In April of this year, the President of the Spanish Government, Pedro Sánchez, announced through the media his intention to end the Golden Visa regime for real estate investment, which has been in effect in the country since 2013. The reason for the measure, authorities stated, was to combat real estate speculation and improve access to housing for people.
The “Golden Visa” was instituted in Spain with the aim of attracting foreign investments. In this regard, the policy has been successful: between 2013 and 2023, more than 14,000 visas of this type have been granted, mostly for real estate investments, according to the authorities.
Although some media outlets reported an imminent end, the truth is that, since it was created by law, the Golden Visa can only be terminated through the same legislative process. This implies timelines ranging from 6 months to a year for its complete processing. Until then, the policy remains fully in effect.
Recently, another event added more uncertainty to the timeline. In mid-May, the Spanish Government had to withdraw its project to reform the Land Law from processing, an initiative that, among other aspects, included a partial amendment to abolish the GV for real estate investment, as published by Infobae.
In practice, this again delays the legislative debate on the matter and reinforces the uncertainty about when this discussion will take place. It could be reintroduced into the land use law at the parliamentary level in a few weeks, or the Government could seek another related bill to include a similar amendment.
Until this happens, it should be clear that the possibility of opting for the Golden Visa through real estate investment remains fully valid. If you have already started this process, your option is not threatened and will continue to be processed.
At AIM Global, we urge calm in light of the current situation. It is not uncommon for legislation on these types of visas to change. It has happened on various occasions in Portugal and Greece. And as mentioned, the processing of these laws takes time.
On the other hand, if you are interested in investing under the current conditions of the Golden Visa, our advice is to enter the program as soon as possible before the imminent change in the law. This way, you can be assured that the law will not have retroactive effects: the existing conditions at the date of application will be respected.
We have a group of experts in Chile and Europe ready to provide you with the best advice, both in legal and immigration matters, as well as in terms of real estate investment opportunities.
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