Recent Updates: Spain Golden Visa Closing This January

In a major policy shift, the Spanish government has secured a legislative path to terminate its golden visa program, which grants residency rights to wealthy non-EU nationals who invest in Spanish property. Spain is set to close the golden visa program by January, marking a definitive end to this residency option.

The ruling Socialist Party (PSOE) strategically inserted the termination as an amendment to the Bill of Measures Regarding the Efficiency of the Public Service of Justice and Protection of Consumer Rights, currently being processed by the Justice Committee.

The amendment would effectively nullify Spanish golden visa program by removing key qualifying articles from existing law.

Despite opposition from major parties like Partido Popular and Vox, the bill passed the Justice Committee with 20 votes in favor and 17 against. It must now clear debates in both Congress and the Senate before becoming law.

If the legislation successfully navigates the complete legislative process, the changes could take effect as early as January 2025. This development has created a limited window of opportunity for investors seeking to secure their golden visa before the program closes.

We anticipate a surge in applications as investors rush to take advantage of this final chance to obtain Spanish residency through property investment.

The legislation includes a transitional provision protecting applications submitted before the law takes effect, but the timeframe for investors to apply is rapidly diminishing.

As the Spanish golden visa program is set to close in January 2025, interested investors are encouraged to act promptly to explore their options and solidify their path to Spanish residency before this unique opportunity comes to an end. To do that, contact Savory & Partners today to book a comprehensive consultation with one of our experts.