Spain to End Real Estate Route in Golden Visa Program by January 2025

Charlie Immigration updates 15 November 2024 | Updated On November 19, 2024 | 0

On November 14, 2024, Spain’s Congress of Deputies approved a bill to eliminate real estate investment as a pathway in the country’s Golden Visa Program. This follows recent amendments to the Law for the Efficiency of Justice, officially passed during a Plenary Session of Congress.

According to local reports, the real estate investment route in Spain’s Residency by Investment Program is likely to be abolished by January 2025. However, the bill will still go through the Senate for potential amendments before returning to Congress for final approval.

Ending Real Estate Investment for Residency

Spain’s Golden Visa Program provides residency options for non-EU nationals willing to invest financially in the country. Foreign investors can currently choose from several pathways under this program, including real estate investment, business development, and capital transfers. The real estate investment option has been the most popular, allowing investors to obtain residency by purchasing property valued at €500,000 or more.

Prime Minister Pedro Sanchez highlighted earlier this year that 94 percent of Golden Visas were granted based on real estate investments in high-demand areas like Madrid, Barcelona, Malaga, and Valencia. Sanchez has argued that these investments have contributed to Spain’s ongoing housing crisis. In response, he announced plans in April to phase out this option to prioritise housing as a basic right rather than a speculative venture.

The Golden Visa Program has been an economic driver for Spain, particularly through the real estate pathway. In 2022, Spain issued 2,462 Golden Visas through real estate investments of €500,000 or more—a 60 percent increase over 2021.

The figures from the Spanish Ministry of Foreign Affairs revealed that of the total 33,237 residence permits issued through the Golden Visa Program, 12,723 are real estate investors then the rest are business investors and family members.

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