Spain Closes Doors on Golden Visas

Charlie Spain 3 April 2025 | Updated On April 7, 2025 | 0

Spain has officially brought its Golden Visa Program to an end, with the scheme ceased on April 3, 2025.

Launched in 2013 under Prime Minister Mariano Rajoy, the program allowed non-EU nationals to gain Spanish residency—and visa-free access to the Schengen Area—by making qualifying investments in the country, primarily through real estate. The minimum investment required was €500,000, and since its inception, 14,576 Golden Visas have been issued, contributing significantly to Spain’s economy.

However, despite offering various investment routes, a staggering 95% of all Golden Visas were granted through property purchases.

The government’s decision to terminate the Golden Visa Program stems largely from its unintended impact on the housing market. The influx of wealthy foreign investors—particularly in high-demand cities like Madrid and Barcelona, as well as Malaga, the Balearic Islands, Alicante, Girona, and Valencia—has been blamed for driving up property prices and making housing increasingly unaffordable for locals.

In April 2024, Spanish Prime Minister Pedro Sánchez announced plans to scrap the scheme, arguing that housing should be “a right, not a speculative business.”

The Spanish Congress of Deputies approved the abolishment of the Golden Visa Program in December 2024, passing the motion with 177 votes in favor and 170 against.

The change was formalised through Organic Law 1/2025, published in the Official State Gazette (BOE) on January 3, 2025. As outlined by the law, the program would officially end three months after publication—bringing us to the April 3 cutoff.

Who Benefited the Most?

Foreign investors from China, the United States, Russia, and the United Kingdom were among the main recipients of the visas.

Even after Sánchez’s announcement, interest in the program remained strong.

Between January and October 2024, 780 Golden Visas were issued many of them after the termination plans were revealed. Industry insiders estimate that around 500 more visas were granted in the first three months of 2025 alone.

With its official end now in effect, Spain is turning its focus toward prioritising affordable housing for its residents.

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