Cancellation of the Golden Visa Program in Spain: What Should Investors Do?
Cancellation of the Golden Visa Program in Spain: What Should Investors Do?
In December 2024, the Spanish government announced the abolition of the Golden Visa program, which provided residence permits to foreign investors in exchange for significant investments in the country's economy. This decision came into force on December 31, 2024 and was aimed at alleviating the housing crisis associated with rising real estate prices and speculation in the market.
Reasons for canceling the program
Since the introduction of the program in 2013, about 6,200 visas have been issued, mainly to investors from China, Russia and Iran. However, according to the government, 94% of golden visa applications were related to real estate investments, which contributed to rising prices and made it difficult for locals to access housing. President Pedro Sánchez stressed the need to ensure the right to housing, not to make it an object of speculation.
Actions for current and potential investors
For those who have already applied:
-
Check the status of your application. Please contact your legal representative or the relevant government authorities to clarify the current status of your request.
-
Stay tuned for official announcements. Transitional provisions are possible for applications submitted before December 31, 2024.
For potential investors:
- Consider alternatives. Although the golden visa program has ended, there are other opportunities for investment and residency in Spain, such as visas for highly skilled professionals or entrepreneurs.
Conclusion
The abolition of Spain's golden visa program is a significant change for foreign investors. However, the country's real estate market still offers many attractive opportunities. If you are interested in purchasing real estate in Spain, our company is ready to provide professional assistance and support at all stages of the transaction. Contact us for detailed advice and individual offers.