The end of the Golden Visa in Spain seems to have definitively arrived, or at least that is what a recent resolution from the country’s Congress suggests, regarding the draft law on the efficiency of public justice services.
This law includes an amendment that would eliminate the program, following several failed attempts by Pedro Sánchez’s government earlier this year.
Does this mean an imminent end for investments under the “Golden Visa”? There’s no need for alarm just yet. The government itself has tentatively set January 2025 as the implementation date.
On the other hand, as we have previously noted, this is not the first attempt. Let’s review the developments of recent months in Spain.
Timeline of the End of the Golden Visa in Spain
The first announcement came in April this year. The head of government stated that ending the program would improve access to housing, whose prices have risen in recent years, not just in Spain but across Europe.
“We will take the necessary measures to ensure that housing is a right and not merely a speculative business,” Sánchez declared.
The next chapter came in May. In the middle of that month, the PSOE was forced to withdraw its reform project to the Land Law, an initiative that, among other aspects, included a partial amendment to eliminate the “Golden Visa” for real estate investment.
By late July, Sánchez’s government decided to persist, this time through an amendment to the Law on Justice Efficiency and Consumer Protection.
The proposed legal initiative would completely eliminate the Golden Visa: it would revoke the option to invest in real estate, as well as investments in Spanish public debt securities, shares, or social contributions in Spanish companies.
The legislative process began in September but moved slowly, as more than a thousand amendments to the same bill were proposed in addition to the government’s initiative.
Criticism came from all sides, both opposition and government allies. It was labeled a populist measure, one that would only affect the luxury housing market and fail to address the issue of housing shortages.
What Is the Current Situation?
The amendment passed the Justice Committee in the Spanish Parliament, with 20 votes in favor and 17 against. It must now proceed to the floor of the Congress of Deputies and subsequently to the Senate.
The law containing the amendment will only have legal effect once it has been approved by both chambers and received royal assent.
According to IMI Daily, if the initiative successfully completes the legislative process, it could come into force in January 2025.
Furthermore, a transitional provision has been established to allow investors and their families who have applied for the Golden Visa before the new law comes into effect to retain their current status.
Do You Still Want to Invest in the Golden Visa in Spain?
As we’ve mentioned in previous blogs, while the new regulations have not been fully enacted, the current legislation remains in force.
This means you can still invest in a Golden Visa in Spain, but we recommend doing so as soon as possible, while the current conditions are still in place, and not at the last minute.
At AIM Global, our team of experts is ready to help you find the best investment option for this and other European visas.
Don’t delay this process—schedule a meeting with us. The first one is completely free. Don’t miss this opportunity to start turning your dream of becoming a global citizen into reality today.
