The Spanish Senate has vetoed the Efficiency in Justice Bill, with which Pedro Sánchez’s government wants to end Spain’s Golden Visa.
The measure was rejected in the Upper House, where the opposition holds an absolute majority, sending the text back to Congress for reconsideration.
What is the Golden Visa?
This visa allows foreign investors to obtain residency (and citizenship) through significant investments in the country.
To participate in the program, applicants must invest in one of the following options: €500,000 in real estate, €1 million in Spanish companies, or €2 million in government bonds. A clean criminal record is also required.
To obtain Spanish citizenship, one must reside in the country between 6 and 9 months per year for 10 years; however, Latin Americans can apply after only 2 years of legal residency.
Residency, however, only requires one visit per year to renew the visa, which is initially valid for 3 years and then in 5-year increments.
Context of the Initiative to Eliminate Spain’s Golden Visa
The current government, led by Pedro Sánchez, announced in April 2024 its intention to eliminate this type of visa due to concerns related to housing access and real estate speculation.
The bill, initially approved by the Congress of Deputies on November 14, 2024, also included measures aimed at modernizing the justice system, such as implementing fast-track trials for cases of “okupación” or illegal property occupation.
Senate Veto and Future Scenario
On December 2, 2024, the Senate, where the opposition Popular Party holds an absolute majority, vetoed the bill, temporarily blocking its implementation.
This setback does not mean the definitive end of the project. The text will now return to the Congress of Deputies, where the government holds a majority and could overturn the decision.
If that happens, the elimination of the Golden Visa could materialize by April 2025, according to IMI Daily.
The project includes transitional measures to protect applications submitted before the new law is published in the Official State Gazette (BOE). So, these requests will be processed under the current regulations.
Don’t Miss the Opportunity to Invest in Spain’s Golden Visa with AIM Global
The “Golden Visa” has been an effective tool for attracting foreign investments to Spain, but it has also sparked controversies, similar to those in neighboring countries with residency and citizenship-by-investment programs.
If you are interested in investing with the aim of securing a Golden Visa, at AIM Global, we suggest acting quickly.
Although this veto implies delays in the law’s final enactment, it is not advisable to wait until the last moment, considering potential backlogs in the public offices involved.
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