Hurry: The Golden Visa in Spain has an expiration date
The end of the Golden Visa in Spain appears to have arrived definitively. At least that's what a recent resolution by the Spanish Congress indicates, concerning the draft law on the efficiency of the public justice system.
This initiative includes an amendment which would eliminate this program, after several failed attempts by Pedro Sánchez's government so far this year.
Does this imply an imminent end to investments in the "golden visa"? We must remain calm and say no: the Executive itself has given a tentative date. January 2025.
On the other hand, and as we have previously pointed out, this is not the first attempt. Let's review what has happened in recent months in the Hispanic country.
Timeline of the end of the Golden Visa in Spain
The first announcement came in April of this year. The head of government pointed out that with the end of the program, access to housing would be improved, the prices of which have risen in recent years, not only in Spain, but in Europe in general.
“We are going to take the necessary measures to ensure that housing is a right and not a commodity.” a mere speculative business“Sánchez said.
The next chapter came in May. In the middle of that monthThe PSOE had to withdraw its draft reform to the Land Law, an initiative that, among other aspects, included a partial amendment to eliminate the "golden visa" for real estate investment.
At the end of July, Sánchez's government decided to insistThis time, through an amendment to the Justice Efficiency and Consumer Protection Act.
The legal initiative would completely eliminate Golden Visa: it would render ineffective both the option to purchase real estate and the option to invest in Spanish public debt securities or in shares or equity stakes of Spanish companies.
The process, which began in SeptemberThe process was slow, as in addition to the Government's initiative, more than a thousand amendments were proposed to the same bill.
There was criticism from all sectorsFrom both the opposition and the government, it was said to be a populist measure that would only affect the luxury housing market and would not address the housing shortage.
What is the current situation?
The amendment advanced in the Justice Committee of the Spanish Parliament, which approved it by a vote of 20 to 17. It must now proceed to the plenary session of the Congress of Deputies and then to the Senate.
The law containing the amendment will only have legal effect after approval by both houses and royal assent.
As reported IMI DailyIf the initiative successfully navigates its processing, it could come into effect in January 2025.
On the other hand, a transitional provision was established that will allow investors and their families, who applied for the Golden Visa before the new law came into effect, to maintain their current status.
Do you still want to invest in the Golden Visa in Spain?
As we have mentioned in other blogs, until the new regulations are fully processed, the current legislation remains in force.
This means you can still invest in Golden Visa in Spain, but we advise you to do so as soon as possible, while current conditions remain the same, and not at the last minute.
At AIM Global we have an expert team that will help you find the best investment option for this and other visas in Europe.
Don't postpone this process and schedule an appointment Join us. The first information session is completely free. Don't miss this opportunity to start making your dream of becoming a global citizen a reality today.
