Spain’s Golden Visa program, which since 2013 has allowed non-EU citizens to obtain residency through real estate investments, is coming to an end.
The elimination of this program, scheduled for April 3, 2025, will mark a significant change for both foreign investors and the Spanish real estate market.
Below, we analyze the remaining deadlines to apply, what will happen to applications already in progress, and alternative options for those still looking to obtain residency in Spain.
Until When Can You Apply for the Golden Visa in Spain?
April 3, 2025, will be the final deadline to apply for Spain’s Golden Visa. All applications submitted before this date will be processed under the regulations in effect at the time.
However, there is a crucial factor to consider: the investment must already be completed, and in the case of real estate purchases, the acquisition must be registered in the Property Registry. This process can take up to two months, so interested investors should act quickly to ensure their application is submitted before the program’s definitive termination.
What Happens to Ongoing and Approved Golden Visa Applications?
For those who have already made their investment and initiated the Golden Visa process, there is good news: applications submitted before the termination date will continue to be processed.
This means that applicants who have started the process can complete their residency acquisition under the applicable regulations at the time of their submission.
Additionally, individuals who have already received their visa or residence permit will be able to renew it following the originally established conditions.
Foreign nationals who have acquired property in Spain and obtained residency through the Golden Visa will not be immediately affected by the program’s termination. Their residence permits will remain valid and can be renewed under the same rules applied when they were granted.
As long as they continue to meet the renewal requirements (such as maintaining their investment), they will be able to continue residing in Spain without interruptions.
Impact of the Golden Visa Termination on the Real Estate Market and Foreign Investment
The elimination of this program could lead to a decline in foreign investment within Spain’s real estate market. Over the past decade, the Golden Visa has been a key driver in the purchase of luxury properties in cities like Madrid, Barcelona, and the Costa del Sol, helping to revitalize the sector after the financial crisis.
Without the Golden Visa, the market may experience a slowdown in international demand, potentially leading to a stabilization or even a slight decline in prices in certain high-value segments.
Furthermore, the lack of this incentive could redirect foreign investment to other European countries that still offer similar programs, such as Portugal, Greece, or Malta.
Alternatives to Obtain Residency or Citizenship in Spain
With the Golden Visa coming to an end, foreign investors will need to explore alternative pathways to obtain Spanish residency or citizenship. Some viable options include:
1. Non-Lucrative Residence Visa
- Requires proof of sufficient financial means to reside in Spain without the need to work.
- Ideal for retirees or individuals with stable passive income.
- Does not allow work in Spain but may permit work in other EU countries under certain conditions.
2. Self-Employment or Entrepreneur Visa
- Requires submission of a viable business plan and the creation of jobs in Spain.
- Suitable for investors looking to establish businesses in the country.
3. Family Reunification Residency
- Available for direct relatives of legal residents in Spain.
- A potential option for those who already have family ties with a Spanish resident.
4. Specialized Visas
- Spain offers specific options, such as the Highly Qualified Professional Visa, which facilitates residency for individuals with in-demand skills in the Spanish job market.
Conclusion
The termination of the Golden Visa in Spain marks the end of an era in attracting foreign investment through the real estate sector.
At AIM Global, we recommend acting quickly for those who want to take advantage of the final weeks of this program.
On the other hand, if you are considering alternative residency options in Spain, such as the Non-Lucrative Visa, Self-Employment Visa, or the Digital Nomad Visa, our team is ready to assist you.
Schedule a consultation today, and let us help you achieve your international mobility goals!
