Spain has stopped issuing “golden” visas for foreign investors

Spain has ended the "golden" visa program, which was used by foreigners who made significant investments in the countryʼs real estate.

This was reported by the Spanish government.

Citizens of countries outside the European Union could previously invest from €500 000 in Spanish real estate without a mortgage and receive a so-called golden visa, which is a permit to live and work in Spain for three years.

The cancellation of the program should help citizens who are experiencing difficulties accessing housing in certain areas, in particular due to high real estate prices, said Spanish Minister of Housing and Urban Development Isabel Rodriguez.

Foreigners who applied for a "golden" visa before the law came into force will be able to obtain documents under the previous rules. Those who received a residence permit under the program will retain it for the period specified in their documents.

Real estate investments were considered the most popular option for obtaining a residence permit in Spain under the “golden” visa program. As of 2023, the Spanish newspaper El Pais reports, the Spanish authorities had issued 22 430 “golden” visas.

At the same time, 75% of all residence permits were received, approximately equally, by citizens of Asian countries, mainly China, and European countries that are not members of the EU, mainly Ukraine and the United Kingdom (after Brexit), as well as Russia. Almost all holders of "golden" visas (93%) live in seven provinces: Barcelona, Madrid, Malaga, Alicante, the Balearic Islands, Girona and Valencia.

• After the full-scale Russian invasion of Ukraine, the authorities of Portugal, the Netherlands, and the United Kingdom abandoned their "golden" visa programs. At the same time, the program was restored in Hungary.
• In 2022, the European Commission called on EU governments to abolish national “golden” visa programs for investors. This was done amid concerns that among the holders of such visas would be people against whom sanctions were imposed. This happened in the UK. Home Secretary Suella Braverman said in January that among the holders of British “golden” visas there are ten oligarchs who are under sanctions due to Russia’s war in Ukraine.

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