Spain’s Plans to End Golden Visa Program Blocked By Senate

Charlie Immigration updates 10 December 2024 | Updated On December 13, 2024 | 0

Spain's plan to abolish its Golden Visa program, set to take effect in January 2025, has hit a snag.

Last month, the Spanish Congress approved the ban, but on December 2, the Senate vetoed the bill, delaying its implementation and possibly derailing it altogether.

The Senate, controlled by the center-right Partido Popular (PP), opposed the Judicial Efficiency Bill, which includes the Golden Visa ban, citing poor legislative drafting. The PP argued that combining the ban with unrelated rules on expedited trials for illegal squatting created a confusing “hodgepodge” of amendments.

While the Congress, led by Prime Minister Pedro Sánchez’s center-left coalition, can override the veto, political disagreements could prolong the process.

Dr. Jacinto Soler-Matutes of Emergia Partners estimates that, even with delays, the Golden Visa ban could take effect by April 2025 if ratified in upcoming Congress sessions.

Spike in Golden Visa Applications

The announcement of the ban has triggered a surge in Golden Visa applications.

Between April and October 2024, approvals rose to 95 per month, compared to 69 per month earlier in the year. By October’s end, 780 visas had been granted in 2024, with 573 issued after the ban was announced.

Interest in the program has been growing for years, with approvals surging from under 1,000 annually before 2022 to over 3,200 in 2023. Chinese and Russian nationals top the list of recipients, while US investors lead in total contributions, injecting €1.6 billion into the Spanish economy between 2018 and 2022.

Controversy Surrounding the Golden Visa

Spain’s Golden Visa program grants residency to non-EU investors who contribute €500,000 in property, €2 million in government bonds, or €1 million in company shares. Critics argue the scheme exacerbates Spain’s housing crisis by encouraging foreign property purchases. With 94% of applicants using the property route, opponents claim it inflates housing prices and leaves Spanish citizens struggling for affordable homes.

Additionally, beneficiaries need only spend one day per year in Spain to maintain residency, raising concerns about limited economic benefits. The European Commission has urged EU countries to end citizenship-by-investment programs, citing money laundering risks and tax evasion.

The fate of Spain’s Golden Visa program remains uncertain. While legislative delays have postponed the ban, growing criticism and political disagreements will likely shape its future. For now, applications continue to rise as investors rush to take advantage of the program before potential abolition.

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