relocating to Spain.
As a result, the program was deemed to be fueling speculation and reducing housing availability for local residents, especially in urban centers and high-demand tourist areas.
📩 If you have questions about how this change might affect your residency plans or need guidance on alternative legal pathways to live in Spain, feel free to contact our team at info@sternaabogados.com. We’re here to help.
What Happens to Existing Golden Visa Holders?
Individuals who already hold a Golden Visa will not be affected retroactively. Their permits remain valid, and renewals will continue under the legal framework in place when they were first granted. However, no new applications under this investment route will be accepted from April 3, 2025, onward.
This includes applications involving real estate investment, as well as other eligible investment types like government bonds or shares in Spanish companies, which were part of the broader Golden Visa scheme.
Conclusion
Spain’s decision to end its Golden Visa program signals a broader shift in European immigration and housing policy, emphasizing long-term residency, transparency, and access to affordable housing. While this change closes one option for residency, there are still several viable and strategic alternatives available to non-EU nationals looking to relocate to Spain.
At Sterna Abogados, our team of immigration specialists is ready to help you evaluate your options and choose the residency pathway that best fits your goals.