Spain declared the end of the Golden Visa. Is there time to apply?

From January 1st, 2025, Spain might stop issuing residence permits by investment, also known as Golden Visas.

Discussions about ending the programme began in spring 2024, with somewhat of a final decision made a few months later, on November 14th.

Let’s explore the reasons for the cancellation, the possible timeframe for the abolition, and the options left for investors.

Author • Igor Buglo

Head of the Maltese office, MBA

Spain declared the end of the Golden Visa. Is there time to apply?

Spain will no longer issue residence permits by investment. The Congress of Deputies has approved a law that will officially end the Golden Visa programme.

The changes might come into effect in January 2025, following publication in the country’s official gazette.

Idealista website suggests that the fate of the Golden Visa was decided behind closed doors on October 30th, 2024. It is worth noting that amendments to the organic law on obtaining residency by investment were submitted by September 2024.

The new law has been forwarded to the Senate for review. At this stage, senators may introduce amendments or delay the implementation by up to two months, but the bill can no longer be blocked.

However, the legislative process may be delayed. If the Senate uses two months to review the bill, changes may come into effect at the beginning of May 2025.

The law will not apply retroactively. This means that investors and their family members who submit applications before the expected date—January 1st, 2025—can still obtain Spanish residency.

The abolition of Golden Visas aims to prevent a housing crisis in the country. The decision is expected to make property more affordable for locals, particularly in major cities and tourist hotspots.

Can investors apply for a Golden Visa now?

They can. While the Golden Visa remains, investors have the following options:

Purchasing real estate worth over €500,000.
Buying shares in Spanish companies or units in investment funds starting from €1,000,000.
Opening a deposit in a Spanish bank for at least €1,000,000.
Investing in government bonds from €2,000,000.

The cancellation of programmes such as the Spanish Golden Visa usually does not affect those who have already obtained it. Residency permits will remain valid and can be renewed, provided the investor continues to meet the required conditions.

Golden Visas in Europe that are still available

Malta Permanent Residence Program has several investment conditions. Investors buy or rent real estate, pay government fees and make donations. They also confirm that they have assets of at least €500,000, where €150,000 are liquid financial assets.

In Greece, investors can obtain residency by investing at least €250,000 in real estate, securities, businesses, or by opening a deposit. Residency cards are renewed every five years as long as the investment is maintained.

Hungarian Golden Visa is granted for 10 years. To qualify, foreigners invest in local real estate funds, purchase residential property, or donate to Hungarian universities. The minimum investment is €250,000.

In Cyprus, investment grants permanent residency. Investors purchase real estate, shares in Cypriot companies, or securities in investment funds. The minimum investment is €300,000, and applicants must prove an overseas income of at least €50,000 annually.

Portugal requires a minimum investment of €250,000. Investors choose between supporting arts and cultural heritage, financing research activities, purchasing investment fund units, opening a company or investing in an existing business. If the investor and their family members remain Portuguese residents for 5 years, they can apply for permanent residence or citizenship.

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