The new law outlines that the program’s termination will take effect three months from the date of publication, meaning foreign investors will have until April 3, 2025, to take advantage of the scheme’s benefits before it officially ends.
The decision to abolish the Golden Visa Program was passed by the Congress of Deputies in December 2024, securing 177 votes in favor and 170 against. Despite resistance from various political factions, the bill ultimately advanced through Spain’s legislative process.
Initially, Spain’s lower house of parliament, the Congress of Deputies, approved the proposal on November 14, 2024. However, when the legislation reached the Spanish Senate for further review, it faced a temporary setback. On December 2, 2024, the Senate vetoed the bill, halting its progress.
Despite this veto, the proposal was eventually pushed forward by the government, leading to its final approval in the Congress and subsequent publication in the BOE, marking a definitive end to the program.
Although the Golden Visa Program has officially been abolished, the law provides a three-month transition period before the termination takes full effect. This means that non-EU investors can still apply for a golden visa until April 3, 2025.
One of the most popular pathways under the Golden Visa scheme has been the real estate option, which allows investors to obtain Spanish residency by purchasing property worth at least €500,000. Other options, such as investing in Spanish businesses or government bonds, also remain available until the program’s end date.
After April 3, however, wealthy investors from outside the European Union will no longer be able to obtain residency in Spain through investment.
The Spanish government’s decision to terminate the Golden Visa Program is closely linked to the country’s ongoing housing crisis. Officials have expressed concerns that the program has contributed to skyrocketing property prices, particularly in major cities and popular tourist destinations.
In April 2024, Spanish Prime Minister Pedro Sánchez announced the government’s intention to put an end to the program, emphasizing the need to address housing affordability issues. He argued that housing should be treated as a fundamental right, not as a commodity for speculative investment.
“Tomorrow, the Council of Ministers will review a report submitted by the Minister of Housing and Urban Agenda to amend the law introduced by the Popular Party in 2013. This law currently allows investors to acquire residency by purchasing property in Spain,” Sánchez stated at the time.
The Prime Minister stressed that the government is committed to ensuring that Spain’s housing market prioritizes local residents over foreign investors looking to capitalize on the country’s real estate sector.
Spain is not the only EU country to reconsider or terminate its Golden Visa Program. In recent years, several EU member states have introduced stricter regulations or abolished similar schemes altogether due to concerns about money laundering, tax evasion, and rising property prices.
Portugal, which has one of the most popular Golden Visa Programs in Europe, also announced significant changes to its scheme in 2024. The Portuguese government introduced measures to limit the program’s impact on the housing market, including restricting real estate investments to less-populated regions. Learn more about Portugal Golden Visa Program.
With Spain’s Golden Visa Program set to end in April 2025, foreign investors will need to explore alternative pathways to obtain residency in the country.
For those seeking EU-wide residency options, programs such as Portugal’s Golden Visa may remain attractive alternatives.
Spain’s decision to abolish the Golden Visa Program marks a significant shift in the country’s approach to foreign investment in real estate. While the program has brought substantial economic benefits over the years, the government believes that addressing the housing crisis must take priority.
The move reflects broader European trends, as more countries reassess the impact of investor residency schemes on their housing markets and local economies.